We had a series of events happen to us. We fell behind on our mortgage payments to both lenders. We have an 80/20.in May we decided to start the process for a short sale and see if we could find a buyer who would allow us to stay in the property. We would pay the monthly mortgage as renters (similar to a lease purchase deal) until we could purchase the property back in 2-3 years.
We have a legitimate offer on the property (which the "20" portion lender is more than willing to take) that would allow us to stay in our home as renters, the buyer is ready to go and they've been approved by their lender, the appraisal came back at $120K and Aurora (the "80" portion lender) has for 4 MONTHS plus... Refused to close this deal and take the offer.
They requested a BPO (Broker's Price Opinion) on September 5th, and conveniently the BPO came back to Aurora for $135K (The SAME amount Aurora has been asking for from the beginning).
The problem is that in our neighborhood housing values have dropped so far that the comps for the neighborhood support the legitimate appraisal that came back at $120K but Aurora is refusing to look at the neighborhood comps and refusing the allow us or our agent to see the BPO paperwork.
They keep stalling and not budging. No information, no communication... And the auction date for the property is 15 days away.
The mental anguish wondering what we need to do, where we're going to go, should we wait for them or leave??? It's maddening!
We are SO disappointed with Aurora and we don't understand why they won't take the offer and get one less property off the "foreclosure scene" and close the deal.
Auuugh!!!
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