I recently had my home foreclosed on by Aurora Loan Services. As soon as I knew that I could not make my outrageous payments (on a 9.375% Interest only loan), I put the house on the market and prepared for a short-sale. I had an offer in Aug. That would result in a short-sale, only being $3,000 off from my mortgage. Aurora was awful. They say it takes 7 business days to receive my 135 page fax.
On the 7th day I re-sent it. The next day they said they received the fax, but it had to go thru the proper channels which would take a min. Of 4 weeks. My buyers were under pressure to close prior to Sept. 1st to take advantage of their down-payment assistance. My realtor called Aurora every day to check on the status and let them know that they offer is a good offer and the buyers are running out of time. Their response is "it takes a min. Of 4 weeks to even read the file".
So after 3 weeks, the buyers backed out. Aurora didn't care and continued the foreclosure process. Then a week before the auction we received another offer, though not as good as the first one. I sent the 140 page fax twice and my realtor sent it twice. Of course they could not acknowledge they ever received it until after 7 days. Yet that week I got a letter in the mail, yes mail, stating they received my short-sale application but could not process as documentation was missing. They listed my bank statements, taxes, offer, HUD sheet, and a couple other things. Those were all part of the 140 page fax.
My realtor called the next day and a reprensentative said they have not received the fax. My realtor asked how I got a letter stating missing information if they never received my fax. Of course they wouldn't stop the sheriff's sale auction. During the whole time that I had been deliquent on my mortgage, Aurora has never once contacted me about anything.
My realtor found out Aurora bought the house back at the auction for about $10K more than the loan. I assume that is to cover my loan plus the past payments? I don't know, I haven't even so much as gotten a letter from them. We did move out the weekend of the auction in fear that we'd get an eviction and not be prepared with a new place.
4 days after the auction, some representative (either Aurora or the law firm who handled the foreclosure) broke in the back door and changed only the back door lock. They told our neighbor we had 30 days before the other locks were changed. They came in and took the stove and also MY dolley. I have no re-course to get back the dolley (not a big deal, but it wasn't mine to begin with, I borrowed it).
Again, have not heard 1 thing from them. I don't know if they'll sue me for any deficiencies, I don't know how long I would have access to the house, I know nothing. I have called them and no one will talk to me as the house has "foreclosed". I being nice enough to leave the utilities on, but by next week it will be a month since the auction and I'm shutting them off.
Aurora is horrible to work with... It's just like they don't even care about getting their money back. They are probably getting bailout bucks and don't care. I hope they sit on that house for a long time. They bought it for $130K, we couldn't even sell it for $115K.
Not to mention the loan... I believe my mortgage broker (that's another rip-off story) told them I had the potential to make 3 times my salary in less than a year in order to get this awful loan. Didn't even know the terms or payment until I signed the papers to close. I didn't know anything, it was all done by my shady mortgage broker and Aurora.
0 comments