Loan modification is not happening at Aurora. "Collection" employees are combative and antagonistic towards the borrower and appear to want you to loose your home in foreclosure. They personally attack your character. Besides their collection tactics, take a closer look at the legal or illegal processes they are using.
First, they tell you that you must be late on payments before they will look at any modification. Once you're late, they inform you that you must be current for 3 months before they'll look at a modification. Which is it? Who knows? One statement they did make was that they would raise my interest rate and put me into a principle and interest payment instead of an interest only. That increases the payment rather than reducing the payment.
Lastly (WATCH FOR THIS) - IF you have an adjustable, interest only loan based on the LIBOR, your interest rate may be adjusting to 3.875% in April. BUT, they are refusing to adjust the rate IF you are in arrears on your payment (s), even if you're current for 3 months. That condition (refusing to adjust your rate according to the terms of your Note) is not written anywhere in the Promissory Note that I can find. Is that legal?
Anyone with an adjustable loan needs to look at the terms of their Note. That could be a reduction of up to $600/mo in my case according to Aurora. Could anyone else out there appreciate a $600/mo reduction in payment?
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