As stated by many others. Aurora loan is nothing short of predators of the middle class working man.
Due to the economic times, work has been extremley slow for me, I am an independent trucker in the construction field.
Back in December I was starting to run out of work, I was still making my payments on time from my savings, around Febuary of 2009 work came to a hault.
Now the good parts, I first took out an Equity loan in Dec. Of 2006 by a company called Direct Mortgage, they told me I could get up to 110% out of my home, which I needed in order to get the up front money for a contract I had been awarded. Needless to say I spend the money to do the job and the company that gave me the contract didn, t do there homework on the project and none the less I am caught in the middle not getting payed
So Direct Mortgage manipulated my numbers so as to qualifiy for the loan, the day I was supposed to recieve the funds I got a call stating that they had increased the interest rate by 2% due to the lending company they where going to sell it to would not accept it if they didn't raise it, and you guessed it that was Aurora Loan Servives. So now I have a $334,000.00 loan at 9.825%.
In March I asked Aurora loan to please lower my interest rate, they asked me why, told them financial hardship. They asked me what my numbers are so I go thrue my finances with them and they tell me I make enough to make the payments. They call about every 2 weeks looking for payment, I ask to lower my interst rate, again what are your numbers, This time I don't make enough to save my home.
It went this way back and forth either you make to much or you don't make enough, did this with them for about 6 phone calls, finally I made a comment to them that I was just going to get an attorny invovled, what are your numbers again, wow you qualifiy for a modification loan, told them to late you can work on the loan with my attorny now, that was back in June of I have still to this date not been given any numbers or real correspondence by Aurora,
On September 6 I was served Foreclosure Papers, heres another kicker I just found out and learned that when Aurora took over the loan they took it as a PMI loan, so WHY would they want to do anything with my loan at all, if I default they will be payed for the loan and they will still have my house to sell and make even more money.
Needless to say they have me by the short hairs, and as the saying goes they are smiling all the way to the bank
I agree a class action suit is in order to take these predatory lenders to justice for all of us that have had are lives ripped apart by Aurora Loan Services
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