Success With Aurora Loan Modification

Sample of Aurora Loan Modification Success

My final terms were 40 year fixed at 5.5% instead of 30 year fixed at 8.5%. My total payment is $1700 instead of $2200. I didn’t get any principle reduction but my home is only a bit underwater because where I live is very stable and home values have stayed about the same the past 3 years. Only because of the missed payments being added to loan are my underwater maybe $10,000 or so. All I wanted all along was a reasonable rate so I could afford the home.I think doing a trial payments but aren’t sure if it’s worth it without principle reduction. I think foreclosures will continue to rise and the economy will worsen so I’m guessing for people like you there might be some principle reductions eventually. Just my opinion but it probably makes sense for you to do the trial payments and hope later this summer that principle reductions become part of the solution.

My process was a bit different because I wasn’t asked to resend financials after I had made my third trial payment I made my third , I had sent in financials twice though. Once was for pre approval and then the second time was when I sent my 1st trial payment. Here’s my process if it helps; maybe what they want is 2 sets of financials with similiar numbers(assuming the first set was numbers they liked). In late November; after getting denied from 2 different loan Modification attempts; I was told to resend hardship and resend financials and that they would review it. In late January an underwriter called me and said I was approved for a 3 month trial loan Modification and that I would get a package Fed ex. This was very similiar program to Obamas. The package arrived early March. I signed, notarized and sent back in and included my first trial payment; plus a hardship letter and financials. I had an accountant help me with financial profit and loss and income and expense. My financials sent in for the March trial package were very close to my financials from late November when I applied(I worked about the same number of hours and had similiar expenses). After making the 3 trial payments I was told I did not have to resend anything and that I was all set if I made 1 more trial payment. So for me; I sent in 2 sets of financials that had almost the same numbers: One was in late November which was used to pre-approve me for the 3 month trial and the other financials were set in when I first began the 3 month trial.

Some advice on Aurora Loan Modification

I have Fannie Mae as my investor and Aurora loan and my surplus was around $200 and that worked for me. My accountant did the numbers and Aurora told me the surplus of $200 range helped me. Each investor might be different. I don’t know; but $200 worked for me. The surplus is figured out easy. It’s your total income minus your total expenses and both mortgage payments would be included as expenses. Sometimes credit reports will tell you your investor. I ordered a credit report and that’s how I found out I had Fannie Mae–right on report it said next to mortgage–Fannie Mae/Aurora. Aurora home retention number is 1-866-521-3828.

We just got a mod done with Aurora. Not exactly happy with the result but we have a privat investor and was told that our particular investor (of course I don’t know who that is) only offers one option. First, we had to fall within the 38% debt to income ratio based on our financials and once we did then they offered a 5.75% for 30 years. Arrears were tacked on at the back end of the loan, increasing the balance by 26k and impounds were mandatory. So our payment ended up being $4510 per month. I was told though that we can continue to call back and check to see if our investor ever decides to participate in the Obama plan. So we’ll just keep up on the payment as much as we can and keep checking in. Just have to tighten the belt quite a bit. Just a little unnerving with layoffs and furloughs looming for government employees in California.

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