Destin Florida Short Sales & Real Estate by Wendy Rulnick: Aurora Loan Services: Short Sale Warning

Wow, Wendy--

Good luck! 

Wendy, this is so typical of lenders.  Greedy and stupid.  They're so afraid of doing anything that might be criticized by their superiors, that they don't mind losing the transaction.  After all, it's not THEIR money.

I'm sure Aurora will be difficult to deal with since they have gone out of business awhile back.

 

Sean Allen

Good luck Wendy! I'd take this one straight to the top (Exec. office) and make so much noise they'd pay just to keep me off the phones!

Tamara, Thanks for the good wishes. I need them!

Brian, It is unbelievable to me, too!

Bernie, Thanks for the great link.

Klarque, Good point. I'll try the supervisor on Monday.

Pilar & Sean, Yes. Interestingly, the approval letter said proceeds were to go to Chase.

 

Stay with it Wendy.  I'm sure you've already considered this, but perhaps a letter from your buyer's lender substatiating the non-allowables might help the negotiating.

Paul

Paul, That is an excellent idea!  I think I may have the problem solved today.  The sellers, one of whom has lost her job, have agreed to take the money out of their IRA with a penalty to do the closing.  My remaining concern is still Aurora, who may question any change on the HUD.  I'll advise them on Monday, of course.  But for future reference when dealing with Aurora, no closing costs on the offer!  Crazy.

Wendy

This is why I don't show short sales.  They've made the entire process so time consuming it's not worth it.  And you can see it was over a small dollar amount - but if the home goes into full foreclosure guess how much they would be paying...just doesn't make sense, too much time, etc to try.

Matthew, I agree. They'd spend $30,000 to $60,000 to foreclose.  The other frustration is that the price from the BPO was determined by a part-time agent, and it was her "first" BPO!  Wendy

UGH!  I have a similar on an REO.  I not only checked the VA box, I wrote in other conditions that buyer is fully approved via VA financing.  The list agent yelled at me in counter #2 phase.  :shrug:  What else am I supposed to do?  It was there in writing and in a check box.  It is up to the agent to interpret for the bank

Renee, I guess when we assume people read... you know how that goes! :)

Wendy,

 Any further updates?  I too am working with Aurora on closing a short sale and also have been in the process for about 4 months and it appears to be going no where.  Any advice?

 

 

Sandy,  I finally got a response when I emailed the negotiator that the buyers were going to walk, looking at other houses.  I got it approved about two days later!  Good luck.  Wendy

Aurora has a house that I have been trying acquire for quite some time.  The owner up and moved to South America, so without his permission, short sale was not a possibility.  The house is now REO but I cannot get ANYONE from Aurora to call me back.  I don't get it, they need to sell the house, I want to buy it... you would think that they would be more than happy to return my call!  Any advice?

Sierra- Are you sure Aurora owns the house?  I believe they are a loan servicer, thus would not take a house into inventory.   You can call your local property appraiser or go to their website and see if they can tell you who the owner is.  Or, is the house listed now by a real estate agent?  Most REO's get listed for sale.

I should have been more clear.  It reverted back to the lender, Lehman Bros Bank, and Aurora is a subsidiary of Lehman Bros (I believe).  Lehman Bros does not deal with their REO and just direct me to calling Aurora. 

Sierra- The numbers I have for Aurora are 866-521-3828 and 800-550-0509.  Be persistent until you talk with a person!

Thanks Wendy!

Hang in there Wendy.. Keep us posted

Hi Wendy,

I'm working on a short sale with aurora right now, and even though its only been about a month I sure can see that Aurora is going to be tough to deal with!  This blog has given me a BIG heads up, and I thank you and everyone who has posted for that warning. 

Aurora has done the BPO and has received the Short Sale Package (which took an unusual long time to be received, they even told me at one point that they had to hire 20 new people just to handle the overload of faxes!)  but now they are holding fast to this idea that, even though they have the HUD (with net to them), they will not work with me unless i verbalize the NET to them over the phone.  they tell me that this process will take 7-8 weeks, and to call back in 30 days!  Unless, of course, I want to tell them the NET they will receive (which they already know).

the Buyer needs to close in 4-5 weeks.  If this takes 7-8 weeks with not even some word on the file can kill this deal.  I don't want to give in and tell them something they already know, as i know that this could also harm the success of the offer being accepted.

(oh and now i know I am going to have more than a up hill battle in getting them to pay for closing costs!)

Thanks

-Frank

Frank - I think I got a negotiator who didn't care.  I finally got a replacement contract approved with them.  They ended up paying the VA closing costs.  It was a nightmare of a wait, almost 5 months.  Hope your negotiator's name does not start with "G".  Everyone else was great to deal with there.  One other thing to do is to call back and see if you get someone else.  Often, you'll get a different answer.  Email them, tool And ask for supervisor...  Best of Luck!

Wendy, it's amazing that you even got the e-mail address of the negotiator.  I think that's a big deal; you're already ahead of the game.  I have not yet been able to get an e-mail address...

Thanks for the advice Wendy.  Great news on getting Aurora to see the plain facts about VA. 

I tend to call the banks back at least once a week.  but I like to ask them when to best call back.  I just never been told not to bother calling back for 30 days.  Especially after the BPO has already been done and received.  But good news as well that, other than "Mr. G" the loan officers as just as varied as any other lender.

Lanette - Hint on emails to Aurora  firstname.lastname@alservices.com AND firstinitiallastname@lehman.com

Frank - It's "Ms. G W!" by the way.  When they say call back in 30 days, you are right, call back in a week.  Different person, different answer!

Wendy, thanks for the heads up on the e-mail address!

Wendy, Glad it worked out and glad the buyers waited 5 months for the approval.

Negotiators need to take a course in financing methods...

Lanette - You're welcome!

Gita - Lucky the buyer really liked the house!

Evelyn - It was maddening working with that negotiator!

Wendy,

I am currently in the midst of a Short Sale deal with Aurora. The property has a total of 19 active offers that all want to stay around "just in case". We should have a negotiator by Monday, BPO has already come back and they've stated the the offer amount does fall within the specified guidelines of the BPO. Then they say it'll be 7-8 weeks from then until we have an approval. My response..."for what?!?" What could possibly need to take 7-8 weeks once they've acknowledged the offer amount to be acceptable. Any ideas of how to light a fire under their behinds? I need them to move on this and quickly.

Thanks,

Candice

Candice - Maybe the offer has to go to an MI company or another third party? Ask.  Also, email the negotiator when you get her name.  My hint to Lanette: emails to Aurora  firstname.lastname@alservices.com AND firstinitiallastname@lehman.com

WE HAVE SENT CERTIFIED LETTER AND CALLS TO AURORA IN COLORADO TO REFINANCE OUR HOME AND THEY WILL NOT RETURN CALLS, WILL NOT ISSUE A LOAN MODIFICATION, WILL NOT TELL US WHO IS ON THE TITLE OF OUR HOME OR WHO THEY PURCHASED OUR LOAN FROM. WANT $2,700 WITH NO EXPLANATION AS TO WHY. WE STILL DO NOT KNOW WHO OUR LOAN WAS PURCHASED FROM. THEY ARE A DEBT COLLECTOR WHO WILL NOT TALK OR HELP. THEY SPLIT THE 2ND MORTGAGE AND SOLD IT AND NOW WANT $40,000 FOR THE SECOND. THERE IS NO COMMUNICATION, WE ARE AT A LOSS WHAT TO DO. AFTER DEMANDING THAT WE SEE WHO IS ON THE TITLE OF THE HOUSE, HOW THEY GOT OUR LOAN, WE HAVE NO HELP. CAN YOU.

Sir or Madame - I strongly urge you to contact an attorney.

Hi all,

I submitted a ss pkg to Aurora 10-15-08 and a BPO was promptly ordered and completed.  However, Aurora short sale dept has since gone on an automated system (phones) and online updates (myAuroraLoan.com)

Am told via online status that the workout was initiated 11-5-08 and expect 8 weeks for processing.  I have googled corporate governance in an attempt to find an AVP or some senior exec to excalate to, to no avail.

This is my 1st short sale involving Aurora...anybody out there feel up to sharing a contact person who might help me escalate to a decision maker, or one who can shake things up a bit? 

Good offer, values declining, strong buyer who we are trying to keep in the saddle :-)

Thanks

Michele  michele@brentandmichele.com

I have been in my home for two years working with Aurora.  They have done several illegal things that every laywer I spoke to could not believe it.  I spoke to several before one came back to me and said if what you say is true, I will help you.  I have been living here without paying any mortgage but for all the people who tell me how great that is and I should be happy, it keeps me from moving on with my life.  I don't want a foreclosure but Aurora is going to do what they want when they want and I am going to have to wait until they are ready to let me move on.  I called and they told me to stay in the home and follow thru with the short sale because it was better for me and for them and if I didnt they would do everything in their rights to hurt me in my financial future.  That is the worst threat I can think of since I rely on my credit everyday and dont know what it is like to have the world treat me bad because of bad credit. 

Hi All:  I'm just starting to try and work out a purchase of a pre-foreclosure (going to the steps end of March) with Aurora as representative for the bank.  Has anyone done this type of purchase with Aurora and if so, do you have any contacts, numbers, emails?  Thanks.  Sally, Sarasota FL

Hi All,

The information on here has been great!  I am also having some issues with Aurora...I can't get a hold of anyone specific.

Although this thread is about short sales, I'm hoping someone on here might have some information for my situation: I am attempting to purchase a REO that Aurora owns.  However, the listing agent has told me that she will not submit my offer to Aurora.  The property was listed in the MLS as for sale and I submitted 2 very generous offers.  The listing agent keeps giving me the run-around about wanting to clean up the property, which she has not done, and still has not submitted my offers.

Since it seems that I cannot work with the listing agent, I am attempting to deal with Aurora directly, but I am unable to get a hold of anyone who can help me.  Does anyone have any numbers, contact names, etc. of someone at Aurora who can help me?

Hi everyone-  This information has all been very useful, and very frightening to me.  My husband and I put a contract on a short sale in mid-January.  Today we heard back from the seller's agent that Aurora, who holds the loan on the house, said the contract "looks good."   But they also said they would need another 30-60 days for approval.  Any way I can find out more information or what they even need another 60 days for??

Thanks in advance!  Carolyn

Help, Help, Help.  I'm in Ohio and I put in an offer on a house where Aurora Loans is listed as the first mortgage holder.  Any advice on whom to contact, email addresses, phone numbers, any contact info or advice would be appreciated.  Thanks to all in advance.  wzimmer01@aim.com