We have applied for a loan modification thru a lawyer since Feb 2010. Every month they ask the same kind of documents. They offered a forebearance and finally in Nov 2010, they denied us, because we failed to submit the same paperwork submitted previously.
From what I heard from the lawyer, Aurora loans, if they approve modifications will add all the late fees on top of the mortgage loan, making the loan even bigger, with an even higher interest rate.
Now what is the point of modification if the value of the home is only half from its original value.
I thought banks got some help from the government help homeowners? looks like Aurora Loans have investors lined up to suck up homes that are in trouble.
It's about time someone from the government step in to stop Aurora Loans from doing this practice.
Aurora Loans are so un-compassionate towards people, I recently lost my husband and they won't even consider it.