Aurora Bank FSB, just stepping in to this crazy industry on its own two feet and out from under the umbrella of the now collapsed Lehman Brothers, has found that it is completely overwhelmed under the current weight of the market. What was once acceptable to complete with in certain time frames has not been extended and extended yet once again.
These days Aurora Bank, FSB, is experiencing delays due to the unmanageable amounts of homeowners looking for assistance. What once took 30 to 60 days is now no longer even taking 90 days but has been pushed company wide to 120 days. As the amassing number of homeowners grows, and it will for the next couple of years. That means that these times frames could be extended at any point in time past the 4 month review period and push homeowners to having to wait for 6 months or more!
What is only worse about this situation is that the process is already about 9 months long if you consider the repayment/forbearance plan that they always put the customer on prior to actually looking at the homeowner for assistance. The question that most clients are asking these days is what do you do though when your plan is over? Do you continue making payments? Or do you just hold on to your money? What happens if they never offer you a modification and you have been making payments the whole time? These and many other questions come up in the minds of our clients and each one has a different answer that pertains to their situation.
We deal with literally hundreds of loss mitigation cases like this and with other lenders and we always urge the homeowners find the help that they need from a professional organization because even to a company that does this day in and day out, like ours, this can still be confusing with all the changes that take place almost on a daily basis.
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I have been unable to reach the Loss Mitigation Rep. Joshua Rivero in Littleton, Co. The numbers given was 720 945 3498 and fax 866 517 7976. We have two offers on the property.
Thanks, James Daniels 904 720-5696 Office, 904 720-0179 Fax, jdrealty@bellsouth.net or james@jamesdanielsrealty.com
James,
It is typical to see these types of issues with Aurora Bank. In fact in most cases the negotiators or what they call underwriters will make a very limited attempts to try to reach you. Most of the time they even have assistants that will try to reach you first before the underwriter does. We often work with the lender’s executive office for such complaints. If you do not have any contacts then it is going to be a little more difficult. We actually have over 1000 contacts at over 168 banks. We should talk because we may be able to help you avoid losing your buyer(s) and keep things moving smoothly for you which will allow you to really pick up a much larger portfolio or give you more time for prospecting instead of chasing people around.
Regards,
Jonathan Katz | Management |Mortgage Lender Report
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