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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