The loan modification programs offered by Aurora Loan Services are meant to help borrowers facing financial trouble avoid foreclosure. The Aurora loan modification program, however, still manages to disappoint many borrowers who qualify for loan modification assistance. In many cases, borrowers who apply for loan modifications under the Aurora loan modification program are strung along for so long that they eventually give up any hope of a loan modification and explore other options.
In at least one case, a borrower from Placerville, CA spent 13 months in the application process for an Aurora loan modification only to throw up her arms in frustrating defeat. The borrower came to terms with the fact that Aurora wasn’t going to be as helpful as they should have been and decided to pursue a short sale. The only problem she faced with the short sale is that the estimated approval for a short sale would have been approximately two weeks after the foreclosure date. The borrower was eventually able to straighten out the whole mess but only after more run around from Aurora Loan Services.
This type of scenario plays out every day for borrowers all over the country. The lenders who say that they want to help their clients avoid foreclosure often do little to help the problem and usually do more to make it worse. Paperwork has been lost or misplaced over the years, borrowers have been lied to, foreclosure notices have been sent out after a modification has already been approved, and the list of borrower complaints goes on.
Borrowers seeking assistance through the Aurora loan modification program should consult with a local real estate or foreclosure attorney for guidance as soon as a foreclosure becomes possible. Having a good attorney on the side of the borrower is usually enough to speed up the process and to keep the lender as ethical as possible. The attorney will also be able to confront the lender with any violations of state or federal lending laws that may have broken throughout the length of the loan to be used as added negotiation leverage.
In the event that the lender becomes as un-helpful as Aurora Loan Services became for the borrower from Placerville, CA, the attorney can pursue mortgage litigation, postpone the foreclosure process, and allow the lender to reconsider the pursuit of a foreclosure.
Some have argued that lenders don’t actually want to help struggling borrowers, which would explain the lack of customer service and lack of cooperation from their end. Others argue that lending institutions are simply too understaffed to deal with the massive amount of loan modification applications they receive and that the staff that is working on the applications is mostly incompetent or unmotivated to perform. The true problem with the lenders will probably never be known to any outsiders, but one thing is known; borrowers who are represented by an attorney generally have a much easier and less stressful time dealing with lenders like Aurora Loan Services than those who face them alone.