logoImgAurora has made considerable strides in their efforts to help homeowners achieve loan modification, having significantly decreased phone hold times, as well as notably making increased efforts to help homeowners who are facing pending foreclosure, but they still play dirty and you may need professional help.

Aurora was a predominantly subprime lender during the boom, and most likely if your loan was originated with Aurora you are paying way too much for your mortgage, in addition to facing very adverse loan conditions; you may be in an adjustable rate mortgage (ARM) or interest only loan, or have an interest rate that is simply too high. Suffice to say, if you’re looking for an Aurora loan modification, you’ve come to the right place!

Getting an Aurora loan modification can help you to lower your interest rate, monthly payments, and possibly even the amount that you owe on your mortgage. Additionally, you may be able to modify the terms of your loan, including the length of time of the line as well as converting your loan to a fixed rate mortgage.

Aurora has shied away from in-house modification programs and has opted instead to help homeowners through a combination of Obama’s Home Affordable Modification program, as well as horrific forbearance agreements for those that do not qualify.

I can’t iterate this enough, but almost always a forbearance agreement from Aurora is nothing more than a repayment plan in which a number of fees, such as legal and late fees will be paid by you, the borrower, that would normally be waived after a successful modification.

Generally, forbearance agreements are a bad idea, especially if you can qualify for a modification or get attorney help to force your lender to modify. In Aurora’s case, forbearance agreements are almost assuredly a kiss of death to your financial situation; I’ve lost count of the number of homeowners that ended up with a higher monthly payment through forbearance agreement. How on earth is this going to help the homeowner? If they are delinquent and can’t afford their current payment, how are they going to afford a higher payment for the duration of the agreement to catch up?! Ok, enough on this for right now…

Now, Aurora participates in Making Home Affordable, however, there are a number cases in which homeowners that qualify for HAMP and get Trial Loan Modifications are never rolled into permanent modifications. The only way to know for sure whether or not your HAMP modification is going to stick is through an NPV test in exact accordance with Aurora’s guidelines, including their specific re-default rate. Modification Zoom has helped many homeowners kicked out of Trial Modifications to get back into HAMP and get permanent modifications. Contact us if you are having trouble with Aurora!

Depending on your financial hardship, we can help you get qualified for a loan modification with Aurora as low as 2% on a 30 year or 40 year fixed term.

If you are facing financial hardship and having a tough time getting a loan modification from Aurora Loan Servicing, take away the guesswork and let Modification Zoom’s dedicated staff get you the very best, 100% guaranteed loan modification.

Take the first step by using the contact form to the right. A professional will contact you immediately to discuss your financial situation, and help find the best solution.