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Aurora Loan Services Complaints & Reviews - Fraudulent company

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Aurora Loan Services

Posted:    Howard

Fraudulent company

Complaint Rating:  100 % with 11 votes
Contact information:
Aurora Loan Services
United States
Phone: 866-517-7961
alservices.com
Today I received a letter from 'Nancy Self' with Aurora. It asked me to send in a ton of paperwork, which I've already sent in a month or so ago, claiming they have a new home retention program. The e-mail address they gave is not even valid!!!

We've been going the rounds with this company for many months now, and have basically given up. The last time I spoke with someone on the phone, they flat out told me they didn't care if my house went into foreclosure!!! My husband and I are both employed, but our income has dropped since the economy has been so bad. If we had no income, I could see why they would not want to work with us, but that's not the case.

Supposedly there are Government programs in place to encourage these companies to help us but, unfortunately, they are voluntary on the lender's part. They have the ability to do what they can to help, and are choosing not to. Look up the 'Hope For Homeowners' program on FHA.gov. This is proof there are programs out there to help us, Aurora is just choosing to not participate.

Sadly, for everyone who was unfortunate enough to have our loans sold to Aurora, we're stuck trying to work with a company who doesn't care if we all end up homeless. The reason they don't care is they are a Lehman Brothers Company. Lehman Brothers is going out of business. In the end, it's not the people we speak to on the phone who are making any decisions, it's the corporation behind Aurora. I actually feel bad for the poor people who have to answer the phones when we call frustrated and upset. I'm sure they would love to get different jobs, but they have mortgages to pay too. Hopefully for them, Aurora doesn't hold their loan!
Comments United States Mortgage Companies
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 24th of Feb, 2009 by   Wanda 0 Votes
Last March, I fell behind a payment because of unforseen major home repairs (first one whole wall of electricity shorted out...had to hire an electrician. Then, my furnace died and I had to by a new furnace. Can't be in Michigan without heat)! I dutifully called my mortgage company and made payment arrangements with them which I have kept up for months. I then applied for a loan modification to get my payments current and interest rate lowered.

Well, I have been trying to get my loan modified through Aurora Loan Services since September with no luck. They have been running me around in circles. The first time I submitted my financials they said I didn't make enough money and I needed to have a 20% cushion or money left over. They told me to resubmit my financial statement. I resubmitted this time putting the minimum payment due on my credit cards (the previous financial statement listed what I normally pay which is more than the minimum). About a month later the underwriter, Elizabeth, said too me, "Are these your current financials?" I replied, "yes." She said, "well if their correct then we don't need to be talking because you make too much money." I told her that the Home Retention Department said I needed to have a 20% cushion." She said, "we only tell people that. It's not exactly true, please re-submit your financial statement again. I did as she asked and then she stopped returning my calls.

I spoke to her a month later and she said, "Oh just make one more payment on your payment plan and then we will modify your loan. However, she wouldn't discuss terms. Another month passed and she wasn't returning calls. Finally, I spoke to her and she said I didn't qualify for a loan modification and I couldn't afford my home. When I asked based on what? She would not discuss it. I asked her what I was supposed to do and she replied, "keep paying the higher payment on your payment arrangement."

Two days later I got a letter in the mail saying that the loan modification would be denied if I did not produce an updated financial statement and a sales contract (I don't know what this is). I have faxed the financial statement twice. I have called 10 times and I've heard nothing and she will not return my calls.

I faxed the financias again yesterday, still nothing. Like Howard, I am ready to take my money and walk. I am not unemployed. I don't understand the greed of this company. Why not give into something before you lose everything! Are the tax breaks so great on a foreclosure that they would rather foreclose than make money. I owe 125, 00 on my home and a house 5 doors down is selling for 64, 400. What incentive do I have to stay?

Wanda
 5th of Mar, 2009 by   Michelle 0 Votes
I have had problems as well with Aurora Loan services. We were doing fine until the gas prices skyrocketed. we made a few split payment (twice a month) they told us they did not "like" the way we paid so we asked for help. They told me they could not help unless we were 30 days late, then we could do a "soft note"..yeah right like I'm stupid. Then they referred us to "HOPE NOW" who told us they could not help until we were 3 months late in defualt. They told us NOT to pay and after 3 months they would help...well that wa a bust. I can not get a hold of the guy I talked to, he will not get back to me. So of course we explain this to ALS to no avail. We did contact an attourney who is supoosedly going to help us lower our payments. But from what we gathered from him ALS and "HOPE NOW" are working together to screw people over. It's a mess and they should not be able to get away with this. So how do we file class action suit? Anyone interested?

Michelle
 18th of May, 2009 by   ROSE 0 Votes
How about the Law Office Of James Sokolove? He is on the television every night representing everyone else under the sun? I am an attorney in Nebraska, but don't deal with banking law. My experience is in criminal law. Funny thing is that Aurora is worse than any criminals I've ever had to deal with! Their business practices are unethical, lacking in good faith, lure people into detrimental reliance, and make Madoff look like a saint! These scammers are national! I have called the department of banking and finance and found out who regulates them. I plan to draft a letter outlining my complaint (which sounds a lot like everyone else's horror story). Start with that --- Maybe I will call the 800 number next time it comes on the tube! Maybe we all should! They have been jacking us around since January. Class Action Suit sounds FANTASTIC - COUNT ME IN!!!
 24th of Sep, 2009 by   Chicago99 0 Votes
I have been having the same problem as everyone else. ALS people are terrible, evil, and unethical. They are not willing to help me. I've been waiting for 9 months already and they just don't want to modify my loan. My home is in foreclosure and I'm extremely sadden and terrify.
 31st of Oct, 2009 by   The Truth123 0 Votes
DO NOT DO A LOAN MOD. PLAN FOR abcde type of situations!
The 3 month trial period is a scam………..PLEASE if you are in desperation, do not pay anyone for anything. I can’t stress this over the internet but if you search for loan mods that are going or went through they are lies. Not just mine and I’m still in one right now, but hundreds that have had the time to tell the American people about the fraud by sending this. Here is a hint: you send 1200 for the 3 month trial every month: part goes to taxes, part to home insurance and the rest is in their pocket….not towards your mortgage. PLEASE SAVE YOUR MONEY AND DO NOT SPEND YOUR SAVINGS!!!

PS. I canceled the check before they are getting' my 3rd month trial payment. Class action is what I do believe is what would be needed in this whole foreclosure scheme/SCAM!
 16th of Mar, 2010 by   Chris49 0 Votes
Here is the reason WHY Aurora loan service is so crappy, and non helpful and why you get some very bad customer support.
Aurora Loan Service Company is/was owned by Lehman Brothers Holdings Inc. who is currently going through largest bankruptcy in American history. – The Federal Government did NOT bail out Lehman Brothers.
Thus, your Mortgage is in flux, and the employees of Aurora will soon be without a job as well (so their moral is just as low as yours.) They are not participating with the Federal government, because they can’t alter loans or make ANY CHANGES to your current loan. Because they have lost the power to do that by the federal government. (Some of things that customer service does NOT want to tell you.)
In fact, Aurora lost the right to make or alter any loans as of Feb 17th 2008 - http://www.thetruthaboutmortgage.com/aurora-to-stop-wholesale-lending-cut-1300-jobs/
The company posted the following message on its website regarding the news:
“Aurora Loan Services’ parent company, Lehman Brothers, announced today that it will substantially reduce its resources and capacity in the U.S. residential mortgage origination space in light of the dislocation in the mortgage markets. As a result, Lehman Brothers is suspending all Wholesale and Correspondent mortgage originations at Aurora.
Aurora will continue to originate loans through its direct lending channel, and will maintain its servicing business.
We truly appreciate your business and support over the years. We hope you will consider how Aurora may be able to help you meet your needs in the future.
With sincerest thanks.”
It is believed that the the last day to fund loans already in progress is February 17th, 2008.
So, how did all this happen? Google: “REPO 105”, this is how Lehman Brothers, basically cooked the books to hide BILLIONS of dollars in debt, and it did not come to light until June of 2008.
So, as of now, the ONLY way you can try to get out from under this mess, is to find a new Lender, and get refinanced out from underneath this colossal abortion of a company. Contact your congressman, and or simply wait out this current situation with the courts, if the federal government wont allow Lehman Brothers to fund any money to Aurora, then Aurora will go bankrupt, and the Federal Government will be forced to step in to pay for this.
If you can make your payments, please do, but please understand that NO MATTER what the situation is, Aurora cant alter your loan, and they are on the brink of collapse anyways.

http://www.helium.com/items/1549444-lehman-brothers-trying-to-pump-950-million-into-aurora-bank
http://www.nytimes.com/2010/03/13/business/13lehman.html
http://www.nytimes.com/2010/03/16/business/16sorkin.html
http://topics.nytimes.com/top/news/business/companies/lehman_brothers_holdings_inc/index.html

Only in America does so many people live to keep a few sacred cows Rich and stupid.

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