The following is a letter that I wrote yesterday and had planned to send, but after reading about the shenannigans Aurora uses, I am now thinking it would just be a waste of my time, However; I am sharing my experiences to help other before the fact.
May 29, 2009
Aurora Loan Services
PO Box 1706
Scottsbluff, NE
69363-1706
Dear Sir or Madam:
First, let me say that a copy of this letter will be mailed to as many executives as I can find names for at Auroras Corporate Headquarters. Shouldn't be too hard from my stock broker. I can't believe they are aware of the gross incompetence and out right negligence in the manner in which my application for a modification rate reduction or what ever you are calling it now was handled (I use the term loosely).
I sent in all my paperwork that was required in a timely manner. The application was signed for on 4/13/2009.
I waited a month to get a response before I called. I was informed my application had not even been looked at and was told to call beck in a week.
The next week when I called, after 40 minutes on hold, I was again, informed, that nobody had looked at my application. I was asked to call back in another week, in which I did again. Still nobody had looked at my application. I called back again today. After 1 hour and 20 minutes on hold, I finally talked to Evette, for the second time. Again, I was told nobody had looked at my application.
After a few minutes waiting for a supervisor to return from Break, I was put on hold so Evette could talk to the Supervisor. Evette came back to the phone to inform me that the old program that I had applied under now had the you have to be late at least a month!
THAT! Is probably the same thinking that tanked Lehman Brothers in the first place!
So to my understanding:
You have to be irresponsible in paying your bills on time and because you are late at least one time on your Mortgage Note, all your credit cards now get jacked up to the default rate of 22 to 30%.
The unintended consequence that obviously no one thought about, (or maybe they did and has been cooked into the plan of denial) is raising your Credit Card payments to more of a payment than you would save if you did get a modification to a existing mortgage, putting a major ding to and lowering your credit standing and score.
Real Brilliance working here.
Now after 7 weeks, I finally am told I don't qualify because I am responsible and pay ALL my bill on time for over 35 years.
The reason I am even bothering to write at all is the degree of disappointment I am feeling in the seemingly uncaring, indifferent and incompetent manner in which you handled my application.
I could have at least been sent an email that you even got it. I heard nothing at all!
What seems to be lacking in this picture is attention to detail; communication not only between Aurora and the client but more importantly is the lack of communication between different Aurora Agencies in different States.
I also think if the Office Managers/Supervisors were on top of what is happening on a daily basis either through email or daily office meetings to address past, present and NEW business, when at least a more timely decision can be reached and not waste a whole lot of time.
In closing, I asked for a little consideration with my existing loan and here are the facts as I see them;
In the 30 years of mine or any other loan of $132000 you'll earn say $250K or so.
If you had lowered my interest rate a couple points, you would have earned maybe $225K or so.
But in reality I will be selling my home in 3 or 4 years now and you only would have made a small percentage of what you could have made if you just worked with home owners whom are responsible but just getting squeezed by the economy.
Stgcret
Pace, Florida
U.S.A.
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