After a two year battle with trying to get Aurora Loans to give me a loan modification, I finally lost my property to an illegal auction that Aurora did Friday, December 2, 2011. We had them on numerous counts of deceptive loans practices and would have been able to win in Boston Superior Court. Aurora's attorney, however, immediately pulled the case out of Superior and bumped it up to the U.S. District Court. The judge in that court, Judge Sterns, did not even let my attorney present a our discoveries against Aurora. The judge also openly admitted that he disagreed with some of the recent rulings against the banks. The judge blatantly ruled in Aurora Loans favor to foreclose on me even though they did not have the proper documents and note in place. I found out through other attorneys that it is very common for U.S. District judges to rule in the banks favor. This is why many of the banks are bumping their cases out of Superior Court to U.S. courts.
So far this ordeal has been very draining and costly, over 10,000 in legal fees, not to mention that Aurora loans misled me into paying them $9,000 for a loan mod that never would happen. Right after I sent them my last $3,000 forbearance payment agreement (all three payments of $ 3,000 were done on time as per agreement), they sent out another auction notice on my property. The forbearance agreement payments are a scam to suck more money out of you right before they foreclose your property.
To add insult to injury, when they auctioned my property, they sold it way below market appraised value.
(About a $100,000 below market value). Also, they added over $20,000 in "fees" for administrative/legal
costs to foreclose on my property. When I tried to refinance my property with another company, I was declined because Aurora Loans turned my $ 352,000 into a $405,000 loan and this is after I already paid them $9,000 during the forbearance agreement. After Aurora Loans gooched the amount of the loan up so high, no investor would refinance me, resulting in certain foreclosure. The final blow in this horrible ordeal, is now, Aurora has come to my attorney and told him that they plan on suing me for the loan deficiency, which is over $100,000 dollars, because they sold the property for 50% of it's true value. Now I am faced with more legal fees to counter sue Aurora to offset their lawsuit against me. And guess who the judge will be for the lawsuit case? The same judge who ruled against us on the foreclosure, the pro-bank judge, Judge Sterns.
How can anyone really win against the banks when even the U.S. district judges are going to be ruling in the banks favor? I wonder what percentage of cases against banks win in U.S. District courts?
If you have any advice or similar experiences, please share them with me or people on this site.
Review about: Aurora Loan Services Loan Modification.
Monetary Loss: $590.