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AURORA LOAN SERVICES RECEIVED $459.6 MILLION FROM FEDERAL GOVERNMENT

AURORA LOAN SERVICES has received $459.6 Million from the federal government.  The money was given to Aurora as a part of the “Troubled Asset Relief Program (“TARP”) Funds”  Because Aurora accepted the TARP funds, it is required to have a loan modification program in place in place for homeowners.  Borrowers are eligible for a loan modification under the Home Affordable Modification Program(HAMP) if the borrower meets certain criteria.  Click HERE to learn what is HAMP?

For example, to qualify for the HAMP loan modification the applicant’s home must be:

(1) an owner occupied single family 1-4 unit property;

(2) the home must be the primary residence (it cannot be investor-owned, vacant, or condemned)

(3) the home loan amount must be equal to or less than $729,750; and

(4) the home loan cannot have previously been modified under HAMP.

Despite the fact that many borrowers qualify for a modification under the HAMP Program, AURORA has failed to make reasonable efforts to contact many of its borrowers to determine their eligibility for the Making Home Affordable Program. If you have tried to obtain a loan modification with AURORA have been ignored or denied, contact us or a free consultation.