AURORA HAMP SUCCESS

[NAN101]

Well, it's been a while since I've posted. Working with Aurora and FINALLY received my permanent mod documents yesterday via UPS. I made my 3rd "official" trial payment Nov. 1st. (Prior to that I was in the endless unofficial trial payment plans and forebearance plans apparently).

 

Details --

 

HAMP modification -

 

Orig terms

$264,000 @7.75% ($2387/month PITI)

 

New terms

$259,600 ($1765.82/month PITI)

Years 1-5 @ 3.125%

Year 6 @ 4.125%

Then 5% remaining years for life of the loan

 

Aurora is my investor and servicer - non-GSE loan.

[Mayor]

Congrats!!!

 

You were the in the lucky 100 people for the month to get modified ...jk

[NAN101]

Final resolution now! With my first finally resolved and finalized with HAMP, my 2nd that has been sitting in limbo for almost a year (haven't made a payment since last January - 2009) was finally modified the other day. The final docs arrived 2 days ago. Orig 13.75% interest lowered to 5% for life of loan, first payment due March 1st.

 

So, after a LONG battle, my total monthly payment on both loans is now less than what I was paying originally on the first alone. Of course, my income has decreased significantly, but many, many are in the same boat I know.

 

So... if you're still in the modification maze, don't give up. Don't take no for an answer. Keep fighting. I never in a thousand years thought my situation would finally take a turn for the better. I kept envisioning the light at the end of the tunnel as a train coming at me. The mod process has been a year long full-time job practically, but well worth it in the end!