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I’d like to remind you that we have significant discounts for early registration at http://azec10.eventbrite.com

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AZEC10 is the premier Arizona conference directly geared to entrepreneurs, and people come from everywhere (even Canada) to attend.This year’s speakers include industry analyst and wen-strategist Jeremiah Owyang (@jowyang); Bay Area VC Dave McClure (@davemcclure), Flowtown co-founder Ethan Bloch (@ebloch), Infustionsoft founder Clate Mask (@infusionsoft), and entrepreneurial photographer Kris Krug (@kk).

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This is a personal invitation to you, to join me.

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* procedures to track HAMP complaints
* further efforts to inform borrowers to use the HOPE Hotline if they have been incorrectly denied HAMP
* consequences for mortgage servicers for noncompliance with HAMP

http://tinyurl.com/33oc6cx

Aurora has been screwing with me for over 2 years now. I entered into a trial modification and went through the same gauntlet I'm learning from all of you is standard process for Aurora. It seems they “lose” paperwork as a way to then graciously grant an extension of your trial…which means, of course you then need to make an additional payment…only then to discover you don't qualify! Then they may come up with an alternative plan for you, but you'll always have to jump through hoops and by by certified check. I'm convinced the only reason for these “programs” is for them to string people along that there's some hope that the nightmare will come to an end, when in reality they know there's no way to modify the terms. Their goal is to simple eek out as many payments from borrowers as they possibly can before the loan inevitably goes bad They know there is no way that most of these loans will ever be modified…they are just to complex. The ONLY way out of them is to default.

My response to this whole thing as been to reverse the process and screw them as much as possible for as long as I can. My credit will take a hit, but in the grand scheme of things I just don't care anymore. I discovered chapter 13 as a strategy rather by accident. Since filing I've felt much more in control. You have to get past the social stigma of being in bankruptcy, but once you realize that no one comes to your door with a wooden barrel for you to wear, the stress level drops dramatically.

Once you are in chapter 13 there is little Aurora can do to touch you. Get a VERY good lawyer and you will turn the table on these guys in some very satisfying ways. Realize though, that what you are committing to is a slow glide towards leaving your property. You will have time to prepare and think things through rationally. If you aren't too far underwater you may even want to stay in Chapter 13 through the whole term (usually 5 years). If you are terminally underwater I honestly feel it is your best option in that it allows you to save cashflow towards eventually buying again someday in a more favorable market.

I used to think that a program would appear that would make this all “right” again, but when the cramdown authority was shot down I realized there's no hope to right things. The banks will bleed borrowers as long as they can knowing that its just a matter of time until people wake up and walk. I personally think it would be a hell of a protest to have everyone walk from their loans. It would fix the market by default because properties would naturally recede to a “real value” level, and the credit rating system would have to be scrapped as it would be meaningless. Lenders would have to lend again or go under from the weight of REO inventory. What a beautiful world it could be.

I've been going through the same thing for over a year. They just keep jerking me around –
I've been on a forbearance plan now since Jan. and part of the agreement for the forbearance is having to re-submit all the modification paper work again…which I did (for the 4th time I might add) only to get a phone call telling me I neglected to send them some info they requested in a letter I never received..

that was June 2 (yes..two days ago) – so -

I find out June 2 is “the cut off date” I can submit the info on the letter I never got, so I ask if she could fax me a copy of this letter, she said I would have to call back, put in a request, and that request would take a few days.
I asked her if she could read to me what they were looking for, I could find it, fax it in and we would be golden…well she started rambling on about copies of leases and copies of collected rents…

Copies of leases??
Collected rents??

I'm growing ever angrier by the minute – because this dear lady had not two minutes earlier asked me this question when she called me to qualify me as the homeowner: “Is this your primary residence?”

So I point out (not so subtly I might add) that this is my primary residence so I was at a loss to what leases and collected rents she was referring to –

Conversation went downhill from there –

I told her the only letter I received was on May 27 and I called in and was told by Aurora Rep that it was a stock monthly mailer and my paperwork was in their system and everything is as it should be.

Her response to that was “well the person you spoke to isn’t trained to read these files” and didn’t give you correct information”

I again, not so subtly, reminded the her that I was calling into a phone number, provided by her company, to the department provided on the letter that I was holding, for the sole purposes of a loan modification – this person's training is irrelevant to me.

Well…the call pretty much ended there.

I called back, got someone nicer this time who took the time to read the missing mystery letter line by line so I could write down and fax in what they were looking for – remember, this is still Jun2, my deadline date.

The info they wanted was updated pay stubs and a W2 – pretty far off from lease copies and collected rents…but wait…it gets better…

So I state since its only 2PM MST and its still 2Jun (my deadline date) if I fax this in, they would need to re-open the file – she said no, because it was already closed, I would have to submit a letter of “Appeal of denial” with the missing info.

oy!

So I do it.

Ok – so today Jun 4, I call in to see if the file got re-opened, they got my faxes!! YEA!!

…nope

So this rep tells me no, it’s not re-opened, I said how can that be, I got the fax in ON June2 with the info they requested in the letter –

Her response to me just made my blood boil –

She tells me that although they received it on 2Jun, because of their inner process to scan faxes into files, it was delayed – so I technically still missed the deadline.

She tells me my only option is to start all over again and submit ANOTHER loan modification package or “asset liquidation”

Asset liquidation….Isn’t that I nice word for foreclosure?

So, I restate my opening line –

“I have never hated any one entity like I do Aurora, I now know the true feeling of hate…thought I did…but nope..now I do!”

Francine Hardaway, Ph D
GV: 816.WRITTEN

Francine Hardaway, PH.d
@hardaway
816.WRITTEN

Http://www.Stealthmode.com