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Short Sales with Aurora Loan Services

When many lenders are slow to approve and process short sales for home owners in financial hardship, we have found than Aurora Loan Services, ALS, is one of the best lenders to work short sales with. They seem to have one of the fastest short sale package turn around times among all major lenders, and also one of the highest percentages of approvals as well. Their negotiators and staff seem to be very experienced and educated, and just generally easy to work with.

Their approval time seems to be somewhere around 3-4 weeks on a short sale offer. We just closed a $750,000 on yesterday that was just as smooth as can be. Less than four weeks for an approval letter, over $300,000 of debt forgiven on that deal! Another one in March got approved in just over three weeks start to finish.

Tell us any experiences you may have with Short Sales with Aurora Loans! Good, bad, fast, slow?? What do you think?

We also are very familiar with the Aurora Loan Services Short Sale Policy, and it seems to be very accommodating for home owners.

Need help with a short sale from Aurora Loan Services? You should NEVER pay a penny for short sale services, fees are always paid by your lender! Need help? Ask an expert!

(877)737-4903

We are a licensed real estate brokerage company. We are NOT short sale investors!

Only use a real estate brokerage company to give you short sale help with your Aurora loan services mortgage.

Posted by Jacksonville Florida Realtor Mike Linkenauger on 06/11/2009 10:11 AM

Comments (23)

Short Sales in the Home Selling Channel

aurora loan services short sales, aurora loans, short sale help, short sales

Post is included in group: Short Sale Support Group
Post is included in group: Short Sales Specialists
Post is included in group: Short Sales and Forclosures ONLY
Post is included in group: Short Sale REALTORS®
Post is included in group: Realtors®

23 Comments on Short Sales with Aurora Loan Services

JUN

I agree I have heard easy dealings with aurora, for that matter, most servicing companies have not been that bad to deal with.

It tends to be the big banks who have issues right now. Citi, Bank of America, and Chase are all horrible in general when it comes to short sales.

I like your short sale button! Thanks for the tips on Aurora.

:) PS

My last Aurora was approved in 26 days! That's an improvement from how they started a couple of years ago.

JUN

I've had nothing but positive experiences with them for the last 3 years. If the offer comes too low for the BPO, they will even negotiate it. Buyer name changes are done on the fly as well.

JUN

I guess its just a fact that the big banks are the ones out there giving short sales a bad name. The servicers for the most part, like EMC, Aurora, and Litton are all three great to do short sales with for the most part.

JUN

Just got another short sale approved with Aurora Loan Services the other day!

Seller owed approximately $980,000
Aurora Accepted Short Sale offer netting them $698,000 in about three weeks
No deficiency repaid! 100% forgiven!

JUL

They have become in my top three of favorite lenders to work short sales with.

What are your experiences with mortgage short sales with Aurora Loan Services?

AUG

my daughter is currently trying to purchase a short sale from ALS. however, the listing agent seems to be pretty shady, he doesn't want to submit proof to us that her contract was actually submitted to the bank, and all of a sudden there is another offer when there there has been no activity on this home for over 435 days. i have found their "home retention dept" contact info & was wondering if i should fax them her original contract w/the proof that it was submitted by fax to the listing agent.

SEP

There should not be another offer on the property. Did the seller sign off and accept YOUR offer first? Thats the way short sales should be done. Never should multiple offers be submitted to a lender. The seller still ownes the house and has full rights to sell it, its only up the lender to say yes or no to a lower payoff amount than the seller owes them. If you need help finding a good Short Sale Realtor in your area, Visit our site

SEP

I made a short sale offer, the lender is aurora. but they told us that they need 8 week to review the documents.Do you check the status with aurora weekly? I called aurora using the phone number 8005500508, but they ask me the authentication number of the seller. I don't think the seller will give me this number.

You'll need a written authorization to speak to the lender about anything. You should not be talking to the sellers lender anyway. Trust the process, Aurora is great to work with. The best thing you can help for is that the sellers agent knows what they are doing and is experienced in working Short Sales with Aurora. While Aurora does tell everybody that time frame, TRUST ME, they average 4-5 weeks to give an answer from the time they recieve the short sale package. The mitigators that work with my team will usually check with the lender a couple times a week, it really depends on where they are in the process.

SEP

Thanks, Mike.

Your information is very encouraging. My short sale case is a little complex. The sellers have two loans. and they filed the bankruptcy during short sale. We waited for 3 months to get all of the document including BK court letter and faxed to aurora. Aurora said they need more time to review the BK code. The list agent said they have more 30 years short sale experience. But it seems that they will not check status with aurora until we push them. After waiting for so long, we really feel frustrated. We are in WA. We hope aurora handle the short sale in the same way for the different place

Judy

OCT

Judy, Aurora handles short sales the same anywhere in the country. Bankruptsy however is definately a much different matter. Usually however, Aurora will provide an answer in 4-5 weeks if the listing agent is doing their job properly. The key, is that if the listing agent or mitigation company is doing their job properly!

Was the loan released from the bankrupsy trustee?

NOV

I have been waiting since the middle of August for my short sale purchase to be approved by Aurora. We have been escalated numerous times but to no avail. As far as I am concerned I would say they definately are not expeditious in closing purchases. My financing is approved, I have communicated my desire to have this done before the first time home buyer credit is over and yet I am still waiting week after week with the same response.

Hi there Brandon! Sorry to hear you are having some troubles with your short sale with Aurora. It is the exception rather than the rule with them. Who is working with mitigating the short sale? It is ALL about having an experienced short sale Realtor or professional negotiator in a real estate office working on the file! In my experience, if followed up with properly, and ALL required documents are presented, Aurora will approve a short sale offer in about 4-5 Weeks or so. Something wasn't done right...

By the way, we are hoping for an Extension with the First Time Home Buyer Tax Credit. Go to http://activerain.com/blogsview/1319885/extension-on-the-8000-tax-credit-and-6500-credit- for more infomration on it

Also Judy, you can find the Aurora Phone Number by going to www.bankphonenumber.com

The seller is using a company called Prestige Escrow to faciliate the process. I have nothing but good things to say about Prestige. My account owner is Ali Williams and she and I talk on the phone weekly. She calls Aurora at least once if not twice a week. The BPO has been completed and now Aurora just comes back saying that its in line and will be worked. The message this week is that it is now on a managers desk to review. While the extension is good news I dont like being in limbo. I stand to get a really good deal on the property I am purchasing so I am fine with being patient its just the constant run around is frustrating.

Should be any time then, there were some MAJOR issues with Aurora throughout October, as Guillermo, one of the main negotiators, is no longer with them! Was Guillermo the negotiator?? I'd bet my bottom dollar he was! We couldn't reach anybody at all for several weeks, now all the files have been reassigned. Hopefully it was Heather Zawacki! She is really good. Again, I had totally forgot about it a minute ago, but I would bet anything that that is the problem! I'd bet they are still scrambling around to replace Guillermo and get his files in order...

Mike Linkenauger

First Coast Realty Associates

(904)733-4911

Find Jacksonville FL Real Estate on our local website.

NOV

Mike thanks for the insight. Unfortunately Heather is not the one managing my file. So given my experiance I am only to assume Guillermo had it. Is there any chance you could do me a favor and ping Heather to see if she can grab it? My escrow person is calling them non stop so I am hoping any additional influence would help. Thanks again for your feedback.

Brandon

Shoot me an email over and I'll send her info over. I've only had Guillermo or Heather on ALL of my files in the past, so they may be the only ones...

NOV

I have too been waiting since August for Aurora's approval (and they are the second)... Every week, the selling agent calls atleast twice to hear "Call us back in a few days". The last we heard about two weeks ago was "It shouldn't have taken this long, since we are the second, it should have been processed in a matter of days. I will have the BPO done and approved by Friday (October 30th)". Still no response..... My brother had the same problem with Aurora early last year. They waited 6 months before giving up on a house because Aurora was taking soooooo long to get them an approval...

NOV

Aurora has been dragging my deal out since August. First they rejected my offer and threw it in a drawer instead of letting anyone know their decision. We found out when the short sale addendum deadline came and we insisted on an answer. So, I rewrote the offer the first part of September. This one hasn't been rejected but they won't communicate with regard to when they think they will have an answer. Given the horrendous, unprofessional way in which my offer has been handled, I don't know that I can hang on much longer.

Tiffany and Kat, don't give up! Aurora is usually one of the best in the industry. Be very grateful you don't have Chase or Bank of America!! I still think alot of this has to do with Guillermo no longer being with the company, and them not filling his shoes quickly enough.

I want to ask, are you guys agents??? Why are you processing short sale yourself? The services of a local agent who knows how to get them approved are always free of charge! Check out www.short-sale-specialists.com if you aren't working with an agent already.

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