If you really want to know how ugly and bad this "lender" world existed read this book, The Monster by Michael W. Hudson. It will blow your mind and trust in the US banking system. The movie "Wall Street" will keep popping up in your mind as you read this greed code that pervaded the street and still does, it's just quieter now. Bottom line - your money will NEVER be safe in a bank unless it's a credit union.
Read the Book, Aurora is in it.
I am a contractor who did an inside job that Aurora paid $16500.00 for me to rebuild the house, and they foreclosed in the middle of the job, and sold it at a bank auction . They say they don't half to pay me my $70000.00 that is due because they sold the house . They broke laws, and now I am going to take them to court . So aurora is the biggest piece of crap bank out there. They are doing bad business and any advice would be helpful.
I spoke with a rep. of Aurora bank to refinance. I gave him all of the information to apply for the loan. I request a Good Faith Estimate which he said he would not send me unless I promised to go with Aurora for the loan. My quest was to entertain three lenders with their GFE to determine the best option. The gentleman (and I use that term loosely) was very rude and load...he said " I told you lady...I will not send you a GFE unless you promise to get the loan with me." Needless to say, while the rates and terms looked inviting, I could not guarantee him the loan until I received a GFE. I never had a bank rep. be so rude and pushy. Not getting my business!
They offer a rate and tell you that you qualify.
As the process continues, they continue to ask for paperwork and explanations for weeks.
They ask you to show them proof that you paid them their up front fees. I assume so they have the right to keep your money without you having any recourse.
Then they tell you that you cannot get the loan for what ever reason they can make up.
I believe the bottom line here is that they offer low rates to get you to commit to the process - get your $, then deny you the loan and keep your money.
DO NOT DO BUSINESS WITH AURORA, they will find a way to rip you off...
Golly - that's the first time I've EVER called a bank at their toll free number and been told nobody can come to the phone - so I should leave a message. I was calling to open up a CD account, but if this is their level of customer service, no thanks. Not like it's on a weekend or anything - it's Monday at 11.53 am, eastern standard time. SHOCKING.
Aurora Bank, formerly Aurora Home Loan, has been reported on in USA Today many times this year as being under federal investigation. We suffered with them through the housing market collapse in Florida, where we ended up owing more that twice what the home was worth. They refused to adjust the balance so we ended up having to short sell the house. Good to know someone else's $140k was better than mine. :(
I offered over 125% of Aurora's asking price on a foreclosure, $140,000.00 in cash, and Aurora decided to send the house to auction.