Aurora Loan Servicing (ALS) slowdown

Happy New Year! My recent lack of posting has not been for a lack of mortgage and foreclosure news... but we all need a break around the holidays right? Plus we have been hopping with short sales and buyers!

One recent change in the short sale marketplace has been Aurora Loan Servicing. It used to be you could expect a 60-day turn-around on short sale decision with them. That timeframe has been blown out of the water! Now on one were working on... we are fast approaching the 120-day mark. They have done two BPOS ("unbaised" realtors telling Aurora what they think a realistic price for the home) by the same REALTOR (doesn't make any sense to me!) and we're still not a decision point.

This particular sale is a no-brainer. It falls in line with what other homes in the neighborhood are selling for.... but the delays may cause Aurora to have to add this home to their inventory of foreclosed homes... can we say add $50k to your loss??

Get on the stick Aurora!

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