| 10/25/2018 |
Yes |
- Mortgage
- Conventional home mortgage
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
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XX/XX/XXXX, I began an application for a loan with XXXX XXXX XXXX XXXX. The reason I applied for a loan was to assist my mother who needs her rental apartment repaired after her tenants, left without notice and after 13 years the apartment is not in great condition. In addition, my mothers own apartment needs updating as the carpet is invested with mites and I need to remove a lot from her house so she can move around without falling and hurting herself. My mother is XXXX years old. My mother has a fix SSI income and is repaying a loan she took out when her roof needed repair.
Since I work full with steady income, I decided the best course was to take out a loan and pay for the repairs to my mothers house. I had taken a loan out for $ XXXX back to pay down some debt using the equity in my house, which was the first time I had used any equity for the 5 years I have had my house on my own. I started with XXXX but found their closing costs rather high, I decided to look elsewhere. XX/XX/XXXX I submitted a refinance loan through XXXX XXXX. I was told if took a loan to consolidate my debt I would have some cash back to take care of my mothers apartments. I worked on paying down some credit card debts and on XXXX the XXXX XXXX ( XXXX XXXX ), estimated a cash back of {$36000.00}. After my appraisal was done which came in lower than I expected I received a new loan estimate from XXXX XXXX with {$35000.00} cash back at closing. Again, I worked to paydown debt was again closer to $ XXXX cash back at closing. My credit score went up to XXXX. As XXXX XXXX ( XXXX XXXX ) had my paperwork and the mortgage was going through the underwriting process. I filled out authorization letters for XXXX XXXX to contact Aura/XXXX and XXXX for payoff amounts. I was informed that I had some lien on my property from XXXX XXXX XXXX, which I never heard of. I thought it may have been an old name since Aura Mortgage Advisors has changed their name several times in the past five years. I receive a letter from Aura Mortgage which states I have to pay 42 % of the difference in the equity in my house and original sale to release the lien.
I had never heard of this and I asked XXXX if they did a title search when I took out a loan from them but they have not responded to my request other than the representative does not work in that department. Paying off the lien which is roughly {$49000.00} that would leave me with no cash to help my mother. The loan negotiator from Aura has left the company so I am not getting a satisfactory answer about this lien. In addition, Aura and XXXX do not offer any refinancing and I would either have to payoff this % again my home equity or wait until the entire loan is paid which will be in XXXX.
Since I was unaware of the second lien when I went through this process to rebuy my home back from foreclosure, I have tried to see if XXXX XXXX XXXX would negotiate down the terms of the Shared Appreciation Mortgage. I contacted XXXXXXXX XXXX XXXX XXXX, a XXXX XXXX XXXX, and sent a letter to Mr. XXXX, a negotiator at Aura Mortgage Advisors, now called XXXX XXXX. He referred me to Mr. XXXX XXXX, I have dealt with Mr. XXXX in the past on other matters in the past namely my XXXX XXXX Account, and he is quite condensing to me so I asked that he contact the representative at XXXX XXXX ( XXXX XXXX ) and work with them to negotiate the Shared Appreciation Mortgage and cc me in writing. I have not heard back from XXXX XXXX XXXX, or anyone from XXXX XXXX. I did receive a letter from XXXX which was a payoff notice for the first mortgage and also a payoff from XXXX. Though again, no one has contacted as requested to see if a negotiation was struck successfully in order to release me from the second lien.
My complaint is being mislead through the process of using Aura Mortgage Advisors to buy my home back from foreclosure about Shared Appreciation Mortgage. This was never explained to me when I applied to rebuy my home back from foreclosure. The terms for the Shared Appreciation Mortgage is extremely high at 42 %. I researched other nonprofit organization who use Shared Appreciation Mortgage and the range they use is 10-17 % which is what I asked to bring my SAM down to. In addition, when this company was showcased on national nightly news, they did not indicate this second lien they put on home, so I thought I had an honest chance of buying my house back on my own. I never would have signed such an agreement after already losing my home to foreclosure from XXXX XXXX while my mortgage at the time was still in loss mitigation.
In addition as I am trying to refinance, the Shared Mortgage is on the value and not the amount I am taking out to refinance, another advantage for XXXX XXXX. There is not allowance to waive the Shared Appreciation Mortgage after X number of years. In addition, Aura Mortgage Advisors, XXXX, XXXX XXXX do not offer homeowners a reasonable alternative to refinance. They do not give homeowners any right to economic empowerment and since they hide the Shared Appreciation Mortgage lien it is unfair and fraudulent to homeowners who look to them to buy their homes back from foreclosure. As now with the current interest rate I have at 6.375 % since XXXX, my rough calculations is that I have paid an estimate of {$58000.00} in interest, a difference of {$21000.00} above the national average for 30 year fixed rate mortgage.
Also, when I closed on my home, they had a lawyer and said I did not need a lawyer to use their lawyer and I still did not understand the Shared Appreciation Mortgage. I was excited to finally get my home back I did not know this hidden lien would hurt me as a home investor.
Since XXXX has not responded to my request to negotiate the Shared Appreciation Mortgage, I can not go ahead with the refinancing. I have lost my {$500.00} application which I would have received back at closing. Although my credit score is now XXXX and will probably rise higher, I can not get into any new loans terms due to XXXX XXXX XXXX and this second lien. I am attaching several documents and hopefully links as relevant materials.
Thank you for your consideration.
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| 12/03/2018 |
Yes |
- Mortgage
- Conventional home mortgage
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
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I approached XXXX XXXX XXXX XXXX to negotiate with XXXX XXXX formerly XXXX XXXX XXXX for a better term on a Shared Appreciation Mortage currently at 42 % of the equity from my home value. They refused to offer any alternatives. I contacted XXXX XXXX myself and offered a variety of options for the XXXX in order to refinance my mortgage. I qualify with a good credit rating for a lower term. XXXX XXXX did not offer sort of counter proposal with me. I lost my {$500.00} deposit with XXXX XXXX and am unable to refinance with this high XXXX at 42 %.
Below is there response and I have attached my emails which request negotiation and offering different proposals to the XXXX.
( 1 ) XXXX staff were responsive both in writing and by phone with Ms. XXXX. I have uploaded XXXX example of an email chain and we also spoke by phone a number of times ( XXXX.pdf ).
This response by XXXX is not true, Mr. XXXX did not answer me back as he was my first contact. Each time I sent an email with the proposals I offered on the XXXX, no point was directly responded to, and no counter offer made.
( 2 ) While Ms. XXXX claims that she did not know about the XXXX, our program materials discuss the XXXX, she was told about the XXXX during the time her loan was being processed, and her file contains a written disclosure about the XXXX dated XX/XX/XXXX, well in advance of her closing in XX/XX/XXXX. At the request of Ms. XXXX, we sent her a copy of that disclosure ( Thomas.written XXXX.pdf ).
I only met with the XXXX agent on two occasions, one to sign paperwork PRIMARILY offering me the sales price they negotiated with XXXX XXXX. Second time was when I signed at the closing. In a six month span of time, the disclosure document is and reads different than the XXXX promisory note. Additionally, SUN can claim someone spoke with me, but this is not a true statement from SUN at all.
Background : Ms. XXXX has a first mortgage through Aura Mortgage Advisors LLC ( the Aura Mortgage ). She also has a Shared Appreciation Mortgage ( the XXXX ) with XXXX XXXX XXXX. Both the Aura Mortgage and the XXXX are part of the XXXX ( XXXX XXXX XXXX ) Initiative, a foreclosure prevention program of XXXX XXXX, a non-profit formerly known as XXXX XXXX XXXX. Since XX/XX/XXXX, XXXX has helped over 1000 families avoid losing their homes through foreclosure. XXXX qualifies potential borrowers through rigorous underwriting ; negotiates with the lenders representative to buy a foreclosed home at the distressed market value ; and then resells the home, typically at the current fair market value to its existing occupants with a new, 30-year, fixed-rate mortgage and a shared appreciation mortgage. Ms. XXXX complaint relates to her XXXX dated XX/XX/XXXX. Response : The complaint contains some misleading statements and it is important to correct two of them. ( 1 ) XXXX staff were responsive both in writing and by phone with Ms. XXXX. I have uploaded one example of an email chain and we also spoke by phone a number of times ( XXXX.pdf ). ( 2 ) While Ms. XXXX claims that she did not know about the XXXX, our program materials discuss the XXXX, she was told about the XXXX during the time her loan was being processed, and her file contains a written disclosure about the XXXX dated XX/XX/XXXX, well in advance of her closing in XX/XX/XXXX. At the request of Ms. XXXX, we sent her a copy of that disclosure ( Thomas.written XXXX.pdf ). The email chain about this disclosure is also attached ( Thomas.disclosure XXXX.pdf ). She also signed the XXXX at her closing in XX/XX/XXXX and it was properly recorded. The complaint requests that we release Ms. XXXX from her obligation to repay the XXXX. The XXXX payoff is based on the amount of appreciation in the property since XX/XX/XXXX and is calculated by granting 58 % of that appreciation to Ms. XXXX and 42 % to XXXX/XXXX. The percentages were set forth in the Promissory Note based on a calculation disclosed to Ms. XXXX ( for example, in the written disclosure ). Based on the most recent appraisal of Ms. XXXX home, the current payoff amount on the XXXX is {$49000.00}. XXXX/XXXX does not agree to release Ms. XXXX completely from the obligation to pay the XXXX so that Ms. XXXX can refinance with another lender to have access to cash to renovate her mothers home. The XXXX is not something new or hidden. It always has been part of the SUN Initiatives program, is described in our material and by our employees, and was disclosed to Ms. XXXX. The XXXX is valid and enforceable, and over 140 borrowers who had loans through the XXXX Initiative have successfully paid off their mortgages since XXXX. Alternatively, Ms. XXXX has asked that the XXXX payoff amount be reduced through a reduction in the percentage of appreciation collected ( from 42 % to 10 % ). This would result in the payoff amount being lowered to {$11000.00}. XXXX/XXXX does not agree to reduce the payoff by over {$37000.00} so that Ms. XXXX can refinance with another lender to have access to cash to renovate her mothers home.
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| 06/16/2021 |
Yes |
- Mortgage
- Conventional home mortgage
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- Trouble during payment process
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Web |
Servicemember |
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To Whom It May Concern ; Our current mortgage is with Aura Mortgage Advisors, LLC and was processed through XXXX XXXX XXXX XXXX XXXX XXXX ( supposedly a nonprofit organization ) who rescues homeowners who have lost their homes to Predatory Lenders. However, we have come to the realization that the practices of XXXX XXXX XXXX can also be considered Predatory. In XX/XX/2012, XXXX XXXX XXXX bought our house back from XXXX XXXX which was our mortgage company at the time for the amount of {$140.00} and sold it back to us for the amount of {$190000.00} at an interest rate of XXXX. We were so elated to be able to get our home back that although the interest rate was a bit inflated, we felt like that at least we and our young children would not be homeless. For the Closing, we inquired of XXXX if we would need to have a lawyer present to represent us and it was advised that we did not, since they would have a lawyer there to go over the paperwork and answer any questions. We came to " The Closing '' with our {$5000.00} certified cashier check and our enthusiasm. We were given page after page of the documents to be signed or after the attorney would briefly state I am writing you this email with a heavy heart as I am experiencing overwhelming stress with my mortgage situation with XXXX XXXX XXXX XXXX XXXX XXXX. Somehow they have turned what was supposed to be one of my familys greatest achievements in living our American dream, into one of our greatest nightmares due to their greedy antics and predatory like practices when issuing mortgages to underprivileged families. Never in our wildest dreams did my husband and I expect to find ourselves in a mortgage with another type of predatory lender after being relieved of the previous predatory lender ( XXXX XXXX ) by XXXX XXXX XXXX ( now renamed XXXX XXXX ).
XXXX XXXX XXXX has robbed us of our ability to refinance and fix up our old house as we had initially planned to, to assist our children with college tuition but most of all to achieve a much better mortgage interest rate. When we sat down with XXXX XXXX XXXX in the initial phase of the process, they had promised that we could refinance after a year since they knew that the rate that they were approving us at was very high. They made it seem as though refinancing would not be a problem. However, in trying to refinance our current mortgage, we found that it is very difficult to do so and that we are stuck in our current situation because of the way that XXXX has structured the mortgage. They structured the mortgage where they are the lienholder on the mortgage due to the XXXX XXXX Mortgage that they have attached to the regular mortgage. In order for us to refinance we would need to give XXXX 54 % of the equity in our home after we have had to take funds from our retirement funds and use up the limits on our credit cards in order to fix up the fixer-upper that we bought for $ XXXX and have fixed it up to the point where XXXX has the estimated value now at $ XXXX. XXXX never gave us a dime towards fixing up this home but yet they are now entitled to 54 % of XXXX XXXX Mortgage along with an additional 25 % of what we put out to bring up the value of the home. This is predatory lending at its finest as they were not transparent with the full terms of the mortgage at the closing, but instead took advantage of mortgagees by deterring them from bringing their own attorneys at the point of closing to explain all of the details that were in fine print.
This mortgage company has brought such severe emotional pain and suffering to many homeowners and it has to STOP!!!!. As you are the Massachusetts Division of Banks we are reaching out to you to make you aware of this situation and to request any type of assistance that you can provide in putting a stop to this form of robbery from a Lender who made us a promise to get us back our homes but their intensions were dishonorable. I would appreciate it if you could get back to me regarding this matter, as there are several other homeowners who are facing the same injustice and would love to have a virtual meeting to voice our concerns. Looking forward to hearing from you sooner than later.
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| 12/12/2018 |
Yes |
- Mortgage
- Conventional home mortgage
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
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It happened that my home went to foreclosure in the month of XX/XX/XXXX by XXXX XXXX XXXX, this bank bought back through auction for {$240000.00} then XXXX residential alias Aura Mortgage Advisors , LLC and XXXX ( XXXX XXXX XXXX XXXX ) that bank bought back my house and re-sold to me for {$310000.00}. I knew about this que neighborhood stabilization program through an organization called XXXX XXXX XXXX with suppose not profit means and dedicated to help the members of the community in Massachusetts with issues about tenancy/landlord and people been displaced from their homes through foreclosure. This organization works with these financial institutions that helps their members who qualify to buy back their homes but trick them when they impose these subordination and abusive, secretive, onerosa clausulas taken advantage of desperate poor immigrant, not educated people in need of recuperate their homes. This Aura Mortgage never made me aware that I should share my only source of financial future hope, my equity of my home that I build day by day ; they trick me to share with them the onerosa percentage of 43.1 % of my equity if I sold or refinance my home, and I just find that this now because this promissory note not appear in the registry of deed, how they did to sign my name there in those papers? only XXXX knows, this practice is deceptive and criminal ; they have me as their slave until XX/XX/XXXX. This is outrageous, clear deception and fraudulent practice that should be invalidated and avoid it by the government and the courts.
I was paying my mortgage to Aura Mortgage Advisers, LLC, in XXXX, I ask my credit union get my mortgage with better rates, I did, we paid {$310000.00} to Aura Mortgage Advisors , LLC. whom is XXXX XXXX XXXX XXXX XXXX. I thought that everything was fine and that I was done with Aura Mortgage Advisors , LLC until the last days that I tried to refinance my home after 6 years since XXXX and find out that I have a Subordination Mortgage Agreement that I ignored and I was not aware and I never signed for that agreement with a crazy promissory note where there are many clausulas that tend to abuse and rob the consumers ' ; where I suppose to share with this Aura Mortgage Advisors , LLC my equity all my long life of the home loan, thing that is totally fraudulent, unfair and abusive, none has told me that I should share my equity of my home with this bank-mortgage ; they already take a big bait of profit of {$65000.00} when they got my home from XXXX XXXX who bought my home in auction on XX/XX/XXXX for {$240000.00} and this XXXX XXXX XXXX XXXX with the excuse of help the community got my home and re-sold to me for XXXX. these banks and organizations were promoting expectatives to help people in trouble who losing homes in the fall of the wall street in XXXX, meaning they took the advantage of that situation and take advantage of the people losing their homes, I can not believe that they use this situation to abuse, rob and take advantage of naive, desperate, little educate people who mostly are immigrant with a little knowledge of the loan-bank process.
Right now that I tried to refinance my home I find out that there is a subordinate, onerosa and abusive clausula where this mortgage company ( Aura Mortgage Advisors , LLC ) made without my knowledge and signature. I was in shock to find out there are two mortgages not only the conventional mortgage but another mortgage where this company wants me share my equity at a 43 % equity, thing that I was not aware neither agree, XXXX knows how they got this signature there in the promissory note that now say is mine. It is unfair, fraudulent, abusive and oneroso and usurero when these institutions suppose to help the poor people mostly immigrants that they do not know the mortgage process and abuse imposing these abusive clauses to robbed my equity for my home that cost me my life work.
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| 06/11/2021 |
Yes |
- Mortgage
- Conventional home mortgage
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- Trouble during payment process
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Web |
Older American |
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XXXX XXXX XXXX formerly known as XXXX XXXX XXXX ( XXXX ), among other names. They were suppose to be helping me from being foreclosure on, by buying my home and selling it back to me. But this was all a scam in the name of XXXX XXXX XXXX, which I had never heard of and wasn't told about. I'm XXXX years old and this is the worse predatory lending scheme that I have ever seen. Nevertheless, they brought my home, that I've lived in all my life and sold it back to me at a rate of 6.375 %. I was told that I could refinance later for a better rate. Well, a few months ago, I attempted to refinance to get a lower rate. But to my surprise I found out that I had to pay XXXX XXXX XXXX $ XXXX in order to refinance my home. They had also put a lien on my property that I wasn't even aware of. I was being held hostage. The longer I stay with them, the more I'll have to pay. They were stealing the equity in my home and I didn't even know it. I have enclosed a copy of my Notice of change Circumstances from XXXX XXXX XXXX, the company that I refinance with. Please help put a stop to this type of Mortgage lending greed by XXXX XXXX XXXX aka XXXX XXXX XXXX, the wolves in sheep clothing.
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| 12/19/2018 |
Yes |
- Mortgage
- Conventional home mortgage
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
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Im having issues about finding out about my 45 % of shared appreciation that I owe my bank even after 30 years paying off my mortgage. Back in 2013 when I couldnt get loan modification from my previous bank and I fall in foreclosure, XXXX XXXX XXXX offer to purchase my house at the market and sell it back to me for 20 % more, I assume that was that profit, I dont recall shared appreciation cost was discuss, its possible but dont remember as I was so desperate to stay in my home with my family. The interest rate is 6.375 %, it will never go down because they dont have refinance options and if u try to sale or refinance thats when u get charge shared appreciation fee and even after 30 years paying your mortgage off u still get charge shared appreciation on what your house it worth so which mean u paying a 30 years rent with no benefits. When I find out about it, they told me that I will get some credit for works that was done in the house then it was no credit, it just nonsense, taking advantage of people on their lowest is just wrong wrong. Hopefully u could help please because I really dont think is fair
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| 11/13/2021 |
Yes |
- Credit reporting, credit repair services, or other personal consumer reports
- Credit reporting
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- Problem with a credit reporting company's investigation into an existing problem
- Their investigation did not fix an error on your report
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Web |
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This is XXXX XXXX, who is submitting this CFPB complaint myself, and to inform you that there is no third party involved in the process. My request for the correction and removable of the erroneous information about my account has been diligently neglected by XXXX and XXXX. Despite sending them the last letter for the said request, I have not received any response up to this date. Besides, the inaccurate information about my account is still on my reports. Therefore, the Bureaus has not complied with the Fair Credit Reporting Act, 15 USC Sections 1681i within the time permitted by law and continued reporting as unverified information which now, given all my attempts to address it directly with the creditor, as willful negligence and non-compliance with federal statutes. Below is the account that is still reporting on my account : AURA MTG ADR - XXXX
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| 07/06/2022 |
Yes |
- Mortgage
- Conventional home mortgage
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Web |
Older American |
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| 06/24/2020 |
No |
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- Struggling to pay mortgage
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Referral |
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| 10/10/2019 |
Yes |
- Mortgage
- Conventional home mortgage
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- Trouble during payment process
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Postal mail |
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| 12/13/2018 |
Yes |
- Mortgage
- Conventional home mortgage
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- Struggling to pay mortgage
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Referral |
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