Consumer complaint received 2018-12-03
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: Aura Mortgage Advisors LLC (MA)

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.