McCue

McCue - Where did you go wrong?

McCue Mortgage used to be a pleasure to deal with and was generally efficient in their short sale processing...and then something happened. Some new folks showed up in loss mitigation...and the rest was all downhill.

This Meriden CT home first sold within a month on market in a multiple offer situation. The buyers were paying over market value. A full short sale package and high hopes headed over to McCue.

Four months passed as McCue's new loss mitigation staff fumbled around with our short sale file, ultimately declining the file. McCue cited lack of default as the reason for the decline, despite the fact FHA guidelines do not call for a default in order to get approval into the FHA Pre-foreclosure Sale…

Recently, I submitted a new short sale package to McCue Mortgage for a CHFA short sale. My clients were recently divorced and the house has been ordered to sell by the court. Neither can keep the house.

With a full package detailing the hardship and obvious lack of other options, McCue made a decision.

MY CLIENTS WERE DENIED FOR THE SHORT SALE BECAUSE THEY WERE NOT IN DEFAULT.  They even sent my clients a letter specifically stating they were denied because they were current on their mortgage payments.

So my clients had a rather easy choice to make. They decided to default and we resubmitted the short sale package.

What McCue did next blew us all away.  

MCCUE ASKED…for guess what…FOR MY CLIENTS COME UP WITH PAYMENT ARRANGEMENTS IN…

I particularly like working with McCue Mortgage, along with the other small Connecticut banks. The lack of red tape is just so refreshing.

CHFA is a Connecticut program that alllows buyers with limited funds and income to purchase homes. Ive seen more and more CHFA defaults lately.

This particular short sale was a long term project, but that was due more to the current condo market in CT than McCue.

Condos that cannot be financed via FHA are a nightmare to sell in this day and age. After several months on market we found our first buyer for the condo. After a fairly quick short sale approval the buyer flaked out and we were forced to go back on market to seek a new buyer. After what seemed to be an eternity a new buyer was secured and it was…

McCue Mortgage is a smaller local bank that holds a lot of loans in Connecticut. This particular loan was originally a CHFA loan. I'm seeing more and more CHFA loans going under lately.

Anyway - my clients had been been trying to sell their Middletown home for over a year by the time they called me and had been through a string of realtors. Most recently they had already gotten aways through the process but were stuck on a WAY TOO HIGH appraisal - a common problem with the FHA "pre-approval" process. Government intervention as with the FHA pre-foreclosure sale program generally leads to its own set of problems, despite good intentions by Big Brother.

There was no hope of moving the property anywhere near the current appraisal price so my first goal…