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.

istock_000017927740xsmall_388What McCue did next blew us all away.  

 

MCCUE ASKED…for guess what…FOR MY CLIENTS COME UP WITH PAYMENT ARRANGEMENTS IN THE INTERIM WHILE THEY WAITED FOR THEIR SHOR SALE APPROVAL.

 

LOFL. Sorry McCue. Not happening!

 

My clients declined to make any payment arrangements...They have now been approved for their short sale.

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Minna Reid, Realtor
CG Real Estate - Southington CT
Voice or Text: 860.416.1255
 

Minna Reid  is a  CT Licensed Real Estate Broker Associate with CG Real Estate, specializing in short sales serving Central CT including, but not limited to; Avon, Berlin, Bristol, Cheshire, Cromwell, Farmington, Glastonbury, Hamden, Meriden, Middlefield, Middletown, Newington, New Britain, North Branford, North Haven, Plainville, Portland, Prospect, Rocky Hill, Southington, Wallingford, West Hartford, Wethersfield and Wolcott. 

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5 Comments on To pay or not to pay…You can’t have it both ways McCue Mortgage!

JAN
17
2012
510,288 Points 8 Featured Posts Outside Blog

Was it an FHA loan they had on the property?  FHA loans are still a bit backwards and require them to be delinquent in order to be negotiated for a short sale... it is actually in the  lender guidelines...

 
1:09pm • #1
225,399 Points 3 Featured Posts

FHA does not require default to be considered...it requires default of 31 days AT CLOSE. This was a CHFA FHA. I was actually not surprised they declined...I was surprised they asked my clients to pay after denying them for paying. Go figure.
1:34pm • #2
JAN
18
2012
494,968 Points 29 Featured Posts Outside Blog Called Shot Master

This is certainly a tough situation for your clients. Be damned we do and be damened we don't.

The same situation exists regarding mortgage modifcations. Most lenders won't do a modification unless the people are 3 months late on the mortgage.
6:19am • #3
JAN
19
2012
510,288 Points 8 Featured Posts Outside Blog

it certainly is not a perfect world!  you need to be late to get a SS negotiated if you have an FHA... But if you can get approved for a new FHA loan after a short sale... Providing you were NOT late on any payments leading up to the short sale...

and when I said Delinquent, I did not mean default.. Delinquent is lender speak for Late....
10:41am • #4
157,510 Points 1 Featured Post Outside Blog Called Shot Master

Minna, in China, there is a wisedom called that "Life is like a box of chocolates: you never know what you're gonna get". The clients are just like the "chocolates". Not all the clients are our favorite. :) Thanks for sharing this great article with us!

Have a good day!
1:41pm • #5


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Minna Reid, CT REALTOR®, Short Sale Agent

Southington, CT

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CG Real Estate

Address: 1224 Mill St., Bldg B, East Berlin, CT, 06023

Cell Phone: (860) 416-1255

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