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 program.
My sellers then defaulted and we started all over. The buyers were long gone and our next try back on market was not as successfull as the first. 6 months after originally going on market we secured a second buyer for $20,000 less than the first.
McCue spent another 2 months fumbling around some more with the file until ultimately we got an approval and the short sale closed.
Sure, it cost McCue Mortgage an extra $20,000 to muck up the file the first time...but since FHA (read taxpayer dollars) covers that loss to McCue...I guess it's no loss for McCue.
Hey, what's an extra 6 months and $20K when the taxpayer is footing the bill? Thanks McCue.