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

By
Real Estate Agent with Keller Williams Greater Hartford REB.0789472

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.

Posted by
 
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Minna Reid
Team Lead - Reid Real Estate Group
Keller Williams Connecticut
Voice or Text: 860.416.1255
 

Minna Reid  is a  CT Licensed Real Estate Broker Associate with Keller Williams Realty, and Team Leader of Reid Real Estate Group. Reid Real Estate Group is a team of full-time, full-service real estate experts with locations in Central and Northeast Connecticut, with a specialty in short sales. The Reid Group brings years of real estate experience, intimate knowledge of the local market and the highest levels of customer service and professionalism to help guide you through all of your real estate transitions. Visit us at www.REIDREALESTATEGROUP.com

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Diary of a Realtor
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Short Sale REALTORS®
"Whacked"!!!
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Rainmaker
587,228
Robert Rauf
HomeBridge Financial Services (NJ) - Toms River, NJ

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...

 

Jan 17, 2012 01:09 PM #1
Rainmaker
297,110
Minna Reid
Keller Williams Greater Hartford - Southington, CT
Team Lead - Reid Real Estate Group

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.

Jan 17, 2012 01:34 PM #2
Rainmaker
995,817
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

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.

Jan 18, 2012 06:19 AM #3
Rainmaker
587,228
Robert Rauf
HomeBridge Financial Services (NJ) - Toms River, NJ

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....

Jan 19, 2012 10:41 AM #4
Rainer
177,340
Jark Krysinski
REMAX CREST REALTY WESTSIDE - Vancouver, BC
TeamYVR Team Leader, BA,ABR,IRES,IMSD,LLB

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!

Jan 19, 2012 01:41 PM #5
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Rainmaker
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Minna Reid

Team Lead - Reid Real Estate Group
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