McCue Mortgage sticks it to the taxpayer - a Connecticut FHA short sale success

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

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.

Sigh....

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.

 

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, 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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