CNN Story Prompts MCU to Reach
Out to One of its Members 

Back in early March, CNN followed the story of a man who, after many long anxious hours, won the bid on the home of his dreams at large foreclosure auction.  When the folks at MCU saw the MCU logo on the $5,000 certified check he used as a good faith deposit, they realized he was one of their members.  Victor Guevares, whose story was the subject of the piece, looked exhausted at the end of the auction and said that his roller coaster ride was only half over because now he needed to get a mortgage—and fast.  So, within minutes of seeing the CNN segment, Anie Lewis, MCU’s VP of Real Property picked up the phone to call Victor, congratulating him on his good fortune, and asking him how MCU could help put him into that new home.   Surprised and delighted at getting the call, he came in the same afternoon, applied for a mortgage, and was approved the next day.  “I couldn’t believe that they had reached out to me,” said Victor.

Guevares said that owning his own home was a long time dream for him.  He worked hard towards making it a reality by saving for twelve years, doing the research and finally, finding a property in Queens that was perfect for his family.  “I never wanted to profit from someone else’s misfortune,” he told us, “but someone was going to buy that house, and it was a perfect opportunity for us.” 

Houses purchased in a foreclosure auction have a tight 30-day window in which the buyer needs to actually close the loan, and from paperwork to appraisal through the closing, MCU was there in support of Victor
and his family to help to put him into that new home.  “It was an amazing experience from beginning to end; I was treated like a family member at MCU, not just an account number,” he said.

The entire MCU mortgage team worked closely with Victor to make sure that the stringent deadlines regarding auction properties were met, and though it came close to the wire when the seller was unable to provide access to the property for the appraisal until less than a week prior to the 30-day deadline, the team, headed by Ms. Lewis, made sure that everything was in order, and that things moved along with appropriate speed so that the closing could take place without any penalties to the Guevares family.

And, on April 9th, in an MCU conference room at 22 Cortlandt Street, Victor Guevares and his family became proud, first time home owners.  After the closing, MCU President/CEO, Kam Wong congratulated Victor and his family saying, “It was truly our pleasure to help you achieve your dream—and just as important, your mortgage payment will be less than what you have been paying in rent.”  In fact, according to Victor his monthly MCU mortgage payment is $300 less than what he had been paying in rent, and he now owns a valuable asset.  The Guevares family moved into their new home at the end of May, and started a brand new chapter in their lives.  “I did it for them,” said Victor of his family “It’s their home, their future. I now feel a part of the American dream.”