It seems that even though Mass Effect 3 can take saved games from Mass Effect 2 and let you continue your Shepard save, it seems that you can’t do the same if you use the Xbox Live Cloud save system.
This means that all users who have ME2 saved data stored on the cloud, and thus no longer have access to the console that the original save was created on, can’t currently take their saved progress across.
“We are currently aware of an issue that may prevent Xbox 360 users from importing their completed Mass Effect 2 save game files into Mass Effect 3,” an EA statement read.
“While Mass Effect 3 supports cloud saving for new or successfully imported Mass Effect 2 saves, it does not support the importation of endgame saves directly from the cloud. Additionally, this can cause it to not recognize save files that have been transferred via cloud to a console other than the one where they originated. “
“We understand this may be a great setback to those impacted who have been following the Mass Effect franchise over the years. We thank you for your patience.”