Having just recently completed my first multi-engine endorsement my instructor made it clear:
Engine failure below blue line with the gear down: close throttles and land straight ahead on remaining rwy.
Above blue line: if your light you'll probably have enough performance to go around the circuit for landing. If your at MTOW theirs no chance in hell that you'll even maintain altitude, that second engine only buys a little bit more time.
Golden rule: never fly a light twin at MTOW.
I'd much prefer to have to make an extra fuel stop than to have an engine failure at MTOW and have to land a 2000kg plane in a field (if your lucky) or crash and burn in tiger country.