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2.9 70 Reviews

MGC Mortgage Complaints Summary

33 Resolved
37 Unresolved
Our verdict: Dealing with MGC Mortgage, which has an average resolution rate, requires some diligence. Research their service in depth and read a variety of customer reviews for a balanced view. Approach any customer service interactions with detailed and well-prepared queries to facilitate a better resolution process.
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MGC Mortgage please the ftc

Since no one is serious about joining me on this Class Action Suit at least help yourself by calling and making a with complaint with the FTC (Federal Trade Commissions) please call [protected] they will not lunch a investigation until they have recieved at least 100 complaints about this company(MGC) please help your self. MGC Mortgage is not regularated by any office in Texas since they are a group of investors they don't have to file with the state. I am being told that if you want to be involved you can not sit back and do nothing. Since none of you want to par take in the battle I have hired attorney to save my home luck people and God Bless.

Have you given any thoughts to my suggestion? It looks like everyone here is basically All TALK and no one wants action thanks

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howardrc
randallstown, US
Aug 05, 2010 1:41 pm EDT

I'm in. MGC Mortgage is unwilling to modifiy my loan or negotiate with 3rd party organizations such as NACA. call me at [protected] . If I don't pick-up right away, please leave a message. Ken

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MGC Mortgage not paying property taxes

MGC Mortgage did not pay my property taxes that were due on November 15, 2009. I have contacted them 27 times and have been told the same thing every time: 1) Yes we know we are in violation the our contract with you. 2) Yes, we know that we will have to pay the taxes plus the interest. 3) Yes, we see that your account is marked "urgent pay". 4) No, we do not know why it has not been paid.

In January of this year, I received a letter from MGC Mortgage telling me that they have underestimated the property taxes that are due and they are requiring me to pay an additional $160.00 per month. In November the escrow balance on my statements went from over $2000 to a negative ($165.00). So, I assumed they had paid my property taxes. When I called my county tax department the latter part of November 2009 that is when I was told they did not pay my taxes, but they did request a copy of the tax statement in August, 2009.

They have also tried to charge me a monthly "late fee" because they did not process my payment on time. I sent them notification of a their signed receipt of my payment allowing them 7 days processing time, so they reversed the fees. On average it takes them upwards of 21 days to process my payment.

I found out two weeks ago that the Texas State Banking Commission has taken over regulation of this company. So I contacted them. I was told by them that they have "floods" of complaints coming in about MGC not paying taxes or not paying insurance as stated in mortgage contracts. I was then given the web address within the Texas Banking Commission to download paperwork to submit to them for review.

I have noticed that they are aquiring a large amount of mortgages from large banks like Bank of America. Are they using my missing property taxes to assume these loans?

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bobparsons
Savannah, US
May 06, 2010 10:28 pm EDT

mgcmortgagesucks dot com please

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MGC Mortgage not posting payment

Like others our mortgage was sold to this company and we received a letter late. If it wasn't for the original mortgage company giving us details of the account number our first payment to them would have been late. As it turned out they received it into their system late but waived the fees only because I insisted. We use online banking with a bank that will help us dispute any transaction we make through bill pay. This month we sent in the payment and 10 days later they are reporting this payment never made it to their facility. On top of that the letters take so long to notify you of a problem; the letter is actually dated six days prior to our receipt. We have our bank looking into this last issue of non-receipt. We pray we'll have better luck in the future after this is resolved.

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F.C.
White Plains, US
Feb 05, 2010 6:34 pm EST

My bank Taylor Bean went under and my account moved to them... I have not recieved my Interest and Tax statement. I went online to see if it was availible there and they say I am 30days Past Due.. But I made my payment online with them and my Bank shows the payment... WOW I hope I get this fixed on Monday.. I will let you know.. good thing is I am traveling to the Dallas Area next week.. I will make a house call if I have too.

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MGC Mortgage worst mortgage company ever

MGC bought our mortgage in June, 2008. Since then, they have held payments for up to 30 days, deposited two checks at once, not deposited at all, etc.

After months of trying to pay our mortgage on time, we received a letter saying that we were 4 payments behind and that they were going to foreclose. I submitted a written dispute and never received a response. Then I called and called and called... and left about 200 messages. Then I sent another written dispute and cc'd it to my lawyer. 10 days later, I got a letter in the mail saying that they had 60 days to respond to the dispute. Two months later, I get a written response showing several strange transactions on my account and saying that they never received 4 payments. The next day, I received certified mail letters with a notice of posting the property for foreclosure. We spoke with representative Shane Sudberry who set up a 12 month "payment plan" and I overnighted a cashier's check to MGC. I called 12 times to confirm that the check has been posted to our account and that the foreclosure had been cancelled. Then we received it back in the mail saying that it was insufficient to cure the default. We called repeatedly until we were able to speak with Shane again. He said that he didn't know what happened, but that it showed that our payment plan was "automatically cancelled" and he was so sorry, but that "the system" wouldn't allow him to reinstate the plan. He could do no more than a 6 month plan and we needed to immediately overnight the first check (of $1400) and a second check for more than $1600. We did so. A week after they signed for the check, I spoke with a girl named Chevette who confirmed that our payment had been received but had not been posted to our account. She said that she had to e-mail her manager to get it posted and that I was to call back in 24 hours to confirm that it had been done.

My husband and I called repeatedly for the next 5 days, with no response. The only option the system allowed was to leave a message. Approximately a week later, my husband actually got through and he coincidentally got Chevette again. She told him that they had never received the payment and that they were going to foreclose (at this point, the sale was scheduled for the next day). I pulled up my Fedex tracking and told him to tell Chevette that receptionist "Wood" signed for our checks. I then called the bank and the checks had both been cashed 3 days before that. I told him to tell her that I was calling our lawyer. Suddenly, she found the notes where the checks had been received, but they still hadn't been posted (more than 2 weeks after receipt and a full 3 days after the bank had given them the money). She told my husband that the foreclosure was terminated.

I had my attorney call and the foreclosure was actually terminated. Chevette told us that Fedexing our checks wouldn't get them posted any faster and that we needed to Western Union them from now on. If we sent them Western Union, they would be posted to our account "immediately". Apparently, "Immediately" means 7-8 days in MGC time... because that's how long it takes for them to recognize that they have our money in their account. I know, because withing minutes after submitting the Western Union MoneyGram we begin calling MGC to get them to post the payment and it usually takes 7-8 days before they actually do it.

Now, we have an insurance check to fix our roof ($13K) and they tell me that I have to send it to them and they are going to keep it and send it back to me in 3 installments over 90 days. But before they will give it to me, I have to wait for forms, mail the check back with the forms, wait 3-5 business days (and they will send me a 3rd). AFter that, they will send an inspector to inspect the work and if 50% complete, we get another third. When 100% complete, they will send a second inspector and send us the last 3rd.

10 days (not 3-5 as promised) after requesting the paperwork, I get the forms in the mail. It's a letter saying that I have to pay for the inspector and that my loan documents say they can keep the money, regardless if my loan is past due or not, and that they don't have to pay for the repairs if they don't want to. They aren't going to tell me until after the work is completed if they are going to pay for them, AND if the contractor's estimate says that the repairs cost more than the check, I have to pay for the difference UP FRONT.

I haven't sent the forms. I'm in the process of refinancing. The insurance company can reissue the check to my new mortgage company. Screw MGC.

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MGC Mortgage Fraudulent SOBs

This mortgage company should be sued by many. We had a mortgage with Green Tree who sold our mortgage to this horrible company back in February of 09, so we hear. We never knew our mortage was sold and we just received a bill from them saying we owe them 9000.00 with late fees and all kinds of charges for the last 7 months. You cannot get anyone on the phone and neither can you contact then any other way. We have been trying to contact them and also Green Tree who should be sued for selling mortgages to this company knowing they are an F rated company by the better business bureau. Our mortgage had a 4600.00 balance when Green Tree sold and now they want us to pay 9000.00. Yeah right! I am in for the lobby who should we contact to get our money back from these people. MGC down right sucks. We need legal representation for all, one big lawsuit. That will fix these SOBs.

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Timothy W. Johnson
Hampton, US
Jan 13, 2009 10:31 am EST

My name is Timothy W. JOhnson and i live in Hampton Virginia. I was reading the blog in regard to the bad business practices of MGC Mortgage Co. I to have had and is still dealing with issues with them as well.

Back in July 08, my loan was sold to MGC by GMAC Mortgage. I did not recieved any account information so that i could send my monthly payments to them. I called and I called until finally i received account information in August. Upon receiving the account information i sent 3 payments to MGC, yet they dont have record of the payments. Also, if you can believe it, the loan was sold again from MGC back to GMAC on Oct 27, 08. Now both companies are saying that they are servicers of the loan. I am currently making payments to GMAC but i received a letter from MGC stating that they are the servicer of the loan. I have contacted an attorney to help me.

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MGC Mortgage fraud & scam

I would like to rigister a complaint about mgc mortgage on sending false statements of my account, than on paying my 2008 taxes late they were chareged 15% thru the county for that. To top it off they rasied my payment $100.00 more I have a fixed rate plus the property taxes went down. My escrow account is showing neg balance was told country wide didn't pay pmi charges in 2007 that was causing a problem if I would pay out of my pocket for that mistake it would clear up some of the problem then I was told my account was sent out to be analysis however they are only human and a mistake was made which can't be analysed again until feb of 2010 because it depends on the state your in
This company is seriously doing fraud & other things I don't know how this is happening and i'm sure attorney general in every state knows about this company if you are a attorney and can help me please email at [protected]@aol.com. I want to encourage everyone to join me lets file a class action suit against this company if you can be of good service helping us all not to be victumized by people who are taken full advantage of what has happen in american. Its very sad when hard working people can no longer live the american dream of owning your own home with someone trying to rob you there is a god they will be punished!

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tjrudnitzki
Honolulu, US
Jan 15, 2010 5:30 pm EST

Donna & Linda,

Hello, my name is Tim R. I am in your same type situation but with a few major twists. I have been trying to contact a lawyer to deal with my case but most of them here in Hawaii seem reluctant to deal with this issue. As far as I can tell "they, " (MGC Mortgage) are in the wrong. I will be visiting my local Judge Advocate General's office early next week and I will be finding out what rights we do or do not have. Additionally I will continue to find a lawyer that will take up my case (and any additional cases that arise). If you wish to be kept up to date as to what is going on, please contact me at tjrudnitzki@hotmail.com.

Thank you for your time,

Tim

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Linda Williams
Scottsdale, US
Jan 12, 2010 11:18 am EST

My coment ABOVE IS WHAT HAPPENED TO ME AND i HOPE THAT SOMETHING CAN BE DONE ABOUT THIS COMPANY.

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Linda Williams
Scottsdale, US
Jan 12, 2010 11:17 am EST

I am a victim of this loan companies procedures.
I have left multiple messages with the suppervisor. She never called me back. The bank is holding escrow money for no reason. I pay my own insurance and taxes. I cannot get any answers. I was told I have to keep paying into the escrow account. The agent I spoke with said that they will review my account and let me know if I will get a refund. But, that takes 2-3 weeks just for the review. I told them I want to talk to someone about that and they keep giving me the same voice mail of Michele Foster that NEVER answers or calls back. I am totally fustrated. Also I want to start paying the loan twice a month to help witht he high interest rate. The agent told me they do not offer that service. This bank is shady and I am afraid.

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MGC Mortgage not recieving payments in a timely manner

So like many others my Auto Loan was sold to MGC Mortgage Inc. I was asked by the previous bank or FDIC to keep sending my payments as normal to the same address until you are notified by a letter from the current holder. So since May of 2009 I have been doing this and I just NOW recieved a letter in the mail dated from 11/17/2009 on the letter but the envelope was dated 12/11/2009 stating that they have not recieved any of my payments and that I am past due! I have not recieved a welcome letter like they stated when I called them about this. They said they have sent two welcome letters and that I must have moved because they do not have the correct address I have lived at the same location for 5 years now and this auto loan has only been open since May of 2007! WTF! But apparently this is all my fault because they do not have the correct address. To anyone reading this PLEASE do not use their services!

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MGC Mortgage bad banking business

I was transferred June 1, 2008. We were mailed this information about being sold late and directed to mail our payments to the new mortgage company by the 1st of the month. Which we always paid our payment on th 15th so our payment had already gone out for that month. they gave us a late fee. We noted that this was going to be a problem I called them never got an answer for days I called. Finally I got an answer 3 weeks later and I explained the lady was nice said that would not be a problem. I asked about a statement, and when they would be sent out they said the do not sent out statements, I said excuse me. I have never heard of a Mortgage Co. Not sending statements. She said it was a priviligage to receive a statement. I was shocked. At that point I knew that something was really wrong. We decided to pay off this company as fast as we could. We owed $33, 000.00 and some change, we sent them $20, 000 in July in which they cashed my check. And i kept asking for a statement to see what was being posted and they would not send one. Then in Aug. I sent $5000.00 more they held that and did not post it to my account even though they cashed my check. And still no statement. All the while I am making double payments too. I am determined to pay this company off. All the while they are charging me late fees, saying I'm late. Not every time just when they feel like it. I always paid two weeks in advance, always paid extra, and I was never late. When I finally figured I had paid all that I had owed them I got my Lawyer to contact them. They used to call every day and harrass me. I felt from the beginning that this company had some very bad Business dealings. Their paperwork they fianlly sent me was not in order. It is not a Company that I would refer my friends to that is for sure.

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bobparsons
Savannah, US
May 06, 2010 10:33 pm EDT

WE ARE ORGANIZING OVER HERE EVERYONE: >> mgcmortgagesucks dot com

It takes a while for the moderators to activate your account but this message board is devoted to all things MGC'evil.

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HENSON
inman, US
Feb 20, 2010 8:47 pm EST

I have mgc, they took my loan over in 2009.I paid the last 7 payments on time.When I went to
Make my jan 1st payment mgc said I was 3 months behind with late charges.I ask why and
No one could tell me, they said they did not know, now there saying that they made a bad
Calculation from the loan they bought out and I'm 3 months late and if I don't catch up they
Are going to foreclose.Why should I sulfer from their mistakes, the us goverment needs to
Make these people go bye regulations not bye their own laws.mgc could care less what
Happenings to hard working people, its all about how much money they can take from us
Before they sell our loans out to the next bunch of VULTURES..It dose not pay to own a
Home these days and times.

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MGC Mortgage poor business practices

My loan was just bought by this MGC Mortgage company, I recieved very little information after the due date. So I called them and they were not very interested in helping me, they wanted to charge me to make a payment by phone after they gave me information late.
After further study, I noticed that MGC has a grade of an F from the BBB. How can this happen? I would reccomend to always leave a paper trail when it comes to these scam artists, Always pay by check only. I am now going to contact my states Attorney General to see what options are available.
During these troubling economic times, companies such as MGC come around like vultures. So be very careful! MGC is NOT focused on their customers.

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MGC Mortgage mortgage payments not cleared the bank

Our mortgage got transfered to MGC Mortgage Inc from Tayor Bean and Whitaker after a month the old loan company TWB ans the phone and said to call [protected] and complain to the government that they are the ones made them transfer our loans. Funny you call that Number and get the # you dialed can not be reached from your calling area...21N. seems as though no matter where we turn no one is going to ans. our calls either. Property taxes aren't paid nor is the house insurance... The wolves are at our door and no one has any ans. only complaints a mile long. If anyone, anyone knows how we can contact or get help... it would be much appriciated.
Sincerly Trouble in Texas.

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MGC Mortgage important infomation

Filing a complaint successfully against this uprofessional, rude company? The following information is the correct measure:

MGC Mortgage, Inc.
Owned by Beal Bank FSB
Regulated by OTS,
Washington, DC [protected], Fax: [protected]

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Mavis Tammie
, US
Dec 10, 2022 8:36 am EST

Mgc /LNV I have Fraudulent transaction’s / Fraudulent transfers / Forgery / Fraudulent notary stamps / Counterfeit overstated amounts.proven by an Audited ExpertWitness … please contact me the Exit realtor located in Appleton ,Wi is not allowing us to recover our personal property and heirlooms of my elderly parents of 87 years old they locked us out of our own personal stuff and will call the cops if we go there ? Title Theft and Personal property theft ! You need to contact me asap! I need a phone number to file a complaint . Only allowing ppl that do not own the stuff to take care t …my parents stuff is being stolen .

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MGC Mortgage fraud

My complaint is against MGC mortgage. My loan was sold from Bank of America to them in July 2009. I paid my last payment to Bank of America and my first payment is due to MGC Mortgage on September 1, 2009. I have tried to contact this company at least 10 times to no avial, in fact I have only gotten a recording asking that I leave my name and contact information but I've never received a call from them. I'm terrified to send any payments to these people as I have not received a payment booklet and any other written information about them or my loan. I want to join in on the group that reports these people to the authorities as I'm afraid of sending money to a company that seems not to exist. I can't help but wonder why my previous lender would sell loans to a company that handles business this way unless they are in cahoots with them in causing people to loose their properties. I'm going to do whatever I can to expose these people starting with this e-mail

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Hoodwinked
Thomaston, US
Jun 09, 2009 8:13 pm EDT

I could list the list of egregious offenses against MGC but from the looks of the thousands of complaints about this company, I needn't bother. Suffice it to say, I applied for a loan mod last year, no response and am in foreclosure now. They're sending my checks back in favor of a lump sum with no written details. I am afraid to even do anything until my house is safe but I've tried everything and I mean everything to get some resolution from them. How do you start a class action suit? It's time.

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tehoward
East Hartford, US
Jul 25, 2010 5:57 pm EDT
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Hello Everyone

I have been working hard on this Class Action Suit against MGC Mortgage I am posting a web site from the Washington Post I am hoping that this will stir up some noise in Washington to help us plese people you must send letters to this address so our voice can be heard against these scam artist!

letters@washpost.com

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tehoward
East Hartford, US
Nov 21, 2010 1:08 am EST
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UPDATE
MGC Mortgage has sent someone to my home tonight please understand that it is 8:19 pm walking around my house if you see anyone doing this please call the police this is trespassing! this is against the law! please don't allow these poeple on YOUR PROPERTY if they do not have sumoms! and you have not been to court PLEASE CALL THE POLICE! MGC Mortgage has taken this to another level please let me know asap [protected]! thanks

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Hoodwinked
Thomaston, US
Feb 08, 2011 9:26 pm EST

the regulating agency over Beal Bank/ MGC is FDIC. go to www.fdic.gov/consumers choose the consumer protection page then quick links then hit consumer assistance. Fill out the on-line form check the little box tht allows them to investigate and send. Good luck! Stay strong! Please do it now if they are going to take us seriously.

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leah n.
, US
Jul 20, 2012 12:57 pm EDT

MGC is our lender. They have also strung us along in the endless "modification" trap for years.
Now they filed an NOD.

My husband happens to be a Foreclosure Defense attorney. I would LOVE to start a CLASS ACTION SUIT against them asap, however we need to know your specific CAUSES OF ACTION. In other words, how did they commit fraud against you?
Understand that they have NO OBLIGATION to grant you a modification. So please don't complain that they didn't give you one or that they are stringing you along. That is not grounds for a lawsuit.

Please contact us ASAP if you have any information that MGC committed FRAUD. YOU WILL NOT HAVE TO PAY FOR ANYTHING. I AM NOT SOLICITING PAYMENT OF ANY KIND.

leahnorman36@yahoo.com

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alabama mortgagee
Birmingham, US
Nov 22, 2009 4:03 pm EST

MGC is the WORST mortgage company I have ever delt with! We are in the 25th year of a 30 year mortgage which has been sold to several companies over the years and have NEVER had the kind of problems MGC is causing. We started this year with Countrywide, which sold to Bank of America, which sold to MGC Mortgage effective August 1, 2009. The only statement received from them was incorrect and late. I had already mailed the August payment to BoA. The MGC statement showed the Sept pmt plus Aug pmt past due. I started writing letters and now have a one inch thick stack! I did get a letter from their "Customer Relations" department telling me that they had received the Aug and Sept payments and that a separate letter would be sent explaining the rate and payment amount which has never been received. A correct billing statement has never been received either. BUT a rude phone call from their Collections Department was received 21 days after the Oct 1 pmt was due (bill never received)! Thankfully I kept a copy of their incorrect billing statement that had the payment address (different from all the other addresses) and hand wrote the correct information on it and sent in with my check for Oct on Oct 22nd and then the Nov 1 pmt on Oct 29...the checks are being cashed but I certainly wonder if they are being applied to our loan! We are now at the end of November and still no statement! Their insurance department is also incompetent! Insurance policies were in force when the loan was transferred to MGC, but they said they did not have copies (even after my agent and I both had mailed copies) and they were going to charge me for new policies. I finally had to FAX copies of my policies!

Sherry T

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JESUS IS GOOD
DUNCANVILLE, US
Sep 30, 2009 2:34 pm EDT

this email is so true. how can government allow a company such as this, abuse citizens that pay taxes? put these suckers out of business before we all go under and boa as well!

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Housing Counselor
Urbanna, US
Sep 02, 2009 12:16 pm EDT

anyone dealing with MGC you want to send a "qualified written request", call them and ask for the address of where to send this letter and by law (real estate settlement procedures act: RESPA)they have to respond within 21 days. Here is a HUD website with a sample letter.

http://www.hud.gov/offices/hsg/ramh/res/reslettr.cfm

You can also, do a written request to find out your payment history and any fees and cost they are charging you over the last 24 months. this is an example of that type of written request: www.bayliving.com/foreclosure/documents/QWR2.pdf

If you want help with writting this contact a HUD approved counselor, there is no cost. You can call HUD’s hotline at [protected] for a referral to a local HUD-approved housing counselor

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Washo
, US
Aug 13, 2009 2:43 pm EDT

Hi, The customer service at MGC is scary. They can't give reliable information and after reading on the internet I was scared to send them money too. I sent them a check yesterday certified mail so that I at least have proof that I sent it...

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MGC Mortgage false promises

My Mortgage was purchased by this outfit in Nov 2008, I was not notified of this transaction and only found out by monitoring my bank acct as the automatic payment did not take place as it has with Ameriquest and citi residential for as long as I have had this contract. I was not able to reach a live person for the longest time 15 Dec to be exact. Attempted 15 times. I consulted an attny and everything this Co, has done is against the law. After 7 months of making Payments with extra $$ each month I have now rec'vd notices claiming I have late fees and owe an extra $466. This even after speaking with a self proclaimed V. Pres. of this institution.
Again I am on a quest to phone contact a live person in an attempt to clear up this crooked accounting practice. I Urge All People Complaining To Contact an Attny and seek Guidance. It Is Important. Continue to make your payment as normal and record all attempted conversations and bank transactions, take these notes to the attny as well. I have written the US Attny Gen. on this Institution as well but keep in mind. This individual has ties to the Mtg institution. So you too may not find any resolution using that approach. A private attny seeking damages is our only recourse

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MGC Mortgage very poor start

Our mortgage was recently sold to mgc. I was hoping that they would be a step in the right direction after our horrible experience with our previous company (Ocwen). Unfortunately, that seems to not be the situation that is developing.

After ocwen notified us of the upcoming change-over, I expected to receive a "welcome" letter from mgc giving us our new loan number and other details. However, it had not arrived by the change-over date, so I called mgc to see if they could at least provide an account number for us. They said they had no account information for us and that it might take up to another 10 business days for them to have any information available. I was told to call back after that ten days.

We did eventually receive the "welcome" letter but the information in it was incorrect. I called mgc again, talked to a rep who said she was aware that there was some kind of mixup at the printing company and that new, corrected letters had already been sent out. I asked about an account statement showing our proper payment amount, so on, so forth... She said to expect it mid-month.

A week passes by and we had received no corrected "welcome" letter as promised. I called mgc to inquire about it, and was told this time that no mistake had been made, no corrected letter had been sent, and that the company would need sixty days to research the problem and report back to me. This time around, I was told that an account statement had been sent out, however, and I was given the date it had been mailed.

Wanting to find out why I was receiving discrepant responses each time I called mgc, I called again trying to talk to a supervisor. I ended up calling 8 times over 2 days trying to contact the supervisor (I'm told there is only one supervisor in the office). Not being able to reach her, I finally talked to yet another of the first-tier reps. This time she stated flat-out that no mistake had been made on the "welcome" letter and that I was the one that was mistaken. I took issue with that, and I am still attempting to talk to the supervisor about the situation. This time, as well, the rep told me that no account statement had been sent out (Directly contradicting the previous rep), and that I would not receive one until the end of the month (Contradicting what the very first rep told me). She claims that there is no way for them to send one out any earlier.

They want me to make payments on an account they have not yet been able to substantiate and then say that I won't receive any statement from them until after my payment date has already passed.

This company is trouble. I've kept careful records of every conversation i've had with them and every piece of correspondence i've received. It looks like i'm going to need to call them continuously to make sure things are moving forward properly. This is ridiculous.

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Update by mad in Indy
Jun 10, 2009 3:46 pm EDT

I may be jumping the gun a little bit (but I don't think I am) -- I submitted a BBB complaint about MGC today. They are attempting to collect money from me without providing any kind of proof that they have a legitimate right to do so. Until they are willing to provide me a detailed account statement, they have no leg to stand on...

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MGC Mortgage unfair practices

I feel like we are all stuck in this stressfull, horrible situation with MGC mort. co. and there is nothing we can do about it. I was transferred in 7/08 from Litton Loan. I have never paid these people late, I have late fees, I have escrow fees and other things on the statements that I have received and cannot ever get to the bottom of this. I feel that unless I can refinance I am stuck with this horrible situation. any advise out there? thanks

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MGC Mortgage can never get through by phone-overcharging also

You can rarely get through to them by phone. They have an answering machine set up to leave your message but they do not call you back. I tried to call them 12 times just today alone. Five times I left a message and phone number for them to call me back. No one ever called. My loan was sold to them in january 2009 and for three months they kept trying to overcharge me 20. each month. I hate this company. The few times I have been able to get through I had to talk to foreigners who had no knowledge and I could barely understand. Only one did I ever get someone who spoke decent English and was friendly. I think this company needs investigated big time!

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MGC Mortgage missing payment/unpaid taxes

I have been experiencing nothing but problems with this company since our loan was sold in June 2008. I had been making my monthly payments every month even though I had not received a statement. My July payment was lost so I started sending by way of western union. Come September when my payment was due I called about July's check which had still not posted and told them I would put stop on that check and western union it with my September payment, which I did. At this point I thought everything was square on the board. Then at the beginning of December I received a letter asking me to remit funds for July's payment which I had done two months prior. When I called the Texas office they informed me they had no record of this letter being sent yet it came from their office. I was also told that all records for the account had been forwarded to the new office in MA. When I called their to straighten this out they informed me they had no records before November. When I finally received my first statement in December it showed payments 3 months behind. I have made numerous phone calls and have finally gotten all credited except the last payment that had been made to OCWEN before the loan was transferred. I faxed over the OCWEN conformation and bank statement showing it clear my bank. This was 2 months ago and the payment has still not been credited. I spoke with a supervisor a month ago who assured me she would look into it and get back to me in a few days or I could call her. She has not returned my calls and when I call all I get is an answering machine. On top of all this my land taxes which are due in January have yet to be paid yet their recording states not to send your tax bill and to keep for your records that they have a company that will take care of them in a timely manner. I am at my wits end as to what can be done about this mortgage company so that I am not at their mercy. I have even filed a report with the BBB over 2 months ago and the have not responded. If anyone has any ideas please let me know.

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April
kennesaw, US
Jun 01, 2009 4:49 pm EDT

They have been messing with us every since our loan was sold to them in August 2008 as well. It's insane that we have no control over who holds the mortgage for our home - we have no choice in the matter. This company puts on a ton of charges on their statements (the ones we actually receive) and we have no idea what these fees are even for. The one time they called me back promptly was when they thought I was an attorney my husband hired (because I work at a law firm and had left my work number). It's a game - they want to be able to add the fees. After reading these posts at least now I know it is not just me. Also - if they can report you were late on even one payment (even if they make it up or shuffle it between offices so it looks like its not received) they damage your credit rating so you have to leave the loan with them until you are caught up and credit it reflecting perfect score again (which they can design to not happen). Unethical!

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SSS
, US
Mar 17, 2009 2:02 pm EDT

We have had almost the exact same thing happen to us in Ohio. Our loan was sold to MGC and they say we have a missing payment even though we have faxed and mailed proof. And yes...we also get a recording saying they are experiencing a "high call volume" and cannot take our call. Rediculous!

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MGC Mortgage - fraudulent activity

It is a mortage shell game. I'm persuing class action, YOU IN!? * Feb 16, 2009 MGC Mortgage, Homecomings Financial, GMAC complaint by Mortgagescams You were reading a complaint about MGC Mortgage, Homecomings Financial, GMAC. Filing a new complaint about Write your Review » I had a mortgage through Homecomings financial, which offered me a loan...

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MGC Mortgage no response, no statements

OUR LOAN WAS SOLD FROM LITTON LOAN, TO MCG IN JULY. WE WERE CURRENT, BUT WHEN WE FINALLY CONTACTED MCG, IN SEPTEMBER, WE WERE TOLD THAT THEY HAD NOTHING ON OUR LOAN AND THAT WE WOULD "BE RECIEVING A STATEMENT". IT IS FEBRUARY, STILL HAVE NOT GOTTEN A STATEMENT, ALL OF OUR MESSAGES HAVE GONE UNANSWERED AND IGNORED, BUT WE DID RECIEVE SOME PAPERWORK TO FILL OUT FOR "SHORT SALE" OR "PAYMENT ARRANGEMENTS". I THINK THAT THEY ARE A SCAM COMPANY, OUT TO TRY TO REPO MY HOUSE. MY HUBBY AND I ARE THINKING ABOUT GETTING AN ATTORNEY. THE TEXAS STATE BBB HAS GIVEN THEM A RATING OF "F", WHAT DOES THAT SAY?

IF ANYONE HAS ANY IDEAS, OR EXPERIENCE WITH DEALING WITH THESE PEOPLE, I WOULD LOVE ANY ADVISE. MY EMAIL IS [protected]@TDS.NET

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MGC Mortgage fraudulent company

My complaints are pretty much the same as all the others. My loan was sold to them as of 7/1/08...they "modified" my loan but legal department has never sent me any paperwork. I was instructed to send the newly escrowed payment to yet another new office that has no clue that escrow was supposed to be included because the modification papers were never signed. So basically they are taking my escrow money and not paying out what they are supposed to. No one will call me back, the one woman that seemed upstanding is now not working at this company...big surprise! Not only that, they say they haven't received 2 of my payments ( at last count)... this is a rip-off company.

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unhappy
,
Oct 28, 2008 5:38 am EDT

I have had horrible problems getting in contact with this company. My loan transferred to them on July 1, 2017. I received a statement for someone else's account in August. My payments did not begin to post to my account until September and then only July and August posted. This was after having a collection representative contact me and me explain my frustration to him. Prior to this I had left multiple messages for them and it wasn't until I would threaten an attorney that I would receive a phone call back. I paid every payment through my online banking and they were able to confirm payment for me; however, my bank could never get anyone to respond to their request to help resolve the matter.

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debby
Evergreen Park, US
Mar 02, 2009 6:02 pm EST
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i keep getting sold back and forth, first homecomings and then mgc. they asked for proof of ins. i didnt know i was sold yet again, they told me they were going to charge me$ 4.4500. for home owners ins.i pay 1.000 now, for a year,

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cheryl
bloomfield, US
Dec 31, 2008 8:12 pm EST

they have not sent me any billing statements since september. their service is very bad i have called many time and when i call i just get a answering machine or a representative that seems very lost and does not know anything. i have been sending payments and i do not know if they have been recieved and i am scared to go in to forclosure.

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TopE32s
, US
Feb 04, 2010 5:31 pm EST

They can't get anything right. You call them, you fax them, you pay your payments on time via the computer and they have no clue what is going on. They send you late payment notices when your money has already come out of your checking account. They can't understand that your mortgage is variable and the rate went down. It is a nightmare. We have a file pages and pages thick. We have a short time left and it is ***. Not fair. I sure hope that someone out there shuts them down and moves our mortgage to a real company.

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LUGENE
MANGILAO, US
Jun 02, 2010 3:46 am EDT

According to my records, my loan is almost paid off. After not getting a statement for may, I sent a payment anyway. On the day my payment was due, I received a new statement-complete with a different acct number and address. So I am wondering where my payment went. I still have not received a statement for june payment. Their website is useless. Since I live on guam it's difficult to phone them with the time difference. What now?

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shrn
Sevierville, US
Sep 17, 2010 9:35 pm EDT

MGC Mortgage is a land swindler. I have paid 200K in the last 7.5 years on my home. I pay my own taxes every year myself which are to date.
They wish to foreclose for the second time.
The first time, I hired an attorney and he filed a complaint in federal court and issued a restraining order to the people to stay away from the property. Now the federal suit has been dismissed with prejudice.
MGC now indicates one month after this "stay period" of 17 months, that I owe nearly $300, 000.00, which exceeds the value of the property. Yet they will not send me any itemization of those fees when requested.
My loan is interest only until 2030, variable interest rate, interest fixed at a range of not going below 9.75 and not exceeding 16. I was hanging in, but slow, when the interest rate reached 14.25
Now my children and I are losing our home. Thanks a lot MGC, you have been the best. You are the investor, and always have been, even when GMAC was the servicer.
I cannot seem to make these people understand that I qualify for a loan modification.
They wanted my money and when I could no longer pay the big money, as my salary decreased when the economy tanked, they get the house and I have been paying rent so to speak (nothing is applied on principal...all is on interest) for the last 8 years. Gosh that rent was over 3000.00 per month.
What? I feel like this is a nightmare.

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Nick Thompson
Euclid, US
Feb 04, 2009 10:25 am EST

It took a wife and a year and half to find a buyer for our home. (paying double mortgages). I called them in Oct . of 08 to say we have to short sale. A loss mitigation specialist called and agreed they would take less. We came up with an amount of $120k. only a loss of 7k to my loss of 50k. trying to get their money back to them. The Realtor found a buyer with the loan 100% approved. in 2 weeks. It has been over 2 months. Since that time, they fired their employee that was handeling our account and the process is starting over, maybe, and the house in the mean time, went to forclosure. We have someone with a check in hand and no response or reply's for 2 months. We are about to loose the buyer. This is a short sale that they agreed to make after we gave them all of their requested forms and paperwork. and nothing is happening. Now I have a forclosure on my record, got to keep the house heated, maintained and it sits empty. They are not to be trusted even if I were to send them money. Any ideas?

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Sandra Armstrong
Altoona, US
Apr 19, 2014 10:14 pm EDT
Verified customer This comment was posted by a verified customer. Learn more

I would like to know how this company is forcing my parents to buy insurance on an address that does NOT exist. About 16 years ago my parents bought a mobile home and some property in Blount County... At the time they bought insurance on the mobile home, the Insurance company made a typo on the address... When my mother called to correct it she was told that it did not matter, that her mobile home was covered... now some 16 years later, you have contacted my parents and told them that they had to buy coverage on an address that DOES NOT EXIST or you will buy the coverage and charge them some $1100.00 . I know that just about everyone has computer access and can google the address and it will clearly state that the address can not be found... Mother has sent you copeis of the 911 address where the mobile home was placed when they bought it, and where it still remains. So where do you justify telling them that they don't have coverage? You need to understand that the mistake was on the Insurance Company's part, My parents have insurance and have had it since the day they bought the mobile home... Our Lawyer is very interested in this case. You CANNOT force someone to pay for insurance on SOMETHING THAT DOES NOT EXIST... Get the facts. I REALLY LOOK FORWARD TO HEARING FROM YOU.

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Jessica LI
Tamuning, US
Jun 26, 2013 9:27 am EDT
Verified customer This comment was posted by a verified customer. Learn more

I am also in the same position, MGC Mortgage Inc. does not provide us with a monthly billing to show the current balance owed, ignoring a previous written and verbal request to do so. I know that they are receiving the loan payments because the checks have been cashed. It is very frustrating! MGC Mortgage is quick to send delinquent notices stating that a late charge has been assessed.

Tamuning, Guam

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khloee04
ft wayne, US
Sep 18, 2010 8:02 am EDT

Really? IF YOU DONT PAY EVERY MONTH THEY CAN AND WILL FORECLOSE. You signed a contract. In that contract you agreed to pay EVERY MONTH. If you do not they will take you house and land. It also says all the fees they can and will charge you. It doesnt matter if those are more then the house is worth. Youi agreed to it when you signed the closing papers. No mortgage company will say "you are not making payments BUT since you have paid X in the past we will not charge you fees or foreclose on you". They also will not say "we know your house is only worth X so if you default we promise to not charge you more fees then you can handle". You signed up for a horrible mortgage willingly to by more house then you could honestly afford. File BK and get rid of the house and be done with this mess.

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