MGC / Need more forceful government actions
I see a lot of complaints, but I noticed I have been handling mine a bit differently, so I thought I would share.
MGC is a loan servicing company, so they did not “buy” my mortgage; they are just taking over the administration of it from the unknown mortgage holder(s). This company is paid for managing my loan, but they make more money in “reasonable fees” if/when the mortgages go into default. This gives them a reason to mismanage the account. They are also playing on the assumption that these high interest rate loans are owed by indignant and otherwise ignorant homeowners.
What I do is follow my original loan agreement to the T. I do not escrow anything. I pay my homeowners insurance directly, and I pay my taxes directly (which is all that is required), and I pay exactly what the loan says my house payment is. I pay this amount electronically through my bank, so they can neither refuse, nor claim it was not received.
What they have been doing is applying the money to a misc. account, and reporting no payment. Moreover, of course sending fraudulent invoices and making illegally harassing phone calls. My invoices show my monthly payment plus escrow (which is not due) plus “fees” of several hundred.
I call them back at the numbers they supply from their automated collection calls, and the calls always get disconnected each time. In addition, I log each call I make, as far as time, number, reason, and result. What I am attempting to do is collect information against them for when I have my day in court. I want to show that I made every reasonable attempt to settle this disrupt out of court.
I have law firm that is charging me only the filling fees (about $400. Legal fees are 50% of the settlement). They have already sent a QWR and MGC are in violation of RESPA, and since these “fees” are post-bankruptcy, the lawyers are re-opening the 2006 Ch 13 in Federal Court.
I am livid with they way MGC has treated me, when I have been nothing but an honest paying customer. Nevertheless, I know I will be able to sit in federal court and listen to their lawyers explain how this happened, and how they plan on fixing it.
If I had my way, I think THEY should be held in default of the loan agreement. The loan agreement should be nullified, and I should be made whole again. Meaning they need to return to me all my $62, 000 in payments plus my closing costs, plus attorney fees, they can have the house (good luck in selling it in this market), and I will have a nice down payment for another house.