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MGC Mortgage


fraud and scam

Complaint Rating:  96 % with 69 votes
96% 69
Contact information:
MGC Mortgage
United States
Like everyone else this company has never sent me a statement they have not paid our taxes or insurance. They are not returning our phones calls nor have they answered any letters. We have have never rec'd a welcome package with our account information amount nothing. Is this company a fraud? Our loan was sold to this company as Sept 1 and today is the Sept 24 and still nothing where are we suppose to send our payments and are they marking us as late?

We need a lawyer people and should band together on this there is something fishy about this company and they are treating people like this all over the usa I am in Ct.

We need justice making complaints here our not getting anywhere they don't care... they can foreclose on us and the State Attorney General Office in Tx could not care less!! These are our homes we need to protect them from these people making payments is great but if they are not cashing our checks and sending out statements and paying the taxes and insurance like they are suppose to do then we need HELP!! My insurance is going to laspe because I am unable to get anyone on the phone at this place I will have to pay it myself when this is included in my mortgage they will put a lien on my house if my taxes are not paid then what...
Complaint comments Comments (63) Complaint country United States Complaint category Mortgage Companies


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A  27th of Sep, 2008 by    0 Votes
My mortgage was sold to MGC in July and I have yet to receive anything in writing that they are my mortgage company. I refuse to send them a payment. And if that is not bad enough, when I told "Keith" at MGC I wanted something, anything on their company letter head before I would send my money, he "officially" welcomed me on the phone and told me to call him when the checks were in the mail and he would be expecting them! Are you kidding???? So, I have not paid my mortgage, I contact MGC every other week by phone and ask them for a statement and they say it is in the mail. You cannot access your account online or pay online. My next step is to contact a lawyer. Good luck MGC customers!
A  1st of Oct, 2008 by    0 Votes
My mortgage was sold to MGC in May and I have not been able to get anyone to answer my calls, emails, etc. I have reported them to the FTC and I implore everyone else to do the same.

When I left a message notifying them I filed a complaint with the FTC I received a phone call with someone giving me their direct number. When I called it though I received a voicemail and he has never returned my call.

Report them to the FTC so that there is a trail that you are doing all that you can to resolve your mortgage issue.
A  7th of Oct, 2008 by    0 Votes
I have the same issue. CitiFinancial sold my loan to them for Sept 1. Very difficult to get on the phone. I did speak to someone who said they have had checks for months that they have not cashed as yet that they were still setting people up in the system. They finally sent me something in the mail with my new account number on it. He also told me it was "OK" to send the payment late as they were so behind and they would not be reporting people to the credit bureaus for 30-60 days being late.. they still have not cashed my check.
A  13th of Oct, 2008 by    0 Votes
I have yet to get anything from MGC. My mortgage was sold to them in July as well. It took them months to begin depositing my checks, but finally they seem to be caught up. However, no one from the company will return my phone calls or emails. I have threatened BBB complaints, with no results. My problem is I wanted to refinance before this crap hit the fan and I couldnt because MGC hasnt updated my credit report to show that I'm still paying my mortgage. So the 50 point jump i was holding out for for the fixed rate loans hasnt arrived yet and I'm stuck with an ARM for the moment. It would also be great to get a monthly statement and know that they have paid my property taxes, but alas, no communication from MGC yet...

I say they're not in a position to service our loans and should be reported to the FTC & BBB & Plano TX authorities as well. Any updates from anyone else?
A  13th of Oct, 2008 by    +1 Votes
Please click on the send email button and send me an email if you are having any luck or not with MGC. If we team up and file complaints together we might make a difference. Their cut you off and hang up on you telephone system, and non-responsive email address is driving me nuts!

A  16th of Oct, 2008 by    0 Votes
I have been in the same boat.

I tried to pay them - they couldn't take the July payment the day it was due, then they sent us a letter to pay homecoming the last payment. Homecomings won't take it. Then I get a past due on the July payment.

Two weeks ago. No bills, nothing. I called, they said 'send the money' and a week later I get a call asking why we were so behind. (you never billed us)

Also was asked how much our payment was, and how many payments did we owe. Then he tried to say that we owed for June since they bought it June 30th.

But there is hope - I got a letter yesterday telling us we were sold again.

Now to straighten up this MESS that MGC left us.
N  16th of Oct, 2008 by    0 Votes
Just Curious how everyone is making out? I am in the midst of starting a class action suit against this company, and if you are interested please forward me an email with your story, etc. They took my mortgage over back in July, and I still have not received a statement to this day, and it's almost November now. I sent in my July, August, and Sept payment, and it took them almost 2 months to cash both my July and August payment. They cashed my Sept. payment right away, but still have not received a statement to back up my payments, and to give me piece of mind. After countless calls, certified letters, and emails, followed by countless stories from then stating how they are backed up, and the statement is in the mail, etc. I have decided to move forward with legal action at this point. We can't allow them to treat us this way. Had it been any different, and we were the ones behind, forget about it, we would have fee's, letters of default, and every legal action thrown at us without any understanding from them, so why should we have to bear with them? No thanks!!!
A  29th of Oct, 2008 by    0 Votes
The story told by Michael D. is exactly what we have been experiencing, even within the same timeline. Ironically, we sent out our November payment to their Plano office by certified mail this morning.
Yes, yesterday we received a mail updated with our new acount number starting with a bunch of zeros and a new mailing address located somewhere in Massachusetts to forward our payment to.
It seems like we have been trying hard to play by the rule, and this company is really some kind of scam. We would like to save our home and join the class action against this company.
A  8th of Nov, 2008 by    0 Votes
OMG!! I can't believe the comments I have just read. Me and My husband are in the same boat with this so called company! Our mortgage was sold to them in july of this year and still no statement as of this date. Same problems with payments not being posted and don't worry they are not reporting to the credit buros . Called them numerous times and never any results. Got a letter saying my interest rate was going up again with them from 9.5 to 11%. We don't know what to do and are afraid we are going to loose our home.
A  9th of Nov, 2008 by    0 Votes
Hi Cindi,
Michael D., in this board, is arranging a classing action against this nerve wracking MGC company. Maybe it's a good idea to stand together, in order to have a better chance...
A  10th of Nov, 2008 by    0 Votes
I have never received a statement. They've lost checks, they don't cash them for 2 months, I don't know where I stand. Has anyone found any solutions?
A  1st of Dec, 2008 by    0 Votes
My husband is 64. He is dying because of this situation. We have paid all of our monthly mortgage payments and have received one statement in 6 months. Now at the Sudbury Massachussets branch they say we haven't paid since June. Where are our fine politicians . Now the elections over we are chopped liver. I have copies of my checks but the my husbands life is worth more than this. They are responsible and I am taking action . Any one interested may come along. Thanks so much and God Bless.
A  2nd of Dec, 2008 by    0 Votes
A  2nd of Dec, 2008 by    0 Votes

A  4th of Dec, 2008 by    0 Votes
we have a simalair situation where our mortgage was sold to MGC Mortgage sometime in mid 08. We have yet to receive a statement or any written information as to how much our payment is. What are the actions we should take. We refuse to send then any payments until we know whats going on. They told us they wont send us anything unless we make a payment. Some one please help us out on what to do our email is brenda_lcross@hotmail.com
sincerly brenda and fred cross
N  16th of Dec, 2008 by    0 Votes
I too am in a similar situation as the posts I've read. My loan was purchased in June and the last payment made to Option One Mortgage has come up missing. MGC hasn't as of yet reported my loan to the credit bureaus. I received my first statement months after they began servicing my loan (3-4 months) and there have only been 2 total so far. My loan was resold in November from their Plano, TX branch to their MA office, which somehow induced yet another RESPA period (which is odd to me since its the same company). Their collectors are for the most part untrained and will say anything to get off the phone, one telling me the other day where he saw a payment on my account posting from unapplied funds so it must be the missing payment. He then proceeded to tell me he knows it wasn't the payment I had set up on bill pay from my bank account b/c he read a notation about it being transferred from unapplied funds. When I called back another collector said that it was definately the payment made via bill pay and would open up some research on the missing payment and would call me back. I have yet to hear back from anyone.

...all that being said...I think I know what this is. Its a company that got a good deal on some subprime mortgage paper probably in a fire sale from some real banks. They don't even have check by phone capabilities set up yet. Working for a real mortgage company I was shocked to hear a collector tell me at 29 days past due on the last day of the month to simply mail in my payment. I had to ask if they had a Western Union quick collect option so my account wouldn't go 30 days delinquent. These guys are limited on their range of assistance. I plan to test their modification process with a BS long term reason for delay and some concocted figures. We'll see how this goes. I've got a hunch that all of you conspiracy theorists aren't taking this for what it is and how you can benefit yourselves. They won't fact check...get a lower interest rate. I'll follow up with my success/failure in another couple months when they will have hopefully reviewed my loan mod.
N  31st of Dec, 2008 by    +1 Votes
This is Michel D. Reporting Back...

I have been reading all of your posts, taking note, and have been doing so for months.
Since I have started these threads back towards mid summer, we have generated a serious
amount of interest from others that are also experiecing the same issues with MGC.

Countless people have reached out to me, with nothing but disturbing experiences, worries,
and hardship concerning this ordeal.

Back towards the late summer. I made the smartest decision of all and that was hiring an
attorney to oversee all of this. I needed to feel protected in some way shape or form, as I couldn't
seem to get the comfort I needed in dealing with the the mortgage company directly. With endless
phone calls to no avail, countless letters, emails, and faxes, that were never returned. I needed to
make a decision to protect my family and my home.

Since then we have been able to dig up a tremendous amount of information on this company.
Back in November, we were ready to officially file a suit against them, but then decided to hold
off until the first of year. Reason being, is the company appears to be bouncing around and
opening offices in many other various states. Well they call it branching out, while I call it
bouncing around. My attorney seems views it as creating confusion, etc.

Never the less, we will be officially moving forward with our action against them after the first
of the new year. Now I have taken note of each and every one of your posts, and will be in contact with
with those of you that appeared interested, but if there is anyone else additionally that is experiencing the
sames issues that you have read here on these forums that would like to participate. Please
post your story here and get in touch with me via the send a message button above.

We can't let them treat us in this manner. It's unjust!!!

Set aside from all this...
After almost (6) Months, I finally received a statement from MGC.
Regardless of the fact, the statement is a mess.

First, There is a missing payment???, un-applied funds???
About $300 Late Fees?? (Which we have never missed a payment)
and further-more it appears that they have rolled all of our future
taxes into our loan. Taxes that aren't even due yet nor have been
paid by them. An amount that substantually increases our monthly
payment by hundreds of dollars, and it's very disturbing. Fortunately
I am in a position to be able to afford the increase, but I am beside myelf,
and can't imagine what it would be like for someone that couldn't afford
an overnight increase like this. Perhaps someone that is on a fixed income,
or only makes enough to be able to afford their previous monthly payment.
Maybe a family that is struggling due to a job loss, and unfortunate
death, or simply a decrease in pay due to the economy.

This is extremely outragious!!! And has to stop!!!
I will be looking forward to hearing from you all, we need to come together on
this or people are going to start losing their homes due to these deceptive business

-Michael D.
N  20th of Jan, 2009 by    0 Votes
I am reading that and having the same problem MGC didn't know anything I was sold to them in July of 2008...I was with Homecomings before that ...MGC couldn't give me an account number or to find out if my insurance was to be paid. They cashed my checks and lost some of them... the checks they did cash they do not have any record of and now in November of 2008 I was sold back to GMAC mortgage and they say I am behind and want me to come up with all of this money or they will foreclose...I don't know what to do I never received a statement from MGC the whole time I was with them... whats wrong with this picture...I wonder to if something weird is going on here...would love to hear from other people on this and I am willing to pursue whatever against this mess.
A  31st of Jan, 2009 by    +1 Votes
Micheal D can add me to the class action suite against this company too. They have got to be a scam and are cheating people out of their homes.
I am in the same boat and having to hire an attorney due to them trying to foreclose.
A  3rd of Feb, 2009 by    +1 Votes
this is a test posting, from an insider

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