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MGC Mortgage / fraudulent company

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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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  • Un
      Oct 28, 2008
    MGC Mortgage - horrible business
    Plano
    Texas
    United States
    mgcmortgage.com

    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.

    0 Votes
  • Mi
      Nov 03, 2008

    I am right beside you on this, and have been dealing with this same mess
    since they took over my loan in July as well. Endless phone calls, emails, faxes, and certified letters to them to no avail.

    We received one letter from them back in August justifying their RESPA violation, and haven't reveived a single
    thing since except for a collection call back in September. Now we have made all of our payments to them, mind you
    via- certified mail which clearly and officially created a record of them receiving our payments. But still, here we
    go with a collection call when we have never missed a single payment with this mortgage company or the last company.

    I was beside myself and I told the rep that instead of putting all of your effort into fake collection calls, you should be funneling all of that money and energy into updating accounts, applying payments, and sending out statements.

    I couldn't take it anymore and back in late Sept, I retained an attorney to oversee all of this. He took about 3 weeks and dedicated it solely to investigating everything about this company, and there-after evaluating all my paperwork in dealings with them, etc. He came to the conclusion that we have a solid case.

    Thus...
    We are in the process of filing suit against this company.

    I have had enough, and will not stand down. I went through countless sleepless nights worrying about a loan that I have been
    clearly paying without any trouble, but still I feel that my home is in jeapardy. This is rediclous and is un-just!

    Apparently there are if not hundreds perhaps thousands of other people out there, that are going through the same
    thing with this company, and it has to stop.

    There are also many news stations that are starting to pick up on whats happening, and from the looks of it,
    there are also many other law suits that are in the beginning stages of also materializing, and I suggest that MGC get
    their dealings together or they are going to find themselves in serious legal trouble very soon!

    Please reach out to me, and keep me up to date with how you are making out with this.
    If you are interested in joining our suit soon to be suit, please also get in touch with me and move foward.

    Thanks
    -Michael

    0 Votes
  • Mi
      Dec 31, 2008

    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
    practices.

    -Michael D.

    0 Votes
  • Ch
      Dec 31, 2008
    MGC Mortgage - bad service
    MGC Mortgage
    138 north jennings
    Bloomfield
    New Mexico
    United States
    Phone: (505) -632 -1843

    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.

    0 Votes
  • Ni
      Feb 04, 2009
    MGC Mortgage - no processing
    MGC Mortgage
    Texas
    United States

    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?

    0 Votes
  • De
      Mar 02, 2009
    MGC Mortgage - ins.
    United States

    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,

    0 Votes
  • Br
      Jul 25, 2009

    I have the same problems with this company, meaning completely DISHONEST!

    0 Votes
  • Je
      Sep 30, 2009

    LORD HELP US ALL.

    0 Votes
  • Se
      Nov 16, 2009

    This is just unbelievable, so many complaints about this mortgage company and no one is investigating it or doing anything about it. My mom is about to loose her home yes going into foreclosure because it looks like they sold her mortgage to someone else but did not let her know and she has been sending payments to MGC and 2 weeks ago she gets a letter from a realtor that her house is on the market for sale unless she comes up with a substencial amount of money to buy it back. wow..She has receipts for payments that she made to MGC but that wont even help her because the company dont even exist or who ever owns it.There's an address but thats about it, a phone number that you cant even talk to someone that will help or give you any information.If there is someone that lives in the area or in Texas and are having the same problems, please help us out and put this or these low life scums on the NEWS and let them investigate these people.People are loosing their homes that they have worked all their lives for and that includes my mother whom is 74 years old and living on a fixed income and to put her through this in her senior years is just heartbreaking, yes I can say mom let the house go and come live with me but its her home and I cant do anything about it to help her stay in it.Please if there's an angel out there that could give me some advice on how to or find help or anything that I need to do and how to do it I will greatly appreciate it.PLEASE we need to pull together and do something about this.Email:pia.[protected]@yahoo.com

    0 Votes
  • To
      Feb 04, 2010
    MGC Mortgage - beware
    MGC Mortgage
    United States

    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.

    0 Votes
  • Bo
      May 06, 2010

    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.

    0 Votes
  • Bo
      May 06, 2010

    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.

    0 Votes
  • Lu
      Jun 02, 2010
    MGC Mortgage - no communication
    GEORGIA ARRIOLA
    MANGILAO
    Guam
    United States

    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?

    0 Votes
  • Dp
      Aug 16, 2010

    I am in the nighmare of my life and stand to loose my house with these people. 19 years never late with a payment then my mortgage company sells to these jokers and my life has not been the same since. I can not pay on line, I try to pay by phone but they close at 5 I work till 5 what am I supposed to do!!! Proeprty taxes unpaid - this is crazy! I need to get out from under this company!!!

    Class action suit - I do belive is the best way to go...please post on this site info on how to get this going?

    0 Votes
  • Sh
      Sep 17, 2010
    MGC Mortgage - home and land swindling
    MGC Mortgage
    United States

    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.

    0 Votes
  • Kh
      Sep 18, 2010

    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.

    0 Votes
  • Je
      Jun 26, 2013

    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

    0 Votes
  • Sa
      Apr 19, 2014

    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.

    0 Votes

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