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MGC Mortgage, Inc. / loan servicing or lack thereof

1 7195 Dallas ParkwayPlano, TX, United States Review updated:
Contact information:
Phone: 866-544-9820

This loan servicer or lack thereof is pathetic. They received my loan on 7/1/08, committed a RESPA Violation by not notifying me with 15 days as required by law. Instead they sent a welcome letter dated 7/30/08. They have not posted July and Augusts payment. There telphone lines consistently say "we are unable to take your call and hang up on you". Their website is deplorable. You cannot see your account history, you cannot pay online. To add insutlt to injury they did not pay my real estate taxes as required under RESPA either. You email them, you get no response. You call them, they hang up on you.

This is a ma pa operation that needs to be put right out of business.

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Comments

Mi
  21st of Aug, 2008
Agree Disagree 0 Votes

I agree with you 100%. My loan was transferred to MGC Mortgage Co. on July 3rd, 2008, an entire month went by and I hadn't heard or recieved anything from the company. No statements or welcomes packages until the beginning of August. When we received a letter from them stating that they were in the process of setting up our loan, and to bear with them as they has aquired a tremendous amount of loans, and as a result they are backed up.

They also tried to justify the fact that they had not sent a letter informing us with-in the 15 day alloted time period that is allowed by law. We have made mutiple attempts to contact them through their customer service number, fax number, email, and even written letters to them demanding them to send us a welcome package or some sort of statement.

Included with the letter they sent to us asking us to bear with them, was supposedly our new "loan number", following instructions for making payment on our loan along with a payment address. We immediately sent payment for the month of July indicating the "loan number" on our check just as they instructed, and the check still hasn't been cashed.

Still to this day August 20, 2008, we still have not received a loan package or statement. We are still calling the customer service numbers, and just the other day managed to get a live person on the phone by choosing option1 from the menu. We gave them out new "loan number" and our loan still hasn't been set up, and the rep. assured us that we had nothing to worry about as we are safe for a 60 day period where we will not be charged any late fees, nor will there be any late reports to our credit, etc. I told her that I don't find any comfort in that statement because it is now almost the end August, and it will actually be 60 days from the time they received our loan on July 3rd, which officially comes to pass on Sept. 3rd, and that I am now gettting extremely nervious for the well being of our payment history, our loan, and ultimately our home.

She told me how she understood and that my loan "should" be processed by the end of the month,
which is only a little over a week (I might add). She then also offered to transfer me to customer service to see if they could find out any more information, only to be transferred to the dreaded voicemail which they call a customer service dept. Mind you we have already left multiple voicemail with to no avail.


What is going on here is completely out of wack. I am in fear that my loan is falling through the cracks, and that my home is in trouble. Even though I sent my payments in, if nothing is being recorded, what type of protection do I have if any at all?

Who says that I won't get a letter of default once they update their records, or have a negative reported to my credit if and when they update their records, etc. Who says that something more can't happen, if this process takes any longer? We have never missed a payment with any of my previous mortgage servicers and our loan has been transferred at least on three other occasions. Nor have we ever experienced a process as awful as this with any of them.

I am not sure what is actually going in here, but something really stinks. I am also not sure the way were are being treated/handled is legal. I know that if I were ever late on any of my payments, that I would have mutiple letters, I am sure perhaps even certified letters up my "backside", and every legal action thrown at me, so why should it be any differant the other way around? and why should "I" or "We" have to bear with them? What we need to do is come together here on this and get to the bottom of it. Protect ourselves from god knows what.

Feel free to email me with any comments or suggestions as I am open to any of them
that you may have.

Michael In -Massachusetts

Ji
  2nd of Sep, 2008
Agree Disagree 0 Votes

I have the same situation. Our loan was transferred on July 1st, and the first notice I got was dated July 30th. I have called their "customer service" so many times it is ridiculous. Typically I get hung up on, but I got through today only to be informed by the rep that she is just an operator, that there are three of them answering the phone and they send email notifications to "whoever is posting the payments". I asked for a number to this mystery department, she denied having any other contact with them. I have July and August payments floating in outer space. I am concerned for my credit and my home.
Please contact me if anyone gets any resolution to this problem!!!
I am sending a certified letter tomorrow and obtaining some legal advice.

Jill

Ry
  9th of Sep, 2008
Agree Disagree 0 Votes

I'm glad to see other people are experencing the same issue as I am. I am in the exact same boat as all of you. I can't see MGC filing "late" or" non payment" charges on us. Seems like a big mess in a little office over there. I am concerned however for our privacy and also our tax payments. Jill, please post your guidence from your lawyer when you get it.

Thanks
Ryan

Ki
  14th of Sep, 2008
Agree Disagree 0 Votes

I have the same trouble i sent a check on 7/31 it was just cashed last week. I'm afraid to send in payments when the first payment just got cashed, I get the same story we are tied up you will not get any fees. I have only gotten a letter which was sent much over the 15 day time limit and no bills as of yet. I am also afraid for my home. I am calling them on Monday and we'll see how it goes. They should put some of the payments to the back of the loan and start fresh due to their mistakes.

Ja
  17th of Sep, 2008
Agree Disagree 0 Votes

I have all the same problems as all of you. When the system is to transfer you to speak to a rep you are immediately disconnected.
I have sent e-mails and mailer-demon says cannot deliver to loan servicing, etc.
I had three payments that were showing I was delinquent which I was not. My checks (from my agent/manager) had not been cashed.
With some miraculous help yesterday a rep did say that three payments have posted as paid now. Today I tried to call to get that in writing, i.e. by e-mail a current statement, totally unable to get to a rep.
I too felt I was in jeapordy of losing my home or showing delinquent to the credit agencies. I'm not sure I am out of the woods yet.
Jacki

Ja
  17th of Sep, 2008
Agree Disagree 0 Votes

I marked my attitude towards complaints as "agree". When I looked back here I found it was changed to"neutral". That is not right either.
Jacki

Ry
  17th of Sep, 2008
Agree Disagree 0 Votes

Thank You for your posts Kim and Jackie. It is slightly encouraging to hear that they are now starting to cash a few checks. I had to pay my property taxes yesterday because MGC didn't pay them from my escrow account. I hope it woln't take 6 months to be reimbursed. Sine my last post I filed an FTC report from www.ftc.gov and I also filed a RESPA complaint with the RESPA HUD DEPT.(202)-402-2159 The lady's name there is GERI HANSON and she will tell you exactly how to draft a specific legal letter called a QUALIFIED WRITTEN REQUEST in which MGC must reply to in 20 days or government action is taken. What a big pain in the butt this is!!!
RYAN

Te
  24th of Sep, 2008
Agree Disagree 0 Votes

This company is the pits they are returning our calls they have not sent a welcome package I am unable to get anyone on the phone other than a voicemail and no one returns your calls our loan was tranferred to this place I will not use the word company on Sept 1 2008 we nothing they have not paid our insurance we are getting laspe notices they have not paid our taxes what kind of place is this? Should we be reporting them to the State's General or what???

Ry
  25th of Sep, 2008
Agree Disagree 0 Votes

Well, They just cashed two checks. I'm still going to pay the property taxes on my own and try to get a refund from them them this century!

Good luck every one

An
  16th of Apr, 2009
Agree Disagree 0 Votes

I am a widow living in Texas, and I'm going to also complain about MGC, Mtg. Co. I also wish I knew what was going on with them...and, my loan! I was halfway shocked to find all these complaints, but when I thought about it, not so surprised after what I've dealt with regarding MGC Mtg.

I have never received a welcome package or anything at all regarding my loan with MGC, Mtg. When my loan was sold originally in 2008, I received some weird statements in the mail, so I promptly called MGC, Mtg. I too had a problem getting in touch with anyone by phone. I left numerous voice mails, and my calls were NEVER returned. When I finally did talk to someone, that 'someone' apologized and agreed that the information mailed to me was incorrect, and I was asked to 'bear with us'.

The information on my loan transfer originally came from an address in Plano, TX after I had sent a payment for that month..November, 2008. When December 1st rolled around and my November check had not yet cleared my bank, I called MGC, Mtg. After several attempts, I finally was able to talk to someone in the Plano office who told me at first that 'he' didn't know anything about my loan. At my insistence to know something, I was put on hold and after some time, he returned to the line and told me that I should call Sudbury, MA, that my loan was now in that office due to the overload in the Plano office. They gave me a number to call. I called the number and was actually able to talk to someone. Unfortunately that someone didn't know anything about my loan either, saying it was probably still in transfer. I was so frustrated! Even though I was hesitant to do so, I went ahead and mailed my December payment. It didn't clear my bank til close to the end of December! And, it's been that way to this day. One HUGE problem...my November payment is still out there somewhere! I sent my April mortgage payment which did finally clear my bank a couple of days ago.

When MGC Mtg received my loan, it was in good standing with my previous mortgage company who drafted my bank account on the First day of every month as long as they had my loan. I feel it was a huge mistake to send my loan to MGC, Mtg who has managed to mangle it! When my mortgage payment checks are sent to MGC, Mtg, they do not clear my bank for up to two weeks or more. I will say, however, that they did finally pay my property taxes for which I am thankful.

I discovered recently that my Home Owners Insurance has not been paid. This after I not only called, but sent documentation in plenty of time, from my Insurance Company, along with a letter from me as to what needed, what was to be done and whom to contact at my insurance agency.. I talked to the folks at my insurance agency just this morning, and as of this date, nothing has been done by MGC, Mtg! No documentaion, no call and no payment to my insurance carrier regarding my Home Owners Insurance. Now I have 3 days to pay my Home Owners Insurance policy or it will be cancelled! This is another hurdle to climb. I need to consider getting my loan processed somewhere else!

Ms
  21st of Jul, 2009
Agree Disagree 0 Votes

I am just getting started with MGC and I am frustrated already. I was in the process of completing a modification with B of A when my loan was transferred to MGC. I was informed by B of A that I would have to begin the modification process all over again with MGC. When I called MGC I was informed that they do not do permanent modifications. I am baffled. How can you be a mortgage company in this economy and not complete modifcations. I have yet to receive my welcome package and dreading the future with them after reading the other complaints. This is the first time I am hoping my loan get transferred.

Ne
  10th of Aug, 2009
Agree Disagree 0 Votes

I also have problems with MGC Mortgage. My account is set up on an ACH. Since I am disabled and receive disability they were requested 4 times to take my payment out on the 3rd of each month as that's when my Social Security is deposited in my account and the idoits working there can't get it right, they either try to get it on the 1st causing me to get a overdraft fee or they wait until they can charge me a late fee. In July they took it on the 7th, charged me a late fee and didn't credit me with the payment and this month it's already the 10th and they still haven't taken the payment. I was able to reach them by phone and they say they are working on the problem but I have my doubts. I feel that the government should do a full investigation into just what these people are doing.

Te
  24th of Nov, 2009
Agree Disagree +1 Votes

Well my loan just got transfered to MGC in October and they have not posted my payments yet. I have received numerous past due notices and have faxed them several times copies of the checks they cashed, as well as spoken with several customer services reps even a supervisor, the collections etc. and I have been getting the run around for almost 2 months now. They say whatever they can to get you off the phone and still nothing has been done..I have excellent credit and I am just waiting for them to report any past due/late payments to the credit bureau. They need not to be in business if they cant handle the loans they are taking on etc. It is very frustrating and ridiculous to put clients in these type of situation thats honest and doing everthing to pay their bills, and on time. I am giving them to the end of this week to fix my account. I am going to the news, attorney general, etc .whatever this takes this company does not need to be in business..

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