Midland Mortgage / Terrible company
My home loan was with GMAC and was sold to Midland Mortgage in November of 2008. Today I received a new coupon booklet that shows my payment will be increased in April 2009.
I called Midland and they stated that the increase was probably from Insurance or Taxes. I looked up Taxes and Insurance and there was no increase so I investigated this further. I found out that I have to have 2 months worth of escrow in my account at all times over and above my normal escrow. I ask the customer service representative why and he said this is our policy. I asked if interest would be paid on that money and he said he was not sure. He asked if I was paid interest by my previous mortgage company and I stated yes if they kept it. GMAC would send a check for any overage so this would not occur.
I am in the process of obtaining legal advice because my loan originated in Texas and then transferred to Midland-Oklahoma so I am not sure of how this works from one state to another.
Will keep you informed.
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