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Midland Mortgage / Terrible company

1 United States Review updated:
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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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  • Ll
      14th of Apr, 2009
    0 Votes

    Our mortgage was also sold to midland and the payment increased almost $40. I have called and also written to the company and have never received a reply. How long does it take to call a customer.
    At least you could call or write and give us a reason.

  • Br
      15th of Mar, 2011
    0 Votes

    Same thing is happening to me.

    Let me know if you find out anything.

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