Complaints & Reviews

fraud & scam

I would like to rigister a complaint about mgc mortgage on sending false statements of my account, than on...

not recieving payments in a timely manner

So like many others my Auto Loan was sold to MGC Mortgage Inc. I was asked by the previous bank or FDIC to keep sending my payments as normal to the same address until you are notified by a letter from the current holder. So since May of 2009 I have been doing this and I just NOW recieved a letter in the mail dated from 11/17/2009 on the letter but the envelope was dated 12/11/2009 stating that they have not recieved any of my payments and that I am past due! I have not recieved a welcome letter like they stated when I called them about this. They said they have sent two welcome letters and that I must have moved because they do not have the correct address I have lived at the same location for 5 years now and this auto loan has only been open since May of 2007! WT[censored] But apparently this is all my fault because they do not have the correct address. To anyone reading this PLEASE do not use their services!!!

bad banking business

I was transferred June 1, 2008. We were mailed this information about being sold late and directed to mail our payments to the new mortgage company by the 1st of the month. Which we always paid our payment on th 15th so our payment had already gone out for that month. they gave us a late fee. We noted that this was going to be a problem I called them never got an answer for days I called. Finally I got an answer 3 weeks later and I explained the lady was nice said that would not be a problem. I asked about a statement, and when they would be sent out they said the do not sent out statements, I said excuse me. I have never heard of a Mortgage Co. Not sending statements. She said it was a priviligage to receive a statement. I was shocked. At that point I knew that something was really wrong. We decided to pay off this company as fast as we could. We owed $33, 000.00 and some change, we sent them $20, 000 in July in which they cashed my check. And i kept asking for a statement to see what was being posted and they would not send one. Then in Aug. I sent $5000.00 more they held that and did not post it to my account even though they cashed my check. And still no statement. All the while I am making double payments too. I am determined to pay this company off. All the while they are charging me late fees, saying I'm late. Not every time just when they feel like it. I always paid two weeks in advance, always paid extra, and I was never late. When I finally figured I had paid all that I had owed them I got my Lawyer to contact them. They used to call every day and harrass me. I felt from the beginning that this company had some very bad Business dealings. Their paperwork they fianlly sent me was not in order. It is not a Company that I would refer my friends to that is for sure.

  • He
    HENSON Feb 20, 2010

    I have mgc, they took my loan over in 2009.I paid the last 7 payments on time.When I went to
    Make my jan 1st payment mgc said I was 3 months behind with late charges.I ask why and
    No one could tell me, they said they did not know, now there saying that they made a bad
    Calculation from the loan they bought out and I'm 3 months late and if I don't catch up they
    Are going to foreclose.Why should I sulfer from their mistakes, the us goverment needs to
    Make these people go bye regulations not bye their own laws.mgc could care less what
    Happenings to hard working people, its all about how much money they can take from us
    Before they sell our loans out to the next bunch of VULTURES..It dose not pay to own a
    Home these days and times.

    0 Votes
  • Bo
    bobparsons 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

poor business practices

My loan was just bought by this MGC Mortgage company, I recieved very little information after the due date. So I called them and they were not very interested in helping me, they wanted to charge me to make a payment by phone after they gave me information late.
After further study, I noticed that MGC has a grade of an F from the BBB. How can this happen? I would reccomend to always leave a paper trail when it comes to these scam artists, Always pay by check only. I am now going to contact my states Attorney General to see what options are available.
During these troubling economic times, companies such as MGC come around like vultures. So be very careful! MGC is NOT focused on their customers.

mortgage payments not cleared the bank

Our mortgage got transfered to MGC Mortgage Inc from Tayor Bean and Whitaker after a month the old loan company TWB ans the phone and said to call [protected] and complain to the government that they are the ones made them transfer our loans. Funny you call that Number and get the # you dialed can not be reached from your calling area...21N. seems as though no matter where we turn no one is going to ans. our calls either. Property taxes aren't paid nor is the house insurance... The wolves are at our door and no one has any ans. only complaints a mile long. If anyone, anyone knows how we can contact or get help... it would be much appriciated.
Sincerly Trouble in Texas.

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My complaint is against MGC mortgage. My loan was sold from Bank of America to them in July 2009. I paid my last payment to Bank of America and my first payment is due to MGC Mortgage on September 1, 2009. I have tried to contact this company at least 10 times to no avial, in fact I have only gotten a recording asking that I leave my name and contact information but I've never received a call from them. I'm terrified to send any payments to these people as I have not received a payment booklet and any other written information about them or my loan. I want to join in on the group that reports these people to the authorities as I'm afraid of sending money to a company that seems not to exist. I can't help but wonder why my previous lender would sell loans to a company that handles business this way unless they are in cahoots with them in causing people to loose their properties. I'm going to do whatever I can to expose these people starting with this e-mail

  • Ho
    Hoodwinked Jun 09, 2009

    I could list the list of egregious offenses against MGC but from the looks of the thousands of complaints about this company, I needn't bother. Suffice it to say, I applied for a loan mod last year, no response and am in foreclosure now. They're sending my checks back in favor of a lump sum with no written details. I am afraid to even do anything until my house is safe but I've tried everything and I mean everything to get some resolution from them. How do you start a class action suit? It's time.

    0 Votes
  • Wa
    Washo Aug 13, 2009

    Hi, The customer service at MGC is scary. They can't give reliable information and after reading on the internet I was scared to send them money too. I sent them a check yesterday certified mail so that I at least have proof that I sent it...

    0 Votes
  • Ho
    Housing Counselor Sep 02, 2009

    anyone dealing with MGC you want to send a "qualified written request", call them and ask for the address of where to send this letter and by law (real estate settlement procedures act: RESPA)they have to respond within 21 days. Here is a HUD website with a sample letter.

    You can also, do a written request to find out your payment history and any fees and cost they are charging you over the last 24 months. this is an example of that type of written request:

    If you want help with writting this contact a HUD approved counselor, there is no cost. You can call HUD’s hotline at 1-800-569-4287 for a referral to a local HUD-approved housing counselor

    0 Votes
  • Je
    JESUS IS GOOD Sep 30, 2009

    this email is so true. how can government allow a company such as this, abuse citizens that pay taxes? put these suckers out of business before we all go under and boa as well!!

    0 Votes
  • Al
    alabama mortgagee Nov 22, 2009

    MGC is the WORST mortgage company I have ever delt with! We are in the 25th year of a 30 year mortgage which has been sold to several companies over the years and have NEVER had the kind of problems MGC is causing. We started this year with Countrywide, which sold to Bank of America, which sold to MGC Mortgage effective August 1, 2009. The only statement received from them was incorrect and late. I had already mailed the August payment to BoA. The MGC statement showed the Sept pmt plus Aug pmt past due. I started writing letters and now have a one inch thick stack! I did get a letter from their "Customer Relations" department telling me that they had received the Aug and Sept payments and that a separate letter would be sent explaining the rate and payment amount which has never been received. A correct billing statement has never been received either. BUT a rude phone call from their Collections Department was received 21 days after the Oct 1 pmt was due (bill never received)! Thankfully I kept a copy of their incorrect billing statement that had the payment address (different from all the other addresses) and hand wrote the correct information on it and sent in with my check for Oct on Oct 22nd and then the Nov 1 pmt on Oct 29...the checks are being cashed but I certainly wonder if they are being applied to our loan! We are now at the end of November and still no statement! Their insurance department is also incompetent! Insurance policies were in force when the loan was transferred to MGC, but they said they did not have copies (even after my agent and I both had mailed copies) and they were going to charge me for new policies. I finally had to FAX copies of my policies!

    Sherry T

    0 Votes
  • Te
    tehoward Jul 25, 2010
    This comment was posted by
    a verified customer
    Verified customer

    Hello Everyone

    I have been working hard on this Class Action Suit against MGC Mortgage I am posting a web site from the Washington Post I am hoping that this will stir up some noise in Washington to help us plese people you must send letters to this address so our voice can be heard against these scam artist!!

    [email protected]

    0 Votes
  • Te
    tehoward Nov 21, 2010
    This comment was posted by
    a verified customer
    Verified customer

    MGC Mortgage has sent someone to my home tonight please understand that it is 8:19 pm walking around my house if you see anyone doing this please call the police this is trespassing!! this is against the law!! please don't allow these poeple on YOUR PROPERTY if they do not have sumoms! and you have not been to court PLEASE CALL THE POLICE!! MGC Mortgage has taken this to another level please let me know asap 860-568-4808! thanks

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  • Ho
    Hoodwinked Feb 08, 2011

    the regulating agency over Beal Bank/ MGC is FDIC. go to choose the consumer protection page then quick links then hit consumer assistance. Fill out the on-line form check the little box tht allows them to investigate and send. Good luck! Stay strong! Please do it now if they are going to take us seriously.

    0 Votes
  • Le
    leah n. Jul 20, 2012

    MGC is our lender. They have also strung us along in the endless "modification" trap for years.
    Now they filed an NOD.

    My husband happens to be a Foreclosure Defense attorney. I would LOVE to start a CLASS ACTION SUIT against them asap, however we need to know your specific CAUSES OF ACTION. In other words, how did they commit fraud against you?
    Understand that they have NO OBLIGATION to grant you a modification. So please don't complain that they didn't give you one or that they are stringing you along. That is not grounds for a lawsuit.

    Please contact us ASAP if you have any information that MGC committed FRAUD. YOU WILL NOT HAVE TO PAY FOR ANYTHING. I AM NOT SOLICITING PAYMENT OF ANY KIND.

    [email protected]

    0 Votes

false promises

My Mortgage was purchased by this outfit in Nov 2008, I was not notified of this transaction and only found out by monitoring my bank acct as the automatic payment did not take place as it has with Ameriquest and citi residential for as long as I have had this contract. I was not able to reach a live person for the longest time 15 Dec to be exact. Attempted 15 times. I consulted an attny and everything this Co, has done is against the law. After 7 months of making Payments with extra $$ each month I have now rec'vd notices claiming I have late fees and owe an extra $466. This even after speaking with a self proclaimed V. Pres. of this institution.
Again I am on a quest to phone contact a live person in an attempt to clear up this crooked accounting practice. I Urge All People Complaining To Contact an Attny and seek Guidance. It Is Important. Continue to make your payment as normal and record all attempted conversations and bank transactions, take these notes to the attny as well. I have written the US Attny Gen. on this Institution as well but keep in mind. This individual has ties to the Mtg institution. So you too may not find any resolution using that approach. A private attny seeking damages is our only recourse

very poor start

Our mortgage was recently sold to mgc. I was hoping that they would be a step in the right direction after...

unfair practices

I feel like we are all stuck in this stressfull, horrible situation with MGC mort. co. and there is nothing we can do about it. I was transferred in 7/08 from Litton Loan. I have never paid these people late, I have late fees, I have escrow fees and other things on the statements that I have received and cannot ever get to the bottom of this. I feel that unless I can refinance I am stuck with this horrible situation. any advise out there? thanks

can never get through by phone-overcharging also

You can rarely get through to them by phone. They have an answering machine set up to leave your message but they do not call you back. I tried to call them 12 times just today alone. Five times I left a message and phone number for them to call me back. No one ever called. My loan was sold to them in january 2009 and for three months they kept trying to overcharge me 20. each month. I hate this company. The few times I have been able to get through I had to talk to foreigners who had no knowledge and I could barely understand. Only one did I ever get someone who spoke decent English and was friendly. I think this company needs investigated big time!!!

missing payment/unpaid taxes

I have been experiencing nothing but problems with this company since our loan was sold in June 2008. I had been making my monthly payments every month even though I had not received a statement. My July payment was lost so I started sending by way of western union. Come September when my payment was due I called about July's check which had still not posted and told them I would put stop on that check and western union it with my September payment, which I did. At this point I thought everything was square on the board. Then at the beginning of December I received a letter asking me to remit funds for July's payment which I had done two months prior. When I called the Texas office they informed me they had no record of this letter being sent yet it came from their office. I was also told that all records for the account had been forwarded to the new office in MA. When I called their to straighten this out they informed me they had no records before November. When I finally received my first statement in December it showed payments 3 months behind. I have made numerous phone calls and have finally gotten all credited except the last payment that had been made to OCWEN before the loan was transferred. I faxed over the OCWEN conformation and bank statement showing it clear my bank. This was 2 months ago and the payment has still not been credited. I spoke with a supervisor a month ago who assured me she would look into it and get back to me in a few days or I could call her. She has not returned my calls and when I call all I get is an answering machine. On top of all this my land taxes which are due in January have yet to be paid yet their recording states not to send your tax bill and to keep for your records that they have a company that will take care of them in a timely manner. I am at my wits end as to what can be done about this mortgage company so that I am not at their mercy. I have even filed a report with the BBB over 2 months ago and the have not responded. If anyone has any ideas please let me know.

  • Ss
    SSS Mar 17, 2009

    We have had almost the exact same thing happen to us in Ohio. Our loan was sold to MGC and they say we have a missing payment even though we have faxed and mailed proof. And yes...we also get a recording saying they are experiencing a "high call volume" and cannot take our call. Rediculous!!

    0 Votes
  • Ap
    April Jun 01, 2009

    They have been messing with us every since our loan was sold to them in August 2008 as well. It's insane that we have no control over who holds the mortgage for our home - we have no choice in the matter. This company puts on a ton of charges on their statements (the ones we actually receive) and we have no idea what these fees are even for. The one time they called me back promptly was when they thought I was an attorney my husband hired (because I work at a law firm and had left my work number). It's a game - they want to be able to add the fees. After reading these posts at least now I know it is not just me. Also - if they can report you were late on even one payment (even if they make it up or shuffle it between offices so it looks like its not received) they damage your credit rating so you have to leave the loan with them until you are caught up and credit it reflecting perfect score again (which they can design to not happen). Unethical!!!

    0 Votes

fraudulent activity

It is a mortage shell game. I'm persuing class action, YOU IN!? * Feb 16, 2009 MGC Mortgage...

no response, no statements



fraudulent company

My complaints are pretty much the same as all the others. My loan was sold to them as of 7/1/08...they...

no service

I too was sold to mgc in july 0f 2008 — they didn't have any idean who I was or have any kind of a loan...


I am trying to get new loan from a fha .MGC is not reporting loan payments or sending taxes.they dot anw. the phone want is going on

  • Te
    tehoward Jul 24, 2010
    This comment was posted by
    a verified customer
    Verified customer

    You must join us in the Class Action Suit MGC Mortgage is not going to help you. They are a bunch of investors that don't care about you. Please stand firm and fight back if they help you today please don't give up on this fight because there will be others that will have the same problems as all of please call and do the fist step by calling and filing your complaint with the FTC Federal Trade Commission 1-877-382-4357 and keep every single piece of paper document everything you have done such every phone call please keep dates times every letters that you have sent all of these things are going to be needed. My name is Terry Howard please contact me either by email or phone 860-568-4808 [email protected]

    0 Votes

file a complaint to your attorney general /bbb/mortgage servicing

Loan was transfered to this company because their plano tx firm could not handle it. Now they say my loan is $6, 000 behind. I have all my certified reciepts. They wants ans calls, neither will they call you back. Want send out statements etc... Do like we did turn the whole mgc mortgage in. These people or dumb

  • Rh
    Rhonda Jan 21, 2009


    Same with our loan transferred July 1, 2008!!! You can never get a person on the phone to contact you or call you back>
    They have horrible service and NEVER have sent any statements to our home in the last 7 months!!! I'm sick of it!! Any of you out there whose payments go to sudbury, MAssachsettes have their tax id number??? PLEASE FORWARD THEIR TAX ID NUMBER to me at [email protected]> THANKS!!

    0 Votes
  • Wi
    William and Bonnie Connelly Mar 05, 2009

    our mortgage was sold to MGC, we didnt know this until we could not get a hold of market street mortgage. we never rec'd a welcome letter, phones are always busy never return your call. we decided we neede d to go into loss mitigation, in nov. sent papaer work in nov. after weekly phone calls from dec. on we find out today they dont have our paperwork, despite being told that our file was in review!!!92109

    0 Votes
  • Ke
    ken90004 Mar 13, 2009

    You realize the BBB will not do anything worth noting. They are a great service, as they can warn other buyers to stay away, but it isn't like anyone had a choice to switch here.

    The BBB can mediate, but MGC isn't mediating anything.

    0 Votes
  • Ja
    James Apr 22, 2009

    I wish an attorney would read these posts and shut this company down! I did not get a statement for six months. I begged, begged, begged them to modify my loan. They then said I was uncooperative and would have to reapply. There is something horribly, horribly illegal going on with this company, and I cannot get anyone's attention. I am so desperate, I am considering hiring one of those internet lawyer companies!!! Please respond

    0 Votes
  • 1l
    1Lady Aug 27, 2009

    Yes, this company is unethical! Complain successfully to:

    MGC Mortgage, Inc.
    Owned by Beal Bank FSB
    Regulated by OTS,
    Washington, DC 800-842-6929, Fax: 202-906-7342...

    0 Votes
  • Hi
    hippo2932 Nov 09, 2009

    My loan was transferred to this company in February 2009. Despite making my monthly payments, I get daily pre-recorded messages saying I am delinquent. When I call to inquire they indicate that the system upgrade is pending and that they see my payments, however, they have not been applied. I have been waiting on a response to our loan modification for 3 months and was told last week that I should re-apply because they don't see it in their system. I have not received a statement in 9 months and I am getting very nervous for my 2009 taxes that I won't get a statement. Scary!!!

    0 Votes
  • They are many companies that are legitimate and can help homeowners stop foreclosure and keep their homes.

    Mortgage Assistance Group is one of those companies that holds an "A" rating with the BBB and has help over 500 homeowners keep their homes.

    They give a discount to the homeowners who have been scammed and treat each client with respect and dignity.

    You can reach them at 623-486-4505 and at

    Thanks and good luck,

    Randy D.

    P.S. If you know someowner they can help, They will pay a $100 referral!

    0 Votes

missing payments

My mortgage was sold to this company in late June 2008. I was told I could not pay the mortgage then because...

fraudulent trade practices

As per other posters here - we have experienced extremely questionable non actions by this mortgage company. We're hoping others will share the proper email addresses and phone numbers for the correct texas attorney general's department related to this.

Thanks in advance!


  • Mg
    MGC Sucks Aug 28, 2009

    Beal Bank owns MGC Mortgage and teh owner of Beal Bank is Andy Beal

    Beal Bank, Retail Banking Department, 5909 Berkshire Lane, Dallas, TX 75225

    # Telephone: 1-877-TRY-BEAL (877-879-2325)

    I've had the same issue and have filed complaints with the FTC and the BBB. I will now call Andy Beal every day until they fix my loan. Please call him too.

    0 Votes