MGC Mortgage’s earns a 2.9-star rating from 0 reviews and 70 complaints, showing that the majority of home loan borrowers are somewhat satisfied with lending services.
- All
- Reviews only
- Complaints only
- Resolved
- Unresolved
- Replied by the business
- Unreplied
- With attachments
please the ftc
Since no one is serious about joining me on this Class Action Suit at least help yourself by calling and making a with complaint with the FTC (Federal Trade Commissions) please call [protected] they will not lunch a investigation until they have recieved at least 100 complaints about this company(MGC) please help your self. MGC Mortgage is not regularated...
Read full review of MGC Mortgage and 1 commentnot paying property taxes
MGC Mortgage did not pay my property taxes that were due on November 15, 2009. I have contacted them 27 times and have been told the same thing every time: 1) Yes we know we are in violation the our contract with you. 2) Yes, we know that we will have to pay the taxes plus the interest. 3) Yes, we see that your account is marked "urgent pay". 4) No, we do not know why it has not been paid.
In January of this year, I received a letter from MGC Mortgage telling me that they have underestimated the property taxes that are due and they are requiring me to pay an additional $160.00 per month. In November the escrow balance on my statements went from over $2000 to a negative ($165.00). So, I assumed they had paid my property taxes. When I called my county tax department the latter part of November 2009 that is when I was told they did not pay my taxes, but they did request a copy of the tax statement in August, 2009.
They have also tried to charge me a monthly "late fee" because they did not process my payment on time. I sent them notification of a their signed receipt of my payment allowing them 7 days processing time, so they reversed the fees. On average it takes them upwards of 21 days to process my payment.
I found out two weeks ago that the Texas State Banking Commission has taken over regulation of this company. So I contacted them. I was told by them that they have "floods" of complaints coming in about MGC not paying taxes or not paying insurance as stated in mortgage contracts. I was then given the web address within the Texas Banking Commission to download paperwork to submit to them for review.
I have noticed that they are aquiring a large amount of mortgages from large banks like Bank of America. Are they using my missing property taxes to assume these loans?
The complaint has been investigated and resolved to the customer’s satisfaction.
not posting payment
Like others our mortgage was sold to this company and we received a letter late. If it wasn't for the original mortgage company giving us details of the account number our first payment to them would have been late. As it turned out they received it into their system late but waived the fees only because I insisted. We use online banking with a bank that will help us dispute any transaction we make through bill pay. This month we sent in the payment and 10 days later they are reporting this payment never made it to their facility. On top of that the letters take so long to notify you of a problem; the letter is actually dated six days prior to our receipt. We have our bank looking into this last issue of non-receipt. We pray we'll have better luck in the future after this is resolved.
The complaint has been investigated and resolved to the customer’s satisfaction.
My bank Taylor Bean went under and my account moved to them... I have not recieved my Interest and Tax statement. I went online to see if it was availible there and they say I am 30days Past Due.. But I made my payment online with them and my Bank shows the payment... WOW I hope I get this fixed on Monday.. I will let you know.. good thing is I am traveling to the Dallas Area next week.. I will make a house call if I have too.
worst mortgage company ever
MGC bought our mortgage in June, 2008. Since then, they have held payments for up to 30 days, deposited two checks at once, not deposited at all, etc.
After months of trying to pay our mortgage on time, we received a letter saying that we were 4 payments behind and that they were going to foreclose. I submitted a written dispute and never received a response. Then I called and called and called... and left about 200 messages. Then I sent another written dispute and cc'd it to my lawyer. 10 days later, I got a letter in the mail saying that they had 60 days to respond to the dispute. Two months later, I get a written response showing several strange transactions on my account and saying that they never received 4 payments. The next day, I received certified mail letters with a notice of posting the property for foreclosure. We spoke with representative Shane Sudberry who set up a 12 month "payment plan" and I overnighted a cashier's check to MGC. I called 12 times to confirm that the check has been posted to our account and that the foreclosure had been cancelled. Then we received it back in the mail saying that it was insufficient to cure the default. We called repeatedly until we were able to speak with Shane again. He said that he didn't know what happened, but that it showed that our payment plan was "automatically cancelled" and he was so sorry, but that "the system" wouldn't allow him to reinstate the plan. He could do no more than a 6 month plan and we needed to immediately overnight the first check (of $1400) and a second check for more than $1600. We did so. A week after they signed for the check, I spoke with a girl named Chevette who confirmed that our payment had been received but had not been posted to our account. She said that she had to e-mail her manager to get it posted and that I was to call back in 24 hours to confirm that it had been done.
My husband and I called repeatedly for the next 5 days, with no response. The only option the system allowed was to leave a message. Approximately a week later, my husband actually got through and he coincidentally got Chevette again. She told him that they had never received the payment and that they were going to foreclose (at this point, the sale was scheduled for the next day). I pulled up my Fedex tracking and told him to tell Chevette that receptionist "Wood" signed for our checks. I then called the bank and the checks had both been cashed 3 days before that. I told him to tell her that I was calling our lawyer. Suddenly, she found the notes where the checks had been received, but they still hadn't been posted (more than 2 weeks after receipt and a full 3 days after the bank had given them the money). She told my husband that the foreclosure was terminated.
I had my attorney call and the foreclosure was actually terminated. Chevette told us that Fedexing our checks wouldn't get them posted any faster and that we needed to Western Union them from now on. If we sent them Western Union, they would be posted to our account "immediately". Apparently, "Immediately" means 7-8 days in MGC time... because that's how long it takes for them to recognize that they have our money in their account. I know, because withing minutes after submitting the Western Union MoneyGram we begin calling MGC to get them to post the payment and it usually takes 7-8 days before they actually do it.
Now, we have an insurance check to fix our roof ($13K) and they tell me that I have to send it to them and they are going to keep it and send it back to me in 3 installments over 90 days. But before they will give it to me, I have to wait for forms, mail the check back with the forms, wait 3-5 business days (and they will send me a 3rd). AFter that, they will send an inspector to inspect the work and if 50% complete, we get another third. When 100% complete, they will send a second inspector and send us the last 3rd.
10 days (not 3-5 as promised) after requesting the paperwork, I get the forms in the mail. It's a letter saying that I have to pay for the inspector and that my loan documents say they can keep the money, regardless if my loan is past due or not, and that they don't have to pay for the repairs if they don't want to. They aren't going to tell me until after the work is completed if they are going to pay for them, AND if the contractor's estimate says that the repairs cost more than the check, I have to pay for the difference UP FRONT.
I haven't sent the forms. I'm in the process of refinancing. The insurance company can reissue the check to my new mortgage company. Screw MGC.
The complaint has been investigated and resolved to the customer’s satisfaction.
Fraudulent SOBs
This mortgage company should be sued by many. We had a mortgage with Green Tree who sold our mortgage to this horrible company back in February of 09, so we hear. We never knew our mortage was sold and we just received a bill from them saying we owe them 9000.00 with late fees and all kinds of charges for the last 7 months. You cannot get anyone on the phone and neither can you contact then any other way. We have been trying to contact them and also Green Tree who should be sued for selling mortgages to this company knowing they are an F rated company by the better business bureau. Our mortgage had a 4600.00 balance when Green Tree sold and now they want us to pay 9000.00. Yeah right! I am in for the lobby who should we contact to get our money back from these people. MGC down right sucks. We need legal representation for all, one big lawsuit. That will fix these SOBs.
The complaint has been investigated and resolved to the customer’s satisfaction.
My name is Timothy W. JOhnson and i live in Hampton Virginia. I was reading the blog in regard to the bad business practices of MGC Mortgage Co. I to have had and is still dealing with issues with them as well.
Back in July 08, my loan was sold to MGC by GMAC Mortgage. I did not recieved any account information so that i could send my monthly payments to them. I called and I called until finally i received account information in August. Upon receiving the account information i sent 3 payments to MGC, yet they dont have record of the payments. Also, if you can believe it, the loan was sold again from MGC back to GMAC on Oct 27, 08. Now both companies are saying that they are servicers of the loan. I am currently making payments to GMAC but i received a letter from MGC stating that they are the servicer of the loan. I have contacted an attorney to help me.
fraud & scam
I would like to rigister a complaint about mgc mortgage on sending false statements of my account, than on paying my 2008 taxes late they were chareged 15% thru the county for that. To top it off they rasied my payment $100.00 more I have a fixed rate plus the property taxes went down. My escrow account is showing neg balance was told country wide didn't...
Read full review of MGC Mortgage and 3 commentsnot 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! WTF! 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!
The complaint has been investigated and resolved to the customer’s satisfaction.
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.
The complaint has been investigated and resolved to the customer’s satisfaction.
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.
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.
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.
The complaint has been investigated and resolved to the customer’s satisfaction.
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.
The complaint has been investigated and resolved to the customer’s satisfaction.
important infomation
Filing a complaint successfully against this uprofessional, rude company? The following information is the correct measure: MGC Mortgage, Inc. Owned by Beal Bank FSB Regulated by OTS, Washington, DC [protected], Fax: [protected]
Read full review of MGC Mortgage and 1 commentfraud
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
The complaint has been investigated and resolved to the customer’s satisfaction.
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.
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!
letters@washpost.com
UPDATE
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 [protected]! thanks
the regulating agency over Beal Bank/ MGC is FDIC. go to www.fdic.gov/consumers 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.
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.
leahnorman36@yahoo.com
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
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!
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.
http://www.hud.gov/offices/hsg/ramh/res/reslettr.cfm
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: www.bayliving.com/foreclosure/documents/QWR2.pdf
If you want help with writting this contact a HUD approved counselor, there is no cost. You can call HUD’s hotline at [protected] for a referral to a local HUD-approved housing counselor
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...
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
The complaint has been investigated and resolved to the customer’s satisfaction.
very poor start
Our mortgage was recently sold to mgc. I was hoping that they would be a step in the right direction after our horrible experience with our previous company (Ocwen). Unfortunately, that seems to not be the situation that is developing.
After ocwen notified us of the upcoming change-over, I expected to receive a "welcome" letter from mgc giving us our new loan number and other details. However, it had not arrived by the change-over date, so I called mgc to see if they could at least provide an account number for us. They said they had no account information for us and that it might take up to another 10 business days for them to have any information available. I was told to call back after that ten days.
We did eventually receive the "welcome" letter but the information in it was incorrect. I called mgc again, talked to a rep who said she was aware that there was some kind of mixup at the printing company and that new, corrected letters had already been sent out. I asked about an account statement showing our proper payment amount, so on, so forth... She said to expect it mid-month.
A week passes by and we had received no corrected "welcome" letter as promised. I called mgc to inquire about it, and was told this time that no mistake had been made, no corrected letter had been sent, and that the company would need sixty days to research the problem and report back to me. This time around, I was told that an account statement had been sent out, however, and I was given the date it had been mailed.
Wanting to find out why I was receiving discrepant responses each time I called mgc, I called again trying to talk to a supervisor. I ended up calling 8 times over 2 days trying to contact the supervisor (I'm told there is only one supervisor in the office). Not being able to reach her, I finally talked to yet another of the first-tier reps. This time she stated flat-out that no mistake had been made on the "welcome" letter and that I was the one that was mistaken. I took issue with that, and I am still attempting to talk to the supervisor about the situation. This time, as well, the rep told me that no account statement had been sent out (Directly contradicting the previous rep), and that I would not receive one until the end of the month (Contradicting what the very first rep told me). She claims that there is no way for them to send one out any earlier.
They want me to make payments on an account they have not yet been able to substantiate and then say that I won't receive any statement from them until after my payment date has already passed.
This company is trouble. I've kept careful records of every conversation i've had with them and every piece of correspondence i've received. It looks like i'm going to need to call them continuously to make sure things are moving forward properly. This is ridiculous.
I may be jumping the gun a little bit (but I don't think I am) -- I submitted a BBB complaint about MGC today. They are attempting to collect money from me without providing any kind of proof that they have a legitimate right to do so. Until they are willing to provide me a detailed account statement, they have no leg to stand on...
The complaint has been investigated and resolved to the customer’s satisfaction.
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
The complaint has been investigated and resolved to the customer’s satisfaction.
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!
The complaint has been investigated and resolved to the customer’s satisfaction.
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.
The complaint has been investigated and resolved to the customer’s satisfaction.
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!
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!
fraudulent activity
It is a mortage shell game. I'm persuing class action, YOU IN!?
*
Feb 16, 2009
MGC Mortgage, Homecomings Financial, GMAC complaint by Mortgagescams
You were reading a complaint about MGC Mortgage, Homecomings Financial, GMAC.
Filing a new complaint about
Write your Review »
I had a mortgage through Homecomings financial, which offered me a loan modification, then sold my mortgage to MGC, which did not send statements, or give me any information about my loan. It was finally sent to an attorney threatening me with accelerating my loan, and foreclosing. I talked to the loss mitigation department, who claimed he would look into this matter, and get to the bottom of it, and I told him that if we could not reach an agreement, I would pursue legal action. He never called me back about the matter, but two weeks later, I received notice that they (MGC) sold the servicing of my loan to GMAC. I thought that now I have a legitimate company handling my mortgage, but I was wrong. I have sent it my payment as per the modification, but my check was recently sent back to me, saying not to redeposit, and only full payment would be accepted, and now they would pursue foreclosing of my property. I have counsel advising me on actions to take, and now I need all of you. Those of you that refuse to be "strong armed, and threatened", need to contact me, for we need to band together, and file a class action law suit in federal court. They picked the wrong person to mess with, now its time to take a stand.
If you have a similar problem with either of these companies, please contact me at This e-mail address is being protected from spam bots, you need JavaScript enabled to view it I look forward to hearing your problems, and joining together.
ITS TIME TO FIGHT FOR WHAT IS OURS!
The complaint has been investigated and resolved to the customer’s satisfaction.
I am in on this class action suit also. I am being foreclosed on too. My loan was also sold to Gmac.. was homecomings first. Not good at all. The interest rate chewed me up. Unable to pay anymore.
I had a $730 payment with GMAC making home affordable program with 3 trial payments for June, July, August 2012. I made all 3 but the last one reached them late by 2 days because my area had a mandatory evacuation (hurricane) The payment reached them a few days late and they refused it, but later accepted the payment but said I had to reapply. That has taken until now and I now have a $1049.00 payment which is higher than my original mortgage which I could not afford then or now. This house is not my primary, it was my parents home and I cannot sell it. I was told the reason for the higher payment is that months have gone by and my escrow account is empty and I made a bad investment and therefore my payments higher. How do they think I can afford that now and why did it take months to get me an answer. I would have been paying the $730 all along, although that is a struggle. It seems they do not want to make it affordable because there is a low balance on this loan, maybe they see a way to make money and get rid of me. I do not know what to do, any help out there
janetbandel@yahoo.com
My home foreclosed today (monday) after I was assured 3 days ago (Friday) that I would be granted an extension of foreclosure sale date. My modification under obama plan making home affordable (MHA) was denied in March 2010 I received a letter that my modification would be reviewed under traditional plan and they requested income documenation which I faxed on March 17, 2010, on March 31 I received a letter "thank you for your inquiry, you should receive a response within 20 days, in April 2010 I received a fedex envelope asking me to complete modication package (again) and sent all requested document (again, I've sent it 3 times) even though they already had a complete package I complied and completed the package and sent all required documents, May 27 2010 called was told modification request was in review, on June 1 I called again and was told my modification was denied under MHA and my home was schedule to foreclose June 14, I told representative that my modification was for the traditional plan, was told they made a mistake it was reviewed under MHA again instead of the traditional I was asked to refax (4th time) all documents and they will forward to correct department for review and extend foreclosure date. I fax all documents, I called same day to verify that all document were received and was told yes, I called again to follow up on June 9 to learned that the foreclosure sale date had not been extended and I was told they needed recent pay stubs and recent back statements because the ones I faxed where over 30 days old, I asked him to please extend foreclosure sale date and was told they will not do that until they receive all the requested documents, again I complied and faxed requested documents on June 10, 2010. I called June 11 (Friday) and was told they have received the requested documentation and they assured me that they would send a request to extend foreclosure sale date, to my surprise I called this morning to learned that foreclosure sale date was not extended and I was denied because they they did not have enough time to review my modification request...I told them I faxed documents timely in May and GMAC made an internal error and send my package to the wrong program and as of Friday I was assure everything was received and it would be sent for review and my home went on sale today at 10:45am. Through this whole modification process GMAC has failed to properly notify me of additional information being requested to review my modification, I have learned of additional information being requested by GMAC thru my own self initiated calls to them, but the only document received from GMAC was fedex letter requesting to complete the package and letter last week stating that modiciation was denied under MHA program, but is being reviewed for other workout plan (letter did not request any additional information) and then home is foreclosed.
Hello,
I to had all sorts of problems with GMAC mortgage. It is the same complaint's that everyone else has written. My family and I had to forclos and eventually just fininshed getting exepted for Chapter 7 Bankruptcy because the second mortgage company was coming after us for there money. The bad thing hear is that we had 9 offers on the house for a short sale and not one response to them. Last November they eventually sold the house for about $100, 000 les then the short sale offers. Now does that make sense. They basically forced us out but sold to a non American Indian family for less but through out hard working Americans. I want to join any class action lawsuit against them. MY email is jaf1701@hotmail.com.
Please add us to your list of those that have been screwed by GMAC mortgage. Like many, I'm self employed and my income has been reduced by roughly 80% during this economy. In March 09 I contacted GMAC mortgage for assistance and they recommended the modification program. Provided them full documentation in April. Couldn't get any info from them for months and in Jan. '10 I was informed that the modification was denied. By then they had added another $45K in fees. They then recommended a short sale. Hired the best short sale realtor available and he provided them with two contracts on the property for $425K (balance owed to GMAC was $505K). GMAC moved forward with foreclosure. They finally told the realtor that the offers were too low and they were raised to $450K. GMAC continued to push for foreclosure. GMAC would not work with the realtor and the house was auctioned off yesterday.
The real rub is that the opening bid at auction was only $351K and the property was purchased by an investor for $352K. ALMOST $100K LESS THAN THE SHORT SALE CONTRACTS! Not only is this gross incompetence, but, it seems criminal as I will be held responsible for the deficiency.
Please email me at norstar2000@yahoo.com if anyone has any information on class action lawsuits against this group of crooks that are conspiring to push foreclosures instead of working with sellers.
My loan was sold three times last year from GMAC to MGC to GMAC to MGC back again whilst I was asking for loan modification help and whilst I was current on my payments .With a reduction of income I fell behind Aug 09, at that time I hired a rather unscrupulous attorney to handle my loan mod, unfortunately the only mod he was intrested in was to modify his style of living for the better. The attorney kept a big chunk of the fee. He hit a dead end with MGC. I have been trying to work with them for sometime but it seems impossible .I have taken steps to write to Obama and every elected official I can find to ask for help. and here is what I wrote:
Dear President Obama:
Thank you for the home affordable. program. I work for a GM dealership at the moment my income was reduced last year. GMAC mortgage company sold my loan to MGC mortgage in Plano Texas. I fell behind on the payments of $3700.00 per month, so far they have not accepted any work out except to pay a forbearance payment and catch up I offered to make the regular payments an add the balance to the loan but so far foreclosure is the only real option that I am hearing. They are not interested to work with your plan so they have given me very few options. I had perfect credit prior to Dec 2008 and my house payments were current up to July of 2009. I need your help as this is my last resort I have been living in my house for the past 16 years my children are the biggest worry I have. Unfortunately MGC mortgage according to others on the web has a very predatory brutal servicing policy. Every step of the way as I have made offers and payments they have threatened me with foreclosure. It is very difficult going to work with all these things going on. I am sure I am not alone. Please help me and my family.
God Bless you
GMAC has also been playing nasty games with us too. i applied for a loan mod. i got a letter from them that if i pay this amount for 4 months it will show i can afford the payment. after i paid the 1st payment and on time, they said i didn't make enough money. they said i need to show a little more to qualify.. so i did. my boyfriend (who lives with me) gives me money to help with all the bills. they said ok, reduced my payments but backed out again after i made that payment before the due date. they put my home on forecloser without telling me and now they are saying unless i pay $40, 000.00 right now, they will not take my home out of forecloser. we got in this terrible loan and the payments have sky rocketed. i am in a process of divorce and have 2 young kids. it is horrible what they are doing to people who are so desperate to keep there homes. i'm glad i found this because i knew i wasn't the only one going through this hell from GMAC.
i'm in!
GMAC - HomeComings Financial GMAC Mortgage GMAC/Homecomings has and still is ripping off American Homeowners. How does anyone work for them? Waterloo, Iowa
GMAC - HomeComings Financial
Fax: 3451 Hammond Avenue
Waterloo, Iowa 50702
United States of America
All of you scammed by GMAC/Homecomings are not alone... it happened to me too in the worst way. The fees not explained, drive by inspections, money up front for loan modification and a foreclosure with no notice... How does this happen in America and how are they getting away with this? I have experienced the 2 hours on hold, the rudeness, no statements, erroneous recordings, over $30, 000 in fees... Who is willing to fight these corporate robbers?
Are there any former employees of Homecomings/GMAC who are willing to stand up and tell all of us innocent homeowners what the heck is going on in the innerworks of this big corporate entity? What is going on and how did Homecomings all of a sudden switch to being GMAC overnight? Were they in bankruptcy? were they failing? Is that why they were stealing money from all of us and taking our homes? All their executives were collecting their bonuses of millions while the American public was losing their homes... If there are any former employees out there who are willing to do what is right or anyone that knows how this is allowed to continue email me at the following address... all information will be kept confidential... Someone has to stand up and do what is right... mortftr51@yahoo.com Email me if you are a former employee of GMAC/Homecomings, tell all of us what goes on inside this company... How do they get away with this?
My case is now going to Federal Court, being that GMAC and MGC Mortgage are in the state of TX and property is not. Attorney filed a complaint for me stopping the foreclosure within one hour in May of 2009. Must now go to Federal Court and battle this out being that I have paid almost 200, 000 on a loan that was initially 243, 000 and when they tried to foreclose, are charging me 251, 00 K which exceeds the cost of the original loan. The loan is also interest only until 2030 at which time, the payment will balloon. It is rigged badly. Interest rate was not to go below 9.5 or above 16. Crimeny! I was hanging in there when the interest rate was 14.2. What do they expect a body to do? Raise a family alone.
Tried to get a modification too as well to no avail. Sent paperwork in one three different occasions. Income has decreased dramatically from what it once was. Then after attorney filed complaint, GMAC tried to give it back to MGC and complaint had to be amended to include MGC. Who are these people?
This is simply predatory in nature.
Posting above indicates that MGC said they do not participate in the Making Home Affordable (Obama) plan. However, why would GMAC have that all over their website and people can obviously see from this information whether they qualify or not? Sounds fraudulent. Stay tuned.
I am having problems with GMAC Mortgage also. The have declined my short sale (have a cash buyer) because I have not been delinquent, but when I ask them so I am supposed to be delinquent first they say they would not advise that. My debt to income ratio due to a seperation is out the roof.
harley1964gn@yahoo.com
no response, no statements
OUR LOAN WAS SOLD FROM LITTON LOAN, TO MCG IN JULY. WE WERE CURRENT, BUT WHEN WE FINALLY CONTACTED MCG, IN SEPTEMBER, WE WERE TOLD THAT THEY HAD NOTHING ON OUR LOAN AND THAT WE WOULD "BE RECIEVING A STATEMENT". IT IS FEBRUARY, STILL HAVE NOT GOTTEN A STATEMENT, ALL OF OUR MESSAGES HAVE GONE UNANSWERED AND IGNORED, BUT WE DID RECIEVE SOME PAPERWORK TO FILL OUT FOR "SHORT SALE" OR "PAYMENT ARRANGEMENTS". I THINK THAT THEY ARE A SCAM COMPANY, OUT TO TRY TO REPO MY HOUSE. MY HUBBY AND I ARE THINKING ABOUT GETTING AN ATTORNEY. THE TEXAS STATE BBB HAS GIVEN THEM A RATING OF "F", WHAT DOES THAT SAY?
IF ANYONE HAS ANY IDEAS, OR EXPERIENCE WITH DEALING WITH THESE PEOPLE, I WOULD LOVE ANY ADVISE. MY EMAIL IS [protected]@TDS.NET
The complaint has been investigated and resolved to the customer’s satisfaction.
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 "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...
Read full review of MGC Mortgage and 18 commentsOverview of MGC Mortgage complaint handling
-
MGC Mortgage Contacts
-
MGC Mortgage phone numbers+1 (877) 471-7888+1 (877) 471-7888Click up if you have successfully reached MGC Mortgage by calling +1 (877) 471-7888 phone number 0 0 users reported that they have successfully reached MGC Mortgage by calling +1 (877) 471-7888 phone number Click down if you have unsuccessfully reached MGC Mortgage by calling +1 (877) 471-7888 phone number 0 0 users reported that they have UNsuccessfully reached MGC Mortgage by calling +1 (877) 471-7888 phone number
-
MGC Mortgage emailsmgcresearch@mgcmortgage.com100%Confidence score: 100%Support
-
MGC Mortgage address7195 Dallas Parkway, Plano, Texas, 75024, United States
-
MGC Mortgage social media
-
Checked and verified by Laura This contact information is personally checked and verified by the ComplaintsBoard representative. Learn moreJun 30, 2025
Recent comments about MGC Mortgage company
MGC mortgage Inc.


Our Commitment
We make sure all complaints and reviews are from real people sharing genuine experiences.
We offer easy tools for businesses and reviewers to solve issues together. Learn how it works.
We support and promote the right for reviewers to express their opinions and ideas freely without censorship or restrictions, as long as it's respectful and within our Terms and Conditions, of course ;)
Our rating system is open and honest, ensuring unbiased evaluations for all businesses on the platform. Learn more.
Personal details of reviewers are strictly confidential and hidden from everyone.
Our website is designed to be user-friendly, accessible, and absolutely free for everyone to use.
mgcmortgagesucks dot com please