The complaint has been investigated and
resolved to the customer's satisfaction
Resolved
MGC Mortgage β€” fraud and scam

Review updated:

Like everyone else this company has never sent me a statement they have not paid our taxes or insurance. They are not returning our phones calls nor have they answered any letters. We have have never rec'd a welcome package with our account information amount nothing. Is this company a fraud? Our loan was sold to this company as Sept 1 and today is the Sept 24 and still nothing where are we suppose to send our payments and are they marking us as late?

We need a lawyer people and should band together on this there is something fishy about this company and they are treating people like this all over the usa I am in Ct.

We need justice making complaints here our not getting anywhere they don't care... they can foreclose on us and the State Attorney General Office in Tx could not care less!! These are our homes we need to protect them from these people making payments is great but if they are not cashing our checks and sending out statements and paying the taxes and insurance like they are suppose to do then we need HELP!! My insurance is going to laspe because I am unable to get anyone on the phone at this place I will have to pay it myself when this is included in my mortgage they will put a lien on my house if my taxes are not paid then what...

Responses

  • Su
    Suzanne Sep 27, 2008
    This comment was posted by
    a verified customer
    Verified customer

    My mortgage was sold to MGC in July and I have yet to receive anything in writing that they are my mortgage company. I refuse to send them a payment. And if that is not bad enough, when I told "Keith" at MGC I wanted something, anything on their company letter head before I would send my money, he "officially" welcomed me on the phone and told me to call him when the checks were in the mail and he would be expecting them! Are you kidding???? So, I have not paid my mortgage, I contact MGC every other week by phone and ask them for a statement and they say it is in the mail. You cannot access your account online or pay online. My next step is to contact a lawyer. Good luck MGC customers!

    0 Votes
  • Ap
    Apostal Lorene Rice Nov 10, 2017
    This comment was posted by
    a verified customer
    Verified customer

    @Suzanne Same thing here.

    1 Votes
  • Je
    Jeryl Cook Aug 10, 2018
    This comment was posted by
    a verified customer
    Verified customer

    @Suzanne Same thing! I verified it was never sold..they are making millions from people who think this is real... shameful

    0 Votes
  • Rp
    RPhelping Oct 08, 2018

    @Suzanne MGC is not in these United States. D. Andrew Beal of Beal Bank and his MGC is insurance fraud. Beal deals on the foreign market. Beal funded the super pac to get Trump elected. There are those who have done research on this scam for years.

    0 Votes
  • Mg
    MGraham Oct 01, 2008
    This comment was posted by
    a verified customer
    Verified customer

    My mortgage was sold to MGC in May and I have not been able to get anyone to answer my calls, emails, etc. I have reported them to the FTC and I implore everyone else to do the same.

    When I left a message notifying them I filed a complaint with the FTC I received a phone call with someone giving me their direct number. When I called it though I received a voicemail and he has never returned my call.

    Report them to the FTC so that there is a trail that you are doing all that you can to resolve your mortgage issue.

    0 Votes
  • Ri
    Ria V Oct 07, 2008
    This comment was posted by
    a verified customer
    Verified customer

    I have the same issue. CitiFinancial sold my loan to them for Sept 1. Very difficult to get on the phone. I did speak to someone who said they have had checks for months that they have not cashed as yet that they were still setting people up in the system. They finally sent me something in the mail with my new account number on it. He also told me it was "OK" to send the payment late as they were so behind and they would not be reporting people to the credit bureaus for 30-60 days being late.. they still have not cashed my check.

    0 Votes
  • Mi
    Michael Bentley Oct 13, 2008
    This comment was posted by
    a verified customer
    Verified customer

    I have yet to get anything from MGC. My mortgage was sold to them in July as well. It took them months to begin depositing my checks, but finally they seem to be caught up. However, no one from the company will return my phone calls or emails. I have threatened BBB complaints, with no results. My problem is I wanted to refinance before this crap hit the fan and I couldnt because MGC hasnt updated my credit report to show that I'm still paying my mortgage. So the 50 point jump i was holding out for for the fixed rate loans hasnt arrived yet and I'm stuck with an ARM for the moment. It would also be great to get a monthly statement and know that they have paid my property taxes, but alas, no communication from MGC yet...

    I say they're not in a position to service our loans and should be reported to the FTC & BBB & Plano TX authorities as well. Any updates from anyone else?

    0 Votes
  • Mi
    Michael Bentley Oct 13, 2008
    This comment was posted by
    a verified customer
    Verified customer

    Please click on the send email button and send me an email if you are having any luck or not with MGC. If we team up and file complaints together we might make a difference. Their cut you off and hang up on you telephone system, and non-responsive email address is driving me nuts!

    Thanks!

    2 Votes
  • Em
    Emmy Oct 16, 2008
    This comment was posted by
    a verified customer
    Verified customer

    I have been in the same boat.

    I tried to pay them - they couldn't take the July payment the day it was due, then they sent us a letter to pay homecoming the last payment. Homecomings won't take it. Then I get a past due on the July payment.

    Two weeks ago. No bills, nothing. I called, they said 'send the money' and a week later I get a call asking why we were so behind. (you never billed us)

    Also was asked how much our payment was, and how many payments did we owe. Then he tried to say that we owed for June since they bought it June 30th.

    But there is hope - I got a letter yesterday telling us we were sold again.

    Now to straighten up this MESS that MGC left us.

    -1 Votes
  • Mi
    Michael D. Oct 16, 2008

    Just Curious how everyone is making out? I am in the midst of starting a class action suit against this company, and if you are interested please forward me an email with your story, etc. They took my mortgage over back in July, and I still have not received a statement to this day, and it's almost November now. I sent in my July, August, and Sept payment, and it took them almost 2 months to cash both my July and August payment. They cashed my Sept. payment right away, but still have not received a statement to back up my payments, and to give me piece of mind. After countless calls, certified letters, and emails, followed by countless stories from then stating how they are backed up, and the statement is in the mail, etc. I have decided to move forward with legal action at this point. We can't allow them to treat us this way. Had it been any different, and we were the ones behind, forget about it, we would have fee's, letters of default, and every legal action thrown at us without any understanding from them, so why should we have to bear with them? No thanks!!!

    0 Votes
  • Li
    Li Li Oct 29, 2008
    This comment was posted by
    a verified customer
    Verified customer

    The story told by Michael D. is exactly what we have been experiencing, even within the same timeline. Ironically, we sent out our November payment to their Plano office by certified mail this morning.
    Yes, yesterday we received a mail updated with our new acount number starting with a bunch of zeros and a new mailing address located somewhere in Massachusetts to forward our payment to.
    It seems like we have been trying hard to play by the rule, and this company is really some kind of scam. We would like to save our home and join the class action against this company.

    0 Votes
  • Ci
    cindi418 Nov 08, 2008

    OMG!! I can't believe the comments I have just read. Me and My husband are in the same boat with this so called company! Our mortgage was sold to them in july of this year and still no statement as of this date. Same problems with payments not being posted and don't worry they are not reporting to the credit buros . Called them numerous times and never any results. Got a letter saying my interest rate was going up again with them from 9.5 to 11%. We don't know what to do and are afraid we are going to loose our home.

    0 Votes
  • Li
    Li Li Nov 09, 2008
    This comment was posted by
    a verified customer
    Verified customer

    Hi Cindi,
    Michael D., in this board, is arranging a classing action against this nerve wracking MGC company. Maybe it's a good idea to stand together, in order to have a better chance...

    0 Votes
  • Fr
    Frank Nov 10, 2008
    This comment was posted by
    a verified customer
    Verified customer

    I have never received a statement. They've lost checks, they don't cash them for 2 months, I don't know where I stand. Has anyone found any solutions?

    0 Votes
  • Me
    Melinda Reeve-Cook Oct 03, 2018
    This comment was posted by
    a verified customer
    Verified customer

    @Frank set up a log in and password and pay directly on the website. This is immediate and you can print out proof that you paid, it should come out of your bank account within a few days, and you can monitor your loan information without waiting for them to get in touch with you.

    0 Votes
  • De
    deb Dec 01, 2008

    My husband is 64. He is dying because of this situation. We have paid all of our monthly mortgage payments and have received one statement in 6 months. Now at the Sudbury Massachussets branch they say we haven't paid since June. Where are our fine politicians . Now the elections over we are chopped liver. I have copies of my checks but the my husbands life is worth more than this. They are responsible and I am taking action . Any one interested may come along. Thanks so much and God Bless.

    0 Votes
  • Ro
    rob Dec 02, 2008
    This comment was posted by
    a verified customer
    Verified customer

    THIS IS AN OBVIOUS CONSPIRACY TO GET PEOPLE OFF SCHEDULE WITH THEIR PAYMENTS TO CREATE A FORCLOSURE ENVIRONMENT. WHY ELSE WOULD YOU NOT PROVIDE STATEMENTS AND PROCESS CHECKS MONTHS AFTER THEY ARE RECEIVED ? THE FBI SHOULD BE ALL OVER THIS COMPANY. THEY CANNOT ACCOUNT FOR PAYMENTS RECEIVED, AND CASHED. THEY ARE PLAYING A SHELL GAME WITH PEOPLES LIVES & PROPERTY. THE EXCUSE THAT THEY ARE OVERWHELMED IS TOTALLY UNACCEPTABLE. THEY SHOULD HAVE BEEN UP TO SPEED WHEN THEY TOOK ON THE BUSINESS. WHERE ARE ALL THESE MISSING PAYMENTS ? ARE THEY SKIMMING ? WHERE WILL THE YEAR END STATEMENTS BE WHEN YOU NEED TO DO YOUR TAXES ? WHERE IS THE MANAGEMENT OF THIS COMPANY ? HIDING AT THE COUNTRY CLUB ?

    0 Votes
  • Ro
    rob Dec 02, 2008
    This comment was posted by
    a verified customer
    Verified customer

    IN ANY OTHER BUSINESS, WHEN YOU CANNOT ACCOUNT FOR MONEY YOU HAVE BEEN PAID IT ISN'T CALLED "DECEPTIVE BUSINESS PRACTICE" OR " UNFAIR BUSINESS PRACTICE"


    IT IS CALLED WHAT IT IS...THEFT

    0 Votes
  • Fr
    fred cross and Brenda Cross Dec 04, 2008
    This comment was posted by
    a verified customer
    Verified customer

    we have a simalair situation where our mortgage was sold to MGC Mortgage sometime in mid 08. We have yet to receive a statement or any written information as to how much our payment is. What are the actions we should take. We refuse to send then any payments until we know whats going on. They told us they wont send us anything unless we make a payment. Some one please help us out on what to do our email is [protected]@hotmail.com
    sincerly brenda and fred cross

    0 Votes
  • Pb
    PBelley Dec 16, 2008

    I too am in a similar situation as the posts I've read. My loan was purchased in June and the last payment made to Option One Mortgage has come up missing. MGC hasn't as of yet reported my loan to the credit bureaus. I received my first statement months after they began servicing my loan (3-4 months) and there have only been 2 total so far. My loan was resold in November from their Plano, TX branch to their MA office, which somehow induced yet another RESPA period (which is odd to me since its the same company). Their collectors are for the most part untrained and will say anything to get off the phone, one telling me the other day where he saw a payment on my account posting from unapplied funds so it must be the missing payment. He then proceeded to tell me he knows it wasn't the payment I had set up on bill pay from my bank account b/c he read a notation about it being transferred from unapplied funds. When I called back another collector said that it was definately the payment made via bill pay and would open up some research on the missing payment and would call me back. I have yet to hear back from anyone.

    ...all that being said...I think I know what this is. Its a company that got a good deal on some subprime mortgage paper probably in a fire sale from some real banks. They don't even have check by phone capabilities set up yet. Working for a real mortgage company I was shocked to hear a collector tell me at 29 days past due on the last day of the month to simply mail in my payment. I had to ask if they had a Western Union quick collect option so my account wouldn't go 30 days delinquent. These guys are limited on their range of assistance. I plan to test their modification process with a BS long term reason for delay and some concocted figures. We'll see how this goes. I've got a hunch that all of you conspiracy theorists aren't taking this for what it is and how you can benefit yourselves. They won't fact check...get a lower interest rate. I'll follow up with my success/failure in another couple months when they will have hopefully reviewed my loan mod.

    0 Votes
  • Mi
    Michael D. Dec 31, 2008

    This is Michel D. Reporting Back...

    I have been reading all of your posts, taking note, and have been doing so for months.
    Since I have started these threads back towards mid summer, we have generated a serious
    amount of interest from others that are also experiecing the same issues with MGC.

    Countless people have reached out to me, with nothing but disturbing experiences, worries,
    and hardship concerning this ordeal.

    Back towards the late summer. I made the smartest decision of all and that was hiring an
    attorney to oversee all of this. I needed to feel protected in some way shape or form, as I couldn't
    seem to get the comfort I needed in dealing with the the mortgage company directly. With endless
    phone calls to no avail, countless letters, emails, and faxes, that were never returned. I needed to
    make a decision to protect my family and my home.

    Since then we have been able to dig up a tremendous amount of information on this company.
    Back in November, we were ready to officially file a suit against them, but then decided to hold
    off until the first of year. Reason being, is the company appears to be bouncing around and
    opening offices in many other various states. Well they call it branching out, while I call it
    bouncing around. My attorney seems views it as creating confusion, etc.

    Never the less, we will be officially moving forward with our action against them after the first
    of the new year. Now I have taken note of each and every one of your posts, and will be in contact with
    with those of you that appeared interested, but if there is anyone else additionally that is experiencing the
    sames issues that you have read here on these forums that would like to participate. Please
    post your story here and get in touch with me via the send a message button above.

    We can't let them treat us in this manner. It's unjust!!!

    Set aside from all this...
    After almost (6) Months, I finally received a statement from MGC.
    Regardless of the fact, the statement is a mess.

    First, There is a missing payment???, un-applied funds???
    About $300 Late Fees?? (Which we have never missed a payment)
    and further-more it appears that they have rolled all of our future
    taxes into our loan. Taxes that aren't even due yet nor have been
    paid by them. An amount that substantually increases our monthly
    payment by hundreds of dollars, and it's very disturbing. Fortunately
    I am in a position to be able to afford the increase, but I am beside myelf,
    and can't imagine what it would be like for someone that couldn't afford
    an overnight increase like this. Perhaps someone that is on a fixed income,
    or only makes enough to be able to afford their previous monthly payment.
    Maybe a family that is struggling due to a job loss, and unfortunate
    death, or simply a decrease in pay due to the economy.

    This is extremely outragious!!! And has to stop!!!
    I will be looking forward to hearing from you all, we need to come together on
    this or people are going to start losing their homes due to these deceptive business
    practices.

    -Michael D.

    1 Votes
  • Gi
    gin Jan 20, 2009
    This comment was posted by
    a verified customer
    Verified customer

    I am reading that and having the same problem MGC didn't know anything I was sold to them in July of 2008...I was with Homecomings before that ...MGC couldn't give me an account number or to find out if my insurance was to be paid. They cashed my checks and lost some of them... the checks they did cash they do not have any record of and now in November of 2008 I was sold back to GMAC mortgage and they say I am behind and want me to come up with all of this money or they will foreclose...I don't know what to do I never received a statement from MGC the whole time I was with them... whats wrong with this picture...I wonder to if something weird is going on here...would love to hear from other people on this and I am willing to pursue whatever against this mess.

    0 Votes
  • Ta
    Tammy Jan 31, 2009

    Micheal D can add me to the class action suite against this company too. They have got to be a scam and are cheating people out of their homes.
    I am in the same boat and having to hire an attorney due to them trying to foreclose.
    [protected]@aol.com

    2 Votes
  • Mg
    MGC-mole Feb 03, 2009

    this is a test posting, from an insider

    1 Votes
  • De
    deb Feb 05, 2009

    I agree totally . My brother is an attorney and is helping us.We have apaper trail and have documented everything . If he does not work out we fortunately have a contact in New York State that does have quite a bit of influence. Right now we are trying to work out this incredible mess. It takes a toll on your health and well being.

    0 Votes
  • Kr
    Kristy C. Mar 04, 2009

    I am in the same mess as everyone here. I just checked them out with the BBB and they have a rating of F! I have filed for a loan modification with them. We will see if I get anywhere.

    I think we need to go forward with the class action suit because they have not paid my property taxes either. I also have several "unapplied" payments. What is that???

    -1 Votes
  • Ja
    James Mar 09, 2009

    Wow, I thought it was just me that was being taken through the ringer. My loan was bought in July 1 and I didn't hear anything from MGC until October when I called to see what was going on. They told me that they will help ME catch up with my payments but I told them I never received any information from them.

    In the process of doing a loan Mod my rep, Chad Daily mysteriously stop corresponding with me for 3 weeks after speaking with him for 2 months on a regular basis. When I called to speak with Chad I was forwarded to another rep, Wade Tolman who was very rude and acted as if he had spoken to me on numerous occasions. he told me that I couldn't qualify for the loan mod and my house went into foreclosure 3 days later.

    I later found out from the Receptionist, Rose that Chad (my first Rep) had left the company weeks ago and no one seem to follow up on my paper work. I sent Jeff Cowan, Wade Tolman & Liliana a complaint letter and haven't heard from anyone.

    Good luck everyone.

    0 Votes
  • Je
    Jenifer Mar 11, 2009
    This comment was posted by
    a verified customer
    Verified customer

    3/11/09

    I also have had one problem after another! My mortgage was sold to them in June 2008 and I finally received my first statement in Feb 2009. I did make monthly payments to an address given to me over the phone during that whole time. On my first statement, they said I owed more money because apparently they increased my rate without notice (which per Iowa law is illegal - they must give 30 days written notice). I fought that, and they did finally lower my rate back down for a couple of months and updated my account.

    I started the modification process in October and was told it could take up to weeks - still not done. Not only is it not done, they told me I needed to resubmit all financial info because what they have is now outdated since they took so long.

    They also did not pay my taxes or house insurance like they were supposed to.

    I could write all the problems I've had, but there are just too many.

    I am refinancing and will to pay closing costs just to get out from under them - which is pretty sad! If there ever is a class action suit, I definitely want to be involved! I have just recently contacted the attorney general regarding this.

    Good luck everybody!

    0 Votes
  • Mg
    mgcmortgage_sucks Mar 24, 2009

    I am also having problems, they bought my mortgage back in august 2008 then it went to the Texas branch not it was transfered to Medford, Ma, the are charging me hundreds of dollars it late fees because it took them 6 months to send me a correct payment address, they never answer their phones, they do not have a way to pay online, they do not have weekend hours and phone lies are open on hours where most of America is busy @ work. If there is a class action law suit add me to the list.

    [protected]@mail.com

    0 Votes
  • Ja
    Janet Green Mar 27, 2009

    I have read all of your complaints, and I am worried. My parents are on the verge of foreclosure because of Katrina, surgery, etc. They are 71 years old, and my dad told me his mortgage had been sold to MGC. He also told me that when it was sold (back in November 2008) he was told not to worry about sending in payments until he received a statement. Well, needless to say, my father is not well. He has not made any payments. Now he is worried about foreclosure. I asked him for the letter he received, and it is dated Nov 2008 stating that his mortgage had been sold to them, that his interest rate had gone up, etc. There was no statement, and no billing address. I have been trying to contact them, however, when I put in the loan no. that is on the letter, it tells me that it is an invalid number.

    Can someone please email me at [protected]@jjbylaw.com and guide me on how to reach these people before my parents lose their home.


    Thank you.

    Janet Green

    0 Votes
  • St
    Steven Mar 28, 2009

    DITTO on all of the above, MGC bought our loan, called us and told us we were two months behind. We have made every payment, Carlos with MGC called wouldnt send anything couldnt access our accout, its a bunch of B.S.

    Steven

    0 Votes
  • Up
    upset Apr 07, 2009

    I'm in the same boat. I have left several voicemails today and still no call backs. How do you make a payment when they won't talk to you. Do I need to consult a lawyer over this? Thats more cash to put out then. How can this company get away with this?

    0 Votes
  • Di
    Disappointed Apr 11, 2009

    OMG! I can't believe this! We too have fallen victim..We always paid online thru our old loan co., Green Tree and now I call MGC & the automated system (which is the only thing accesible) says...INVALID acct #..surprise surprise! Now I am late! My first statement also shows a month late which is B S ! I can't believe a mortgage company doesn't have a website to begin with..these people truly need HELP! and so do we!!

    0 Votes
  • Di
    Distress111np Apr 28, 2009

    I was in the same boat for like a year. Homecomings use to service my loan or own it, i'm not sure who owns my loan. Initially, my loan was owned by a bank in california and then it was sold to homecomings. Well apparently the first owner never send every single paper to Homecomings so they never received my insurance papers. So thinking that i had my insurance papers in order i didn't pay attention to some letters, and i ignored it. So later, my payments starting changing, so i called homecomings why this changing. Apparently, Homecomings believed i didn't have insurance, so the force a placement insurance which cost a lot more than my original insurance. So finally after fighting and calling them and calling my farmer agent i got it straighted out. Replacing the force place insurance with my original insurance, and getting reinburse.
    But the next month, my loan got sold or transfer to MGC mortgage, it got a letter that it say it was transfer and my payments should be made to MGC. Well, so it did for three months. And i was checking that MGC was receiving my payments because i wasn't getting any type of receive at all. MGC kept telling that since my account was in transfer mode it was gonna take sometimes to update it. Well, i kept making the payments amount that was agreed when homecomings fixed the insurance problem. So for three months, i send payments in the amount. So three months pass, and i got another letter saying my account was going to be service or transfer again to GMAC. Not until then, i found that i was behind in payments and the payments that i made were not the amount expected. So apparently, Homecomings never updated MGC of my insurance error. MGC never updated my account, and never applied all my payments and they even lost a money order that i stupidly sent.
    so it took me like six months to fix these problems with GMAC, and to get my payments back to it was when i bought the house. I called MGC to send my copies of payments and receives to get things fix, but they wouldn't give to me. They kept saying GMAC was supposed to fix any problems. And they didn't have any records.

    So finally, I proved my case with GMAC that what i was claiming was right, but even then GMAC was making mistakes and my escroll was negative because GMAC sent an early Taxes payment. The took me another week to fix.

    I believe this company are trying to make people foreclose. So if you are having this kind of problem, just keep calling these company and ask for supervisors. Don't talk to the people the answer the phone. They don't know anything, they usually tell you anything to get rid of you.

    0 Votes
  • Ka
    Kathy in mortgage hell May 09, 2009

    Your stories are my story. I was in the process of refinancing my ARM when CitiResidential sold to MGC on 9/4/08. Today is May 11, 2009 and I have still not gotten a correct pay-off letter to refinance. I AM IN MORTGAGE HELL!!! I stopped paying them for a few months, thinking I would "let the dust settle". Nothing changed. I got a letter threatening foreclosure, so I called them and they took a $5, 000.00 payment over the phone, after I told them I would NOT pay them a fee. She waived it. She said this would stop any foreclosure issues and to continue paying my monthly payment. (Which I cannot afford due to a 8.99% interest rate). She sent me loan modification papers. I am in the process of filling all that out.
    A week after I made the payment, I got a letter from a lawyer for MGC stating I owed them some outrageous amount of money, about $25, 000 over my original mortgage amount and stating if I did not dispute this in writing over 30 days, they would collect the debt.
    I also have the problem of being charged for homeowners insurance. It happened right at the time of the sale. I have faxed my homeowners policy several times and they are still billing me an ADDITIONAL $225 to pay for insurance. I can't explain this to anyone. They speak English, but they don't understand it. We are the enemy to them.
    My loan broker said they stopped reporting to the Credit Bureaus so it would be impossible to give a new lender any credit history, proving I had paid. No to mention, no pay off letter.
    I am at my witts end!!! I can't sleep.
    email me at [protected]@aol.com. I want to be on board with any action that is taken, as well. I will help where I can, too. I hope this thread will convince a new mortgage company what I have been saying all along is true and I can get away from this rip off institution asap.

    0 Votes
  • Ta
    TAMMY MARIE ARNOLD Jun 08, 2009

    I AGREE WITH ALL OF THE ABOVE DUE TO THE FACT THAT ITS HAPPENING TO ME TOO.
    [protected]@gmail, TAMMY MARIE ARNOLD, 475 GILTEDGE GIN ROAD, BURLISON, TN 38015

    0 Votes
  • Ja
    J.A. Jun 24, 2009

    Well, I am in the same boat. I had Homecomings and everything was fine. Made my payments online, etc--then last July, I went online to Homecomings, and could not access the online payment page. I called and found out that my mortgage was sold to MGC 1 July 2008. I never recieved any notice. I called MGC and was told the same thing as everyone else. Just continue to make your payments. Thank God, I always printed out the payment confirmation page from my online bill pay. So I had a record! When the payments were not clearing my bank, I called MGC and was told they were running behind, but just keep sending my payments. Which I did. Then my mortgage was sold to GMAC effective Nov1 2008. Everything seemed fine, until I started getting calls from GMAC about a payment not recieved. I faxed all the copies of my payments to MGC to GMAC and told them to find it. It took 8 months for GMAC to locate it, but they finally did. Now my mortgage is sold again back to GMC effective 1 July. I am really nervous as I see from these postings that nothing has changed with them. There seems to be a pattern here--Homecomings to MGC then to GMAC. Add me to the list of interested parties for the lawsuite.
    Joanne

    0 Votes
  • Ej
    Ejmcconnell Jul 06, 2009

    My mortgage was sold to MGC in July 2008, I was with Waterfield Mortgage prior. I started with applying for a loan modification in September 2008, as my mortgage was a 2-year arm and wanted to modify my interest rate prior to the acceleration on January 1, 2009, however, as of today, 7-5-09, I have gotten the run around from MGC. They advised me in April 2008, that they still have not heard from the "negotiators" on whether I would be approved for the loan modification, therefore, they were requesting that I send in 3 monthly payments, on time and once the payments were all made on time, the loan modification process would continue. The CSR mentioned that they were doing this so that my file would look better when it was sent to a negotiator. I sent the payments in, however, before I sent any payment I requested something in writing indicating that I agreed to the 3 month payments and the CSR indicated that they would not give anything in writing and if I didn't make the payments, they would begin foreclosure proceedings. I have been working with a CSR named Chevette Wade and she has been very helpful. I am still hoping that I will be approved for my loan modification, however, I just learned that after I make my July payment, I must submit a whole new package for the loan modification, per Chevette, I asked her why I had to fill out another packet and she indicated that the last one I submitted was now out dated, I told her that was not my fault, why did I have to prepare another one? Why hasn't my loan modification request been looked at? She only said, she would send me another application along with a list of items required to begin the process again. I have been so stressed out over all of this mess, I want to save my house, but I don't feel I am getting help from MGC. I can never get through to them, however, Chevette gave me her direct line and she always calls me back within 48 hours, sometimes if I call over and over again, she will pick up the phone. She has really been helpful. MCG was not taking my payments which put my home in a foreclosure status and once they said they would take my payments so long as I agreed to the 3 month of payments on time, I received letters in the mail, the very next day that I agreed to the 3 payments on time, indicating that my foreclosure sale date was 7-3-09, I panicked and got on the phone with Chevette, she said just make my payments by 6-22-09 and once I made the payment via Quick Collect western union, call her with some MICS number and she would put a temporary hold on the foreclosure. I did as she indicated and low and behold, my house was not sold. I feel so helpless though. I need help and don't know what to do.

    0 Votes
  • Fr
    FreddyKristiansen Jul 07, 2009

    Wow - I thought I was alone in hating MGC.
    My loan was sold to MGC last year - and my story is the same as all the stories I read here.
    Suddenly my loan was sold back to GMAC - only to find out that two of the payments I made to MGC wasn't registered and GMAC was about to put me on foreclosure.
    I was very awake during the entire time - had everything backed up, all payments on time and contacted an attorney who threadened with a lawsuit against GMAC if they where to put me in foreclosure. He also wrote to MGC and suddenly they found my money and I was good.
    In the meantime I had to pay my home owners insurance myself - because they didn't get their act together and my insurance company was about to cancel my policy.
    Back at GMAC I thought I was in the clear - but now July 1st 2009 - MGC bought my loan again - and it seems like everything starts all over.

    I hate MGC Mortgage!

    Freddy Kristiansen

    0 Votes
  • Co
    comaltexas Aug 17, 2009

    You aren't kidding they are so screwed up its not funny. From them not properly crediting payments to railroading customers on loan modifications to raping people with high interest rates on adjustable loans, etc, etc, its ridiculous to say the least. Hate is a kind word in this case.

    0 Votes
  • Si
    Sick of MGC Aug 19, 2009

    I'm having the same problems with MGC. They bought my loan 3 months ago and
    1. they are not applying payments
    2. charging me 2% higher interest rate than what is in my note
    3. refusing to refund my escrow excess because they say the account is past due - see note 1
    4. they hang up on you when you actually get a person on the phone
    5. I was told to fax all proof documents to one number a month ago, now they are telling me I should have faxed everything to different fax numbers for each issue
    6. applying negative amortization on the loan

    I'm consulting an attorney today to see what I can do and I am also filing complaints with the FTC and the BBB. This is just outrageous!

    0 Votes
  • Ag
    agonzalez Sep 01, 2009

    1. they are not applying payments
    2. charging me 2% higher interest rate than what is in my note
    3. refusing to refund my escrow excess because they say the account is past due - see note 1
    4. they hang up on you when you actually get a person on the phone
    5. I was told to fax all proof documents to one number a month ago, now they are telling me I should have faxed everything to different fax numbers for each issue
    6. applying negative amortization on the loan

    I'm having the same problems with MGC, should i get an atty?

    0 Votes
  • Tr
    Trecman Sep 09, 2009

    This company has just bought my Mortgage and needless to say that after reading all of the complaints against this one company I am concerned and very weary about doing any business with them at all. Like many others, I have yet to receive a statement asking for "X" amount of money. My mortgage has always been payed on time, always... UNTIL NOW. I will not be sending these thieves a dime, since they have yet to send me a statement. And question, how can they charge late fees when they have not sent out statements requesting any payment. This company has some serious issues and the State Attorney's office in Texas should be notified. if I have ANY problems at all with this company which now OWNS my mortgage I will be joining those of you whom are seeking out a class action law suit.

    You'd think that this company would have been closed down by now, seeeing as to how many people they have literally screwed over. I am disabled, live on a fixed income and will not be throwing my money away to a bunch of thieves. My home is all I have left, since my health has deteriorated dramatically over the past few months. The stress involved of dealing with this company will surely have a detrimental effect on my health and if that is the case MGC will also be sued for needlessly subjecting me to this stress. Stress is what is killing me and MGC has just added a lot of stress to my life. I hope for their benefit they do the right thing and send me a PAYMENT/STATEMENT soon... It is already the 9th of the month and I have yet to receive any statements... Not even a Welcome to our Family pack, NOTHING. But I have read these pages and am now mortified of what is yet to come.

    Peace to all and good luck.

    0 Votes
  • Gg
    gg00 Sep 17, 2009

    I am going through the samething, I have sent them many letters and have not heard from. Also have left a many messages like others on here and still no return phone calls. My mortgage was with Homecomings before being transfer to them.

    0 Votes

Post your comment

    By clicking Submit you are agreeing to the Complaints Board’s Terms and Conditions

    IN THE NEWS

    Unhappy consumers gather online at Complaintsboard.com and have already logged thousands of complaints
    If you see dozens of complaints about a certain company on ComplaintsBoard, walk away.
    One of the largest consumer sites online. Posting here your concerns means good exposure for your issues
    A consumer site aimed at exposing unethical companies and business practices
    ComplaintsBoard is a good source for product and company gripes from especially dissatisfied people
    You'll definitely get some directions on how customer service can best solve your problem