MGC Mortgage

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?

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.

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.

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.

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!

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.

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.

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.

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

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

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 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

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!

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.

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