Help with my mortgage-MGC

[greenberry]

I am writing for help with my mortgage situation. I had to refinance my home back in 2006 due to falling behind with Countrywide home loans due to a disability. I could not refinance with Countrywide, credit and self employment issues, so ended up refinancing with Quality Home Loans. We ended up having to take a higher interest, ARM loan and also realized (later) it was interest only. We also don't understand after researching subprime lending practices how Quality Home Loans was able to get us in a loan with our credit issues and not being self employed for 2 years, we had no taxes to back up our claims of income at that time.

Our loan is now due to reset at a higher rate in November and we are barely making the payments now, so I know we will fall behind once it resets. We are currently not behind on payments but are still unable to make the payments until the end of the month, so we are steadily getting fees added each month. Our loan was sold to Select Portfolio Servicing and we submitted a request for modification through HOPE NOW and before we could even start the process our loan was sold to MGC, who just got our information in their records. We are stuck in between a rock and a hard place. We have lived in our home for 11 years and have around 50 to 60,000 worth of equity still in our home but are unable to refinance out of the current loan due to issues stated above. If anyone has any suggestions it will be greatly appreciated.

[Moe Bedard]

Hi greenberry,


Welcome to the forum and thank you for joining...............

Is HOPE telling you that they are not able to work with MGC on the modification?

Here is a direct contact if you want to see if the HOPE counselor can get your modification going with MGC.........

Christine Poland
VP Loan Operations
MGC Mortgage Inc.
1-469-229-8620


Please keep us posted on your progress..........

[greenberry]

Thanks for the response. I have not spoken with Hope yet regarding MGC. I have the modification papers Hope sent to Select Portfolio and was wondering if it would be better to call them myself and try to work out a modification or have Hope resend the info to MGC.

Also I had a question about predatory lending. I was reveiwing our loan papers we had Select Portfolio send us from the title company and it shows over $12,000 worth of fees charged on this loan and I also don't see any paperwork telling us we have up to 3 days to resend the loan. I Also need to get a copy of our original application because I have a feeling the loan officer from Quality Home Loans had to fudge our income a bit being my husbands self employment didn't start until April of 2006 and we applied for the loan in August of that year. Quality Home Loans also promised us we would be able to refinance out of this loan in 3-months with them because this loan was suppose to stop the so called foreclosure the loan officer claimed he seen Countrywide moving forward with on our credit report (come to find out that was not true) anyway they didnot keep up their end of the bargain loan was final in October, 2006 Quality Home Loans sold it to Select Portfolio in December, 2006 and then filed bankruptcy in September, 2007. We are really not sure what type of moves we should be making now.

[Moe Bedard]

Alot of members were told alot of things verbally about being able to refinance out of their loans............unless you have an approval in writing for the refi........there isn't too much you can do about believing that you would be able to refi in 3 months.............we all fell for that one...

Based on the info that we have currently on MGC and their less than stellar performace in servicing thus far, I would suggest that you continue with the help that you are receiving from HOPE in regard to the modification.......

or......

If you feel that the loan that you received was predatory in nature and you wish to have your loan docs reviewed, you can get more info on this by clicking on the link below.............

Free Foreclosure Help, Stop Foreclosure, Short Sales - Loan Safe