Home Loans and Support

MGC Mortgage Inc. Loan Acquisition/Transfer Trouble

Discussion in 'Stop Foreclosure and Tell Us Your Story' started by Mikedewy, Aug 22, 2008.

  1. Mikedewy

    Mikedewy LoanSafe Member

    My loan that I previsouly had with Citi_Residential was acquired/tranferred by/to MGC Mortgage Inc. back on July 3rd, 2008. I immediately received a notice from Citi-Residential, but never heard so much as a word from
    MGC Mortgage for over a month. We made numerious attempts to get in touch with them through their "Customer Service Dept." (which by the way is actually a recording followed by voicemail) to no avail. I honestly feel this dept. is designed specifically this way, as they have absolutely no way of dealing with this magnitude of irate loan customers, and their has to be thousands of you out there that are in the same boat.

    After numerious attempts to get in contact with them anyway that is humanly possible, customer service numbers, fax numbers, emails, and even hand written letters to both their fax number, as well as their physical address, we finally received a letter in the first week of August.

    The letter stated that they are in the process of setting up our loan, and to bear with them as they had recently acquired a tremendous amount of loans, and as a result are backed up (Basically justifying their RESPA violation). Also included with their letter was supposedly our new "loan number" along with instructions for sending payment. We immediately sent payment simply by afixing the new loan number to our check, and haven't heard anything else since. We have checked with our bank, and they haven't even cashed the check yet. No statements, no further letters, nothing. What gives?

    This worries me a tremendous deal. Once again after numerous attempts to get in touch with them over the past few weeks, I finally received a live person via option #1. The person I spoke with had tried to call up the loan number that was provided to me in the letter, but apparently my loan still hasn't been updated into their systems (even as of August 20th) nor have they any record as to whether or not they have received our payment or not, etc. She assured me that they are were in the process of getting done and not to worry as we have a 60 day grace period for dealing with this. I told her that I don't find any comfort in that, as that 60 day period is actually about ready to expire when you do the math work (July 3rd thru- Sept. 3rd). What happens when this goes beyond this time period? Will we suffer false reportings to our credit report? will we be bombarded with demand letters once everything finnally does update? Will we receive any late fees, loan status changes? etc.

    She assured me that none of that was going to happen, that she understood, and that I needed to be patient. She also offered to transfer me to the customer service dept. to see if they could pull anything else up, and in an attempt to do so, I recieved the dreaded voicemail. How nice of her.....

    Personally, I am concerned for the well being of my loan, my credit payment history, as well as my home, at this point. Someone needs to do something before people start losing their homes as a result of this. I have never been late on a payment, and don't plan it as a result of a technicality. Nor do I want my home in jeopardy as a result of it either.
    Even when or if this loan gets set up finally, they don't even accept payment via their patheic website or over the phone??? I have never dealt with a mortgage company that couldn't accept payments at least over the phone. This is very concerning!!! And extremly shaddy!!!

    Email me or reply if you are in the same boat or feel the same.
    We need to come together and protect ourselves...

    I have ran everything through the attorney that deals with this
    bulleton board system, and I am in the process of getting in touch
    with the Texas Attorney Generals Office, as well as the BBB for Plano, TX.

  2. schwefls

    schwefls New Member Guide & Litton Success

    Mikedewy I feel your pain I was transferred from Litton to this god for saken company on 7/1. I am the same boat as you, each word you wrote describes my loan as well. I will tell you I wrote the BBB, I did get a response from Connie Johnson a Supervisor who fed me the same line of bull you got her # is 469-229-8640. I also know that humans answer 866-544-9819, although they can tell me nothing. They also have failed to pay my taxes due on 8/1/08.

    I am writing HUD, the NJ Dept of Banking, I also blogged on pissed consumer and rip off report. This company needs to be taken out of business sooner than later. I don't how to take them out but I am on board if you come up with something.
  3. Mikedewy

    Mikedewy LoanSafe Member

    Thanks for reaching out.

    I am sure we are not the only ones that are experiencing this.
    We need to come together and protect outselves. We are in danger
    of losing our homes, due to poor business practices and in my eyes
    a pure technicality..

    Do you think I really care about how backed up they are?? I could care less that they bought more loans that they could handle. Perhaps they should have thought of that before they proceeded with the deal. I have zero sympathy for them, as I bust my ass to pay my mortgage.

    Do you think if I wasn't able to make my mortgage payment, and I gave them the same lame excuse that they would cut me a break?
    Absolutely Not! Why should it be any differant for them?

    I am sure if I conducted in manor that violated any of the terms of my mortgage agreement that they would be nailing me with any legal punch they possibly could. So why should we bear with them? They are violating all kinds of laws, as well as my rights, and I am going to just sit there and keep taking their empty promises and false assurations while I lose my home? No Thank You!!!

    I work way to hard for my home, to have it taken away because they refuse to accept my payments, contact me, or send me any statements.

    This is insane!!!!!!!:mad:
  4. Mikedewy

    Mikedewy LoanSafe Member

    I actually just got an email from a friend of mine whom is in the media, as I had previously explained to him what I was going through. He is planning on running a story on it, and will fill him in on the precise details this weekend.

    I guess the more people that can come together here on this blog, the more stories we can pool together, and the more attention we can get.
  5. schwefls

    schwefls New Member Guide & Litton Success

    That would be great. I just don't know what our rights are in this matter. Keep posting as I will. There a few more on this forum having the same problem. But, I am sure there are thousands out there.
  6. schwefls

    schwefls New Member Guide & Litton Success

    Mike: We are unable to share email addresses as part of the forum rules, and that is OK it is a protective measure for us. But, we can communicate and win back our mortgage through this forum and we should.
  7. Mikedewy

    Mikedewy LoanSafe Member

    Hey schwefls..

    Just curious, have you heard anything from them? or have they added your loan to their systems yet? Taxes straightened out?

    How do you make out with Hud or the Dept. of Banking?

    I contacted a local attorney, and he agrees that something very concerning is going on, and urged me to fax me all of my my documentation involved.

    I am also in the process of sending a complaint in with the attorney generals office, Plano, TX division.

    I have also been contacted by numerous people that are also experiencing the same thing.

    Just the other day I noticed a strange car driving by my property a few times, and it seemed odd. What really stood out is that the car had Texas plates, and it was what seemed to be an man in his early forties that was extremely interested in my property from the looks of it. I have never been late on single mortgage payment, but yet I still feel that my mortgage is in trouble, I don't feel right about this and have been
    worried sick about it.

    I really hope that this isn't an ploy to force foreclosure on my property,
    I am really starting to feel we are in trouble. I have sent both my July and August payments into them, using their instructions provided in the lame letter they sent out the last month. Non of which have been cashed as of yet. Honestly, what else can I/we do?
  8. schwefls

    schwefls New Member Guide & Litton Success

    Hi Mike:

    Thanks for checking in, no there is no new news. Taxes as of yesterday still not paid, checks still not cashed. I have not heard back from any govenment agencies yet, but, that is not surprising as I beleive them to be overwhelemed. I did send a letter to the texas attorney general as well as the Texas Sept. of banking,, and NJ and Hud. Not sure where any of this will get me. I do believe we need to ban together and that we are vulnerable. My concern is with the Texas car what state do you live in are you near Texas?
  9. Mikedewy

    Mikedewy LoanSafe Member


    Just an update....
    I was finally able to confirm my loan with a representative over the phone. It appeared that they have added my loan to their systems, and could see all the details of my loan, but were still in the process of updating the payments that have been sent into my loan. They still couldn't tell me when that was going to happen, nor when I would actually be getting a statement, but told me to give it about another 7-10 days. I am emotionally exhausted with everything that I have gone through with this, and I found some relief in knowing that my account has at least been acknowledged. They explained to me that they were overwhelmed with loans, and that they wanted to first get the loans updated into the system, and then go back and apply any payments sent in, and deal with any tax payments received from the prev. servicers, and pay down on any taxes due for each individual loans where necessary. It still doesn't explain why they can't send me a statement, or why they violated all of these laws and our rights. I am extremely upset with this company, and I hope that nobody loses their homes over this mess. I can see how it can throw off the rytham of people whom payment habits, as it threw me off even through I "could" afford to make my payment. Perhaps there are people out there that were having trouble and were in the process of remodification or heavliy relied on a bi-weekly payment to cut down on the interest, or just made it easier to make payments via the website, which is no longer a option at this point. Personally I enjoyed and found it convenient and easier to make my payment online a day or two before the due date, it made things much easier. But with these clowns, you can't even make a payment over the phone, never mind the website. Snail mail is a pain in the behind, and not everyone can get used to that. This company has to get their crap together, or I don't see how they are going to stay in business with all of the complaints that are being filed as a result of this huge mess of an acquisition process. This is pathetic, what a mess!!!

    Schwefls, I would urge you to give them a call on Monday to see if they have updated your loan to their systems. I wouldn't be surpised if they have, but also wouldn't be a bit surprised if they haven't either. Continue to follow through with your plans with the agencies regardless, as I am going to do the same. I also have a project in the works with a local attorney and he is currently reviewing everything and doing some research. I am not going to let them get away how poorly they handled this. It is causing major headaches, and sleepness nights worrying about whether our homes are safe or not. You should only have to worry about this if you can't afford to make your payment or you are you are falling behind or in foreclosure, etc. We all seem to be good paying loans, and there is no excuse why were are being treated this way. We should have had the appropriote notification along the way, this never should have happened. I have had my loan transferred several times, and I have never experienced or heard of anything like this before. HORRIBLE!!!!!!!!!
  10. schwefls

    schwefls New Member Guide & Litton Success

    Mike thank you so much for the updates. I really appreciate it. I do call them once a week regularly for what it gets me, NOWHERE...

    Unfortunately, I cannot afford an advocate or an attorney but would like you to keep me posted if you could. I am dependent solely on the governmental agencies to help me through this.

    And I as you used convenient ways of making my payments and this was lost as well, to boot you cannot even view your account online. This is archaic. I never thought I would say this but I hope my loan gets sold AGAIN. The sooner the better as far as I am concerned.

    Thank you again Mike. :)
  11. Mikedewy

    Mikedewy LoanSafe Member

    Today, I received a call from MGC...The first call I have ever received from them, or any type of effort on their behalf so to speak. And wouldn't you know, the bastards are looking for they August payment. The nerve of them after I have spent weeks and months trying to get in touch with them, and numerous attempts to send payment, and demands for them to update my loan into their systems, and they have the odasity to call pretending to do a follow up, only to be most concerned with August's payment. We told them that the we had sent that out weeks ago certified with a receipt of someone signing for it at MGC, and that they need to get there asses together and start updating loans, posting payment, and stop violating RESPA laws, before you start making phony collection calls. I honestly cannot believe what I am witnessing with this company. They must have hundreds of thousands of people out there that still haven't gotten their loans updated yet. I told them to go through their records before you start making phone calls. I have sent all of my payments in, you just are to god damn backed up and disorganized to realize it. The rep explained to me that they have finally updated all of their loans. I told them that I find it hard to believe, as there a numerous complaints out there on the internet via people that still haven't had their accounts added yet, and that they need to go straighten those out first, before you start calling people for payment. I also told him that I still havem't got a damn statement yet, and when can I expect that? He told me usually 15 days before the due date which doesn't make any sense, and still doesn't answer my question. So I said, does that mean 15 days from today? He couldn't tell me. God damn jerks can't even give me a straight answer. The last person I spoke with that informed me that my account had been added, she told me that she was going to note the account specifically about the certified mail w/payment that was sent out
    some time ago, and there wasn't any record of those notes??. I can tell this is going to be a fun experience with them as our servicer. One thing is for certain, that I am continueing all of my legal proceedings. Continueing to forward any documents, phone calls, and emails, over to my attorney, and I will send every payment from here forward certified mail only. With full signature & delivery confirmation. As I do not trust this guys one damn bit. I have never missed a payment ever, and I don't need to be treated like I have, when they are the ones with their asses upside down in loans that they cannot manage. THIS IS AN OUTRAGE!!!!!and we need to come together and fight back for the way that they have handled out loans.

    LISA SMITH LoanSafe Member

    mike we are horriified with the correspondence we have had with this mortgage company and aren't sure what othe agencies we can contact that can help us ! We have been in loan modifacation with them since aug of 2009 and have been making our monthly payments right along with no statements to show for our payments . We were sent a letter that mgc. Mortgage was handling our payments for another morgage company called dovenmuehle mortgage everything that has been posted has been our nightmare as well . When we finally got thru we were given a woman that told us our funds were being held in another account and if we had any further questions we would have to talk to their lawyer. Please ! Anyone can respond and tell us how you finally ended up and what other agencies you contacted for assistants . We would be grateful !

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