MGC Mortgage
Reviews and Complaints

This mortgage company is not a legitimate business. Our story is the same as all of the others I have read on various discussion boards. Our loan transferred to MGC on July 1. We didn't receive any notification until August. We sent our July and August payments but nothing has posted or cashed. I call and get hung up on. I got through today to a real person who told me that she was just an operator and had no management contacts for the company, only email.
I am worried about this being a potential foreclosure scam. I have filed complaints with the BBB, the Federal Trade Commission and the Texas state Attny General. I am going to try and obtain some legal advice. I am going to try to make contact with a person making posts on loansafe.org, see if we can all join together to get something done about this ridiculous operation!
Good Luck to everyone, I will keep updating if I make any progress.

My loan was sold to MGC mortgage, September, 2008. Payments are not posted properly and you can never get anyone in the loss mitigation on the phone. I am in the process of trying to get my loan modified, have submitted all paperwork with them and through NACA and can get no reponse from MGC except threatening mail to foreclose. Why is this company able to stay in business with so much shady/unethicial practices? Are they not governed in anyway? These complaints have been going on since 2008, when they apparently bought a lot of loans. Who owns this company or who are the investors? Can anyone find out that information?

This is our SECOND dealing with this so called Mortgage Company. First time we were in the middle of a refinance when our loan was sold to them They claimed never to have gotten a payment from us...even though we had the returned check and they had cashed it. Our loan was sold BACK to the original company we had our loan through...and sold BACK to these fakes in Aug of this year. I cant get hold of them by phone...they have sent NO welcome packet OR statements...when THEY call it is all automated. And for some reason my payment has gone up over 1000 dollars I think SOMETHING needs to be done here...before we all go down in flames because of a bogus company. If a class action suit is begun PLEASE include me

I have not heard from you did you want to be on my list? or has MGC Mortgage helped you? either way I would not wait to be added to my list. thanks

My name is Terry Howard and the samething has happen to me I am hoping that we can get together and do something about these people if you can please call me at [protected] or email me at billybear2004@yahoo.com thanks

WE'RE ORGANIZING OVER HERE EVERYONE: mgcmortgagesucks dot com

Now I really don't feel so alone. We have been patient enough with this company and it is time for them to pay. They say what goes around comes back around and I am interested in talking to anyone who can help bring this horrible nightmare to an end!If anyone knows of a class suit against this company PLEASE let me me know(hughesdwayne@bellsouth.net).Thank You!

I totally agree, please keep us posted. For anyone looking for help contact NACA, they are investigation this company and they will help save your home and your insanity, MGC need to be destroyed, FEDERAL AGENT, we need your help!PRESIDENT OBAMA, we need your help!PLEASE SHUT DOWN THIS COMPANY!

i strongly agree. MGC for "some strange reason" let me get away with 29 missed payments. I never recieved a billing statement from them, just a welcome package not long ago but nothing more but a "Default Notice" in Nov./09 saying they want $36, 000.00 by 2/17/10. why did i get away with it for that long? was my note lost? they claim they have it and they were supposed to fax it to me 3 days ago. My loan number off of the "default notice" does not match any of their records and neither does my social. But they told me today that they changed my loan number... in that little bit of time?! My latest document did not have the new # on it and what did they change my social too?! i need to find a probono lawyer.. does anybody know who i can talk to? My name is Tina- iluvlucy687@ymail.com. I am on disability and cannot afford to file a lawsuite or hire a high end attorney. Has anyone thought of talking to the media about any of these complaints? I mean, they are never ending!

I am having the same trouble as others. I had a counselor from HOPE contact them they refussed to allow the call to be recorded. I have been refused for a modification twice because my wifes employer does not provide"professioanl pay stubs " just a monthly check and w2's at the end of the year. They claim this information could be made up and will not refunance. If there is a class action suit filed please post how to join in,

pat

You must join us in the Class Action Suit MGC Mortgage is not going to help you. They are a bunch of investors that don't care about you. Please stand firm and fight back if they help you today please don't give up on this fight because there will be others that will have the same problems as all of please call and do the fist step by calling and filing your complaint with the FTC Federal Trade Commission [protected] and keep every single piece of paper document everything you have done such every phone call please keep dates times every letters that you have sent all of these things are going to be needed. My name is Terry Howard please contact me either by email or phone [protected] billybear2004@yahoo.com

They are many companies that are legitimate and can help homeowners stop foreclosure and keep their homes.

Mortgage Assistance Group is one of those companies that holds an "A" rating with the BBB and has help over 500 homeowners keep their homes.

They give a discount to the homeowners who have been scammed and treat each client with respect and dignity.

You can reach them at [protected] and at www.mag-az.com.

Thanks and good luck,

Randy D.

P.S. If you know someowner they can help, They will pay a $100 referral!

My loan was transferred to this company in February 2009. Despite making my monthly payments, I get daily pre-recorded messages saying I am delinquent. When I call to inquire they indicate that the system upgrade is pending and that they see my payments, however, they have not been applied. I have been waiting on a response to our loan modification for 3 months and was told last week that I should re-apply because they don't see it in their system. I have not received a statement in 9 months and I am getting very nervous for my 2009 taxes that I won't get a statement. Scary!

Yes, this company is unethical! Complain successfully to:

MGC Mortgage, Inc.
Owned by Beal Bank FSB
Regulated by OTS,
Washington, DC [protected], Fax: [protected]...

I wish an attorney would read these posts and shut this company down! I did not get a statement for six months. I begged, begged, begged them to modify my loan. They then said I was uncooperative and would have to reapply. There is something horribly, horribly illegal going on with this company, and I cannot get anyone's attention. I am so desperate, I am considering hiring one of those internet lawyer companies! Please respond

You realize the BBB will not do anything worth noting. They are a great service, as they can warn other buyers to stay away, but it isn't like anyone had a choice to switch here.

The BBB can mediate, but MGC isn't mediating anything.

our mortgage was sold to MGC, we didnt know this until we could not get a hold of market street mortgage. we never rec'd a welcome letter, phones are always busy never return your call. we decided we neede d to go into loss mitigation, in nov. sent papaer work in nov. after weekly phone calls from dec. on we find out today they dont have our paperwork, despite being told that our file was in review!92109

Hello,

Same with our loan transferred July 1, 2008! You can never get a person on the phone to contact you or call you back>
They have horrible service and NEVER have sent any statements to our home in the last 7 months! I'm sick of it! Any of you out there whose payments go to sudbury, MAssachsettes have their tax id number? PLEASE FORWARD THEIR TAX ID NUMBER to me at rhonwilk@yahoo.com> THANKS!

We have been having difficulties with this company every since our mort. was sold to them 3 years ago. We will receive statements saying they are missing e months of payments. I would fax them the Western Union copies. Then everything would be fine for 2 months. The the process would repeat. We would call them. They would say one thing.. Hang up and call them again and they would have no record of the previous conversation. Now they are no longer excepting payments even though we keep western union them. I have all my payment receipts from western union. This is so frustrating. Someone email me crystal_crystal1982@yahoo.com

I too have expereinced the same. My mortgage was sold last year from Homecomings to MGC in June 2008. I receved a letter telling me about being sold to MGC but that is all I got. I never received a payment notice through mail but I continued to send my payments. After 4 months I called them to find out why they haven't cashed my checks and they said that they had bought many mortgages and they were behind on getting them programmed into the computer. In September they cashed 3 of my checks and then I got a letter saying they had sold my mortgage to GMAC who is the owner of Homecomings. I never knew what happened to the 4th check that I sent to MGC. I am still in lingo about all of this. I am about to seek an attorney about all of this.

I also have this mortgage company and it has been
an ongoing nightmare. I keep receiving late payment
notices when my payments were never late. It is
impossible to get phone calls to them and they don't
return calls when left messages.

I also have had many problems with MGC Mortgage since our loan was sold to them back in June 2008. A check was lost in July and after 2 months I put a stop payment and Western Union the cash. During the last six months I have not received any statement but had made every payment most thru western union after the check was lost. Then I received a letter from the Texas office asking me to remit funds on the check from July which had already been sent 2 months prior. When I called to clear this up they had no record of the letter being sent and our account had been forwarded to another office in MA. who told me they had no records before November! I also received a letter from their insurance dept stating my homeowners had lapsed back in August which they are to pay from our escrow account. I did verify that the insurance was in fact up to date. Now just last week I had finally received my first statement which was so confusing I can't make heads or tales out of it but they say we owe over $2000 and our mortgage payments are $696 and all payments have been made. I would be interested in joining in a classaction suit for the nightmare they have made out of my life since they took over the loan wendylaahs@yahoo.com

I have been dealing with this for (6) months now, and am on the same page.

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.

Beal Bank owns MGC Mortgage and teh owner of Beal Bank is Andy Beal

Beal Bank, Retail Banking Department, 5909 Berkshire Lane, Dallas, TX 75225

# Telephone: 1-877-TRY-BEAL [protected])

I've had the same issue and have filed complaints with the FTC and the BBB. I will now call Andy Beal every day until they fix my loan. Please call him too.

They refuse to provide payoff statement. They have filed false reports with IRS. Have returned mortgage payments by check they refuse to honor, will not reissue. Have tried to foreclose but they are going about it illegally and our attorneys have been able to stop them. They are now trying to fast track a foreclose to prevent us from selling.

no notice when loan purchased 8/08, no timely mortgage statements, erroneous payment of 2017 insurance and taxes, doubled my monthly payment, posting payments into unapplied cash, reversing payments, charging late fees, returning checks months later, foreclosure w/o 90 notice and no act 91 letters. general failure to ever answer letters and faxes notices sent between 9/08 and 11/09. verbal agreements not honored at all
3/31/10

The phone number above is incorrect. The correct phone number for MGC Mortgage is [protected].

I agree this company MGC is a scam. I pay all my payments online. They hold on to them for a week or sometimes two before they cash them. You can pay them though your bank that way you can always see when they get your payment in and when it was cashed . Then they try to send you a late charge. I checked out my credit report to see if they put it in there but they're not in there as my mortgage company.
They don't have anything in there. I think everybody need to get together and get real of this company.

Haven't been able ta make a payment by phone. Can I make a payment on line?

i was modifing my loan when i was transfered to mgc texas so after month i finlly reached them so filled out for modfy and then as soon as my papers were sent to the investers then 4days later my account was transfered to mgc servicening in suldbury mass.[in novber] so then i had to start over again then after all this time i have been paying my payments they say they did not get the payments so i just paid them 4, 300.00 dollars and still dont know if i am going to get a modfy one month after i refinanced my home the disablity ck i was getting for 15yrs was cut 500.00mo becauese they made a mistake when they first started my checks go figure i am totaly disabled and have lived in this house since 1987.

I am in the same boat with these guys! My mortgage was transferred to them from homecomings financial and I have yet to receive a statement from them. I have tried to contact the company several times. Finally I told them I wouldn't keep paying my mortgage if they didn't send me a statement. Well they finally sent me a half assed statement and two of my payments were missing! so where did my money go? Not towards my loan thats for sure! BEWARE of this company I'm not sending them another dime until I can get some answers!

I've entered correctly my routing number and account number for making my payment and your system is not working correctly as it keeps stating that my routing number is incorrect WHICH IT IS NOT INCORRECT! And it's stating that I need to have nine(9) digits of my routing number... WHICH I HAVE!

Received multiple calls, after speaking with them MGC stated one of my homes BBT mortgage was sold to them and I was late payment, then wanted me to pay...I hung up called BBT mortgage and my mortgage was not sold and never late.

These folks are scammers I am at a lost why they are still in business.

This company is a scam..they called me a few times stating my mortgage with BBT was sold to them..i went to the branch to confirm and BBT DOES NOT Sell your mortgages to anyone! this company is a fraud !

Add me also. My husband passed away in 2014 and when I called them to ask about the life insurance policy that we had carried since 1993 on him and I, they told me that there was no insurance and that I had to still pay this mortgage. I have had nothing but fight after fight with them since October of 2014 and to this day, I am still fighting. I just received a letter in the mail from them about them wanted 2 months worth of house payments and when I called them, they tried to tell me that I was still past due even though I had my bank account up and in front of me, along with the email confirmation from them that they received the monthly payments. They still argued with me. I'm so tired of dealing with these people. I shouldn't have to. They also re-added another pay off date to my mortgage. Now instead of it being paid off in 2023, I have until 2033. I just don't understand.

Our Morgtage starting in 1993 has been sold or turned over quite a few times and our current holder is MGC Mortgage Co. and our starting balance of $63, 000 should have been about paid off. MGC has tripled our interest and has overcharged us for insurance for the last 3 or 4 years. The say our balance is still around $50, 000. This will be investigated by our attorney.

My first encounter with this company I was told that I had over payments to my account. I never received statements so I thought that I could skip a couple months then I was told that that was not true and I was behind several months so starting last July I doubled my payments and was told that in January I should be current. Well I was told again that I had to pay another 200.00 that would bring me current. I just receive a call saying that I owe a month?I have been requesting statements for a long time. Today they call me again on my job about the supposeable late payment. Something is not right with this company. I was told that if I recently transferred from another mortgage company that getting statements were a problem. They're telling me all kinds of things. I was told to put everything in writing and to fax them my issues (which I"ll do), but some how I believe that this will be done in vain. I'm very angry reading all these complaints because I believe there is alot of fraud going on here and it's just not me. I hope that the attorney general gets involved. That's my next step

i have had my home with MCG mortgage and i just recieved a letter from a lawyer where my home is being forclosed on, back in November a gentleman called me from MCG and said my acct was behind and I needed to send 2700.00 in money order or cashiers check ASAP, i did, and he stated my acct would be back up to date and payments would be taken out of my checking acct. on the 30th as scheduled and I havent heard nothing else until this letter, Im a single mother and i cant loose my home I have worked so hard to keep for 21 years. please help

WOW! Lets all pray and touch in agreement that the Lord our Savior Jesus Chris will intervene. My mortgage was sold as well to GMAC, Homecoming and finally GNC. I was recently foreclosed on with in a two week period. I didn't know what was going on. I was not behind on my payments. Lost litigation was in the middle of trying to figure out why the paper work was showing a foreclosure. Come to find out. I had changed insurance companies and some how the escrow was not correct. I have hired a lawyer and I am in the process of suing for the possession of my home. Please pray for me, and phone me for the class action suit at [protected].

PLEASE SOMEONE CONTACT ME ABOUT A SUIT AGAINST THESE THIEVES!
TRACY AT [protected] Email at Claibornecontracting@yahoo.com

SOMEONE PLEASE CONTACT ME ABOUT THIS LAWSUIT!
TRACY [protected]