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.

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?

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.

Preety much the same as everyone else on the site
A phone number that worked today is

1-800-992-9913

Good Luck

My complaints are pretty much the same as all the others. My loan was sold to them as of 7/1/08...they "modified" my loan but legal department has never sent me any paperwork. I was instructed to send the newly escrowed payment to yet another new office that has no clue that escrow was supposed to be included because the modification papers were never signed. So basically they are taking my escrow money and not paying out what they are supposed to. No one will call me back, the one woman that seemed upstanding is now not working at this company...big surprise! Not only that, they say they haven't received 2 of my payments ( at last count)... this is a rip-off company.