MGC Mortgage Inc
Poor Loan Servicing & Deceptive Practices

Back in the beginning July of this year 2008. I had received a letter from my previous mortgage company, that my loan was infact being transferred or sold to a company called MGC mortgage Inc. My former mortgage company was quick with notifying me, but I didn't hear anything from the new mortgage company (MGC) until the almost a month and half later, certainly after numerious phone calls that only seemed to lead to a voicemail a initially.

Then further more leading to representatives that could not pull up any information on my loan, or answer any questions for that matter. It was disturbing, needless to say, and after countless letters, emails, and faxes to no avail. I received a letter from then in mid August, statinging that they had taken over my loan, and that they were in the process of updating my loan with their systems, to be patient, etc. I also received with it what appeared to be a loan number, but every time I tried to call and confirm it with the customers service department. Not a sole could still tell me any thing
about my loan, or where my payments that I had been sending in where, whether they had posted yet, etc.

Needless, to say this went on until mid to late September, where they starting cashing my checks, but still refused to send me a statement of any kind confirming and breaking down my payments vs. Principal,
interest, taxes, etc.

I then received a letter shortly there-after, stating that my loan was being transferred over to an office of theirs in Massachusetts, and to give them time to get their records updated again. Still not statements,
but the company continued to cash my checks.

Not till mid December, did I receive a statment from them, even though it was dated for the beginning of December. That is if it even qualifies as a statement, as it is a mess! Riddled with mistakes, missing payments,
late fees, "un-applied funds", and a slew of other strange errors. Not to mention the fact that they decided to roll all of my future taxes into the loan, and added a distributed number to each monthly payment. Seems as though they performed a tax escrow evaluation of some sort, even though I never heard so much as a word from them about it? It just seems extremely deceptive and illegal might I add, and I am at my witts end with this company. Not to mention months of worrying and sleepless nights over a loan that I had no trouble paying and could easily afford, but yet found myself concerned for the welfare of my loan and house.

I will am currently getting together the means for a suit and am currently in contact with a serious amount of other individuals from various other message boards and forums, that are also experiencing the same issues.

If this is of any interest to you, or you are also experiencing trouble with this company and would like to join any would be action, or assist with such an action. Please either post your story on this board or
get in touch with me direct with your contact information.

If you are member of the media, I would certainly be interested in sharing my story with you and please do get in touch as well.

Thanks

Company: MGC Mortgage Inc
Country: USA
State: Texas
City: Dallas
Address: 15770 N Dallas Parkway LB 62
Phone: 8665449820

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