ANSWERS: 6
  • They are not owned or run by any bank in India. They are a wholly owned subsidiary of a strong, stable Texas bank. If you need assistance with your loan, contact them and present a legitimate request. Contact details are on their web site.
  • I am interested in a lawsuit against MGC. I just found out that I've had the same thing happen to me as hundreds of others who had their mortgage sold to MGC. I never got a single letter from them and kept getting phone calls demanding payment. Then they transferred my mortgage to GMAC which had no record of my payments to MGC. GMAC kept demanding payments that were already sent to MGC. I just got done working out an agreement with GMAC to get back on track, and now, two weeks later, it's been transferred BACK to MGC, which is how we got into this mess in the first place! After filling out a loan remodification with GMAC, I can't believe that it's already being transferred back to this company who has done this to me and many others in the past! I contacted GMAC today to see if they would or could do ANYTHING to help. Their reply was no. They don't even have a phone number for them. How can they transfer a mortgage to a company they don't even have a phone number for? I found the number for MGC from back when this all started last year, and they are closed. What kind of mortgage company closes at 2:00 p.m.? I smell a scam!
  • I am currently involved in litigation against MGC. I am fighting an illegal foreclosure in Florida and plan to file a FRAUD lawsuit against MGC. I be very happy to join yours or anybodies lawsuit against MGC. And I be willing to share the legal research I have done. MGC cannot produce the note!!! John
  • They are owned by Beal Bank. This was told to me by a GMAC representative after the transfer of our loan. She, too, said there's nothing that can be done about the transferring...and that's all the information she offered. We've gone from Homecomings (GMAC) to MGC, back to GMAC and now back to MGC. I'm not having most of the servicing issues being reported by others across the internet, but I did write them regarding their failure to report to the Credit Bureaus. Their response, and I DO QUOTE: "At this time, MGC has opted not to report to credit bureaus. The Fair Credit Reporting Act ("FCRA") does not state that a creditor is required to report to credit bureaus, it only states that creditors that do report to credit bureaus must report accurately. However, MGC reserves the right to begin reporting to the credit bureaus a any time." My guess, with my recent experiences with mortgage companies, is that while are payments are ON TIME...they'll not report. When and if our payments become LATE, however, I'd bet MONEY that's exactly when they'll choose to begin reporting to the credit bureaus!
  • If I were you I'd sober up first, before you think about legal action. How do you expect them to take you seriously if you are as nissed as a pewt? Lol:)
  • Starting your question by telling us how drunk you are is hardly an appropriate way to seek legal advice. Try again when you are sober.

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