• Report: #431495

Complaint Review: Midland Mortgage

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  • Submitted: Friday, March 06, 2009
  • Last Posting: Sunday, March 08, 2009
  • Reported By: — Little Elm Texas
Midland Mortgage
mymidlandmortgage.com Oklahoma City Oklahoma 73126 U.S.A.

Midland Mortgage Holding 2 months Escrow at all times and can not tell you if interest will be paid or not. Is this legal? Oklahoma City Oklahoma


2Author 0Consumer 0Employee/Owner

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My home loan was with GMAC and was sold to Midland Mortgage in November of 2008. Today I received a new coupon booklet that shows my payment will be increased in April 2009.

I called Midland and they stated that the increase was probably from Insurance or Taxes. I looked up Taxes and Insurance and there was no increase so I investigated this further. I found out that I have to have 2 months worth of escrow in my account at all times over and above my normal escrow. I ask the customer service representative why and he said this is our policy. I asked if interest would be paid on that money and he said he was not sure. He asked if I was paid interest by my previous mortgage company and I stated yes if they kept it. GMAC would send a check for any overage so this would not occur.

I am in the process of obtaining legal advice because my loan originated in Texas and then transferred to Midland-Oklahoma so I am not sure of how this works from one state to another.

Will keep you informed.

Susan
Oak Point, Texas

Susan
Little Elm, Texas
U.S.A.

This report was posted on Ripoff Report on 3/6/2009 1:33:59 PM and is a permanent record located here: http://www.ripoffreport.com/mortgage-companies/midland-mortgage/midland-mortgage-holding-2-mon-69ye3.htm.

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2Author 0Consumer 0Employee/Owner
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#1 Update By Author

Midland Mortgage, Oklahoma City, Oklahoma. - Original Loan Amount incorrect.

AUTHOR: Susan - Little Elm (U.S.A.)

SUBMITTED: Sunday, March 08, 2009

After further review the original loan amount was 6,100.00 higher than the ending balance of my prior mortgage account. Check your begining and ending balance for any differences. To resolve this issue Midland said I would have to prove this. I called GMAC (prior mortgage co) and customer service said they could mail all prior payments so I could figure it out. I told them this was not good enough that I wanted the ending balance e-mailed to me. This process takes 3 days to complete per customer service. Mailing takes 5 to 10 days to receive. Needing the information now I had them fax to Midland Mortgage (fax# 405-767-5500). This process Midland states takes 20 to 25 days to complete the update to your account. Will keep you updated to any changes that may occur. I also have contacted the Attorney General in Okalahoma on both of my issues.
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