Midland Mortgage Co. ??

[Anonymous]

Hello all! GMAC just sold my mortgage to Midland Mortgage Co....  I have never even heard of this mortgage company.   I was a little freaked out when I received a letter from GMAC telling me they sold my mortgage, but from what I have read on the boards and also talked to other people this is a pretty common thing. I went on their website to read a little bit about the company and it seems to be a smaller company. I can not even make a payment online......  Has anyone ever heard of Midland Mortgage Co.?

[BrianB_The_Loan_Professor]

It is very common

Never heard of them

[Anonymous]

Thanks for the reply....Midland Mortgage Co. takes over my account on Dec 2nd.  I am almost 3 months behind on my mortgage payment.  I tried to do a remodification w/ GMAC and they declined it because I wasn't 3 months behind. Should I try to do a remodification with Midland Mortgage Co?  I am not sure if I should take a chance of them declining the remodification and then falling further and further behind since I have to be 3 months behind on my payment. (I was told by GMAC this is an FHA rule for a remod) I thought about refinancing, but I am not sure if this is the best solution either.....  Any advice/suggestions?  Thanks  in advance...    

[BrianB_The_Loan_Professor]

If you are 3 months behond refinancing will be tough - unless you can document that the lates were because of an adjustment to rate  - the hard part is you still have to qualify even with the lates and your scores have had to have tanked

I would contact them as soon as possible I would also let them know that you had spoken to GMAC so that they know what they were just sold.

Unless they know they were buying debt that was behind in payment they may have an issue with GMAC.

Brian

[Anonymous]

I contacted Midland and they said they won't have any specifics on my account until mid December and for me to call back then.   yet they sent me "welcome letter" with my new loan number.  Do you think I would be safe on waiting to make a payment until mid December when I contact them on asking for a remodification? If I make a payment before then my account wouldn't meet the 90 day late requirement.  I just don't see any way I  can get caught up unless they will do a remodification.