8-K

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                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                    FORM 8-K


                                 CURRENT REPORT


                       PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934


       DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): OCTOBER 15, 1997


                            MEGO MORTGAGE CORPORATION
              --------------------------------------------------
              (EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)


                                    DELAWARE
                 (STATE OR OTHER JURISDICTION OF INCORPORATION)


         0-21689                                         88-0286042
 (COMMISSION FILE NUMBER)                     (IRS EMPLOYER IDENTIFICATION NO.)


        MEGO MORTGAGE CORPORATION
        1000 PARKWOOD CIRCLE, SUITE 500
        ATLANTA, GEORGIA                                      30339
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICE)                    (ZIP CODE)


       REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (770) 952-6700


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ITEM 5.  OTHER EVENTS

         This Form 8-K is being filed pursuant to Rule 135c(d) of the Securities
         Act of 1933, as amended, with respect to two press releases issued by
         Mego Mortgage Corporation on October 15, 1997 and October 20, 1997,
         respectively, a copy of each which is being filed as exhibit 99.1 and
         99.2, respectively, hereto.

ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS

         (a)      Financial Statements of Business Acquired. 
                  Not Applicable.

         (b)      Pro Forma Financial Information. 
                  Not Applicable.

         (c)      Exhibits

                  99.1     Press Release of the Company dated October 15, 1997.
                  99.2     Press Release of the Company dated October 20, 1997.



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                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                             MEGO MORTGAGE CORPORATION



Date:  October 30, 1997                      By: /s/JAMES L. BELTER
                                                 -------------------------------
                                                 James L. Belter
                                                 Executive Vice President and
                                                 Chief Financial Officer









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                                  EXHIBIT INDEX

EXHIBIT
NUMBER       DESCRIPTION
- ------       -----------  

99.1         Press release of the Company dated October 15, 1997.
99.2         Press release of the Company dated October 20, 1997.

EX-99.1

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                                                                    EXHIBIT 99.1

FOR IMMEDIATE RELEASE
- ---------------------
OCTOBER 15, 1997


             MEGO MORTGAGE CORPORATION ANNOUNCES PRICING OF PRIVATE
             PLACEMENT OF 12-1/2% SENIOR SUBORDINATED NOTES DUE 2001

ATLANTA, GEORGIA, OCTOBER 15, 1997 - Mego Mortgage Corporation (Nasdaq: MMGC)
announced today that on October 14, 1997 it priced a private placement of $40.0
million principal amount of 12-1/2% Senior Subordinated Notes due 2001 at 101%,
which is expected to be consummated on Monday, October 20th. The Company intends
to use the net proceeds of the offering to provide capital to originate and
securitize loans, to repay certain indebtedness to the Company's former parent
corporation, Mego Financial Corp. (Nasdaq: MEGO), and to pay down amounts
outstanding under the Company's lines of credit. The Company has received the
necessary consents from existing noteholders to permit the private placement.

The Notes have not been registered under the Securities Act of 1933 and may not
be offered or sold in the United States absent registration or an applicable
exemption from such registration.

                                      # # #


THIS PRESS RELEASE CONTAINS "FORWARD-LOOKING STATEMENTS" WITHIN THE MEANING OF
THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. SUCH FORWARD-LOOKING
STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES OR OTHER FACTORS WHICH
MAY CAUSE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE
MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS
EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. FOR MORE COMPLETE
INFORMATION CONCERNING FACTORS WHICH COULD AFFECT THE COMPANY'S RESULTS,
REFERENCE IS MADE TO THE COMPANY'S REGISTRATION STATEMENTS, REPORTS AND OTHER
DOCUMENTS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.

EX-99.2

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                                                                    EXHIBIT 99.2



FOR IMMEDIATE RELEASE
- ---------------------
OCTOBER 20, 1997


                   MEGO MORTGAGE CORPORATION COMPLETES PRIVATE
             PLACEMENT OF 12-1/2% SENIOR SUBORDINATED NOTES DUE 2001


ATLANTA, GEORGIA, OCTOBER 20, 1997 - Mego Mortgage Corporation ("Mego Mortgage")
(Nasdaq: MMGC) today announced that it has closed a private placement of $40.0
million principal amount of 12-1/2% Senior Subordinated Notes due 2001, which
was priced at 101%.

The Company intends to use the net proceeds of the offering to provide capital
to originate and securitize loans, to repay certain indebtedness to the
Company's former parent corporation, Mego Financial Corp. (Nasdaq: MEGO),
and to pay down amounts outstanding under the Company's lines of credit.

The Notes have not been registered under the Securities Act of 1933 and may not
be offered or sold in the United States absent registration or an applicable
exemption from such registration.

                                      # # #


THIS PRESS RELEASE CONTAINS "FORWARD-LOOKING STATEMENTS" WITHIN THE MEANING OF
THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. SUCH FORWARD-LOOKING
STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES OR OTHER FACTORS WHICH
MAY CAUSE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE
MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS
EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. FOR MORE COMPLETE
INFORMATION CONCERNING FACTORS WHICH COULD AFFECT THE COMPANY'S RESULTS,
REFERENCE IS MADE TO THE COMPANY'S REGISTRATION STATEMENTS, REPORTS AND OTHER
DOCUMENTS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.