Wholesaler · Belleville, IL · Member since 2009 · 206 posts · 44 votes
does anyone know if they are a subsidiary of BOA? I have been skipping right over any NOD's with BOA/Countrywide listed as grantor. Spoke with a guy today where Bank of NY Mellon was listed on the filing but the number he gave me was for Bank of America and he said he thought that was who the lender was.
Investor · Melbourne, FL · Member since 2008 · 90 posts · 39 votes
16y
If BOA has been hired by Mellon to service the contract, then that would make sense. The homeowner would send the mortgage check to BOA, who would then send it to Mellon, minus BOA's service fee.
Wholesaler · Belleville, IL · Member since 2009 · 206 posts · 44 votes
16y
Thanks Daniel, that's what I thought. Any idea why Bank of Ny Mellon is showing up as the one foreclosing on the place, but the guy tells me his lender is BOA? I wouldn't doubt it if he just didn't realize that BOA may have sold his note. Time to dig deeper
Investor · Melbourne, FL · Member since 2008 · 90 posts · 39 votes
16y
If BOA has been hired by Mellon to service the contract, then that would make sense. The homeowner would send the mortgage check to BOA, who would then send it to Mellon, minus BOA's service fee.
Investor · Melbourne, FL · Member since 2008 · 90 posts · 39 votes
16y
You will be dealing with BOA and (maybe) Equator, if BOA is the servicer of the loan. I do know that in my service area, Mellon almost always use a servicer for their contracts, but that may not be the case in your area.
I state MAYBE Equator because I have just initiated about 3 new short sales that have not been added to Equator. They have not been assigned a negotiator, but neither have they been assigned to Equator. It looks and sounds like they will not be, based on conversations with BOA.