Bank of New York Mellon Foreclosures: #6 on our Report on the 10 Banks Foreclosing on the Most Homeowners
In this blog series, I provide a look at the ten banks that are responsible for the most foreclosure cases filed against homeowners. At the Forrest Law Firm, we have advised and represented thousands of Florida homeowners in strategic mortgage defaults and foreclosure defense against all of these banks across the State of Florida.
About 1 million mortgages in the U.S. were in some stage of the foreclosure process in early 2011. More than half a decade after the start of the housing crisis, that number has started to decline, but there were still nearly 750,000 homes in the foreclosure process as of February 2013. About one-third of those were in Florida. Of those roughly 750,000 pending foreclosures, most were filed by 10 banks.
Occupying the number 6 spot on the list is Bank of New York Mellon:
Loans in foreclosure: 8,545
Avg. property value: $185,306
Pct. seriously underwater: 55%
Loans in foreclosure: 31,821
Avg. property value: $236,703
Pct. seriously underwater: 67%
At the end of 2012, Bank of New York Mellon Corp. had $1.4 trillion under management and more than $26 trillion under custody. A core focus of the company’s business is its function as a custodian, tasked with safeguarding financial assets and handling various monetary and financial transactions. During the financial crisis, the Treasury Department named the bank as custodian for its bailout fund—meaning the bank provided record keeping and cash management for the fund. But Bank of New York Mellon played another role in the crisis and its aftermath as a major mortgage servicer. According to RealtyTrac, nearly 32,000 homes serviced by the bank were in foreclosure as of February, 67% of which were seriously underwater. [Marketwatch, The Wall Street Journal, March 20, 2013]
Our experience with Bank of New York Mellon has been fairly positive. For a majority of our clients who are seeking to walk away from their mortgage, we have been able to negotiate a settlement in which Bank of New York Mellon agreed to release our client from any further liability on their mortgage loan and waived their right to pursue a deficiency judgment. While these results do not necessarily predict the outcome of any given case, our track record with Bank of New York Mellon has been very good.
If you owe more to Bank of New York Mellon on your Florida mortgage loan than your home is worth, or if you are thinking about walking away from your mortgage, call me today for a free telephone consultation. No office visit is required and the Forrest Law Firm handles cases in all Florida counties. We can discuss your individual situation and evaluate whether a strategic mortgage default might be in your best interest. Call me today at 1-800-915-3923.