Home Loans and Support

Dyck O'Neal Settlement

Discussion in 'Debt Settlement' started by CKKCRSTF, Feb 16, 2014.

  1. CKKCRSTF

    CKKCRSTF LoanSafe Member

    I foreclosed on a house in December 09. I didn't have a second mortgage. Dyck O'Neal has been sending me collection letters for about two years. Up to now, I've ignored them. The letter I got last week was sent certified. This sent off a red flag and I decided to check my credit report. I now have a collection from Dyck O'Neal that is new as of last month. This leads me to believe that they're stepping things up a notch and plan to be more aggressive.

    I looked online at my court records and have a Final Order/Judgment for Foreclosure in 09. Is this the same thing as a deficiency judgment? Or is a deficiency judgment something Dyck O'Neal would file?

    Has anyone settled with Dyck O'Neal? The stated balances is close to 88,000. What is a typical percentage that they'd settle for? Any tips on what to say/not say when contacting them?

    I noticed in an old post, someone mentioned that they'd settled a ~100,000 debt for ~ 10,000, paid six payments of $100, then Dyck O'Neal tried to get them to settle by having them pay 7,500 with an additional 5% if they paid within 5 days. The outcome was never posted :/

    I appreciate any advice. Thank you in advance!
  2. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Welcome and thanks for joining the LS community.

    First off, what state are you located in? It's been over fours years since the foreclosure, depending on your state the SOL may be getting ready to expire and sounds like Dyck O'Neal is making a last minute effort to collect on the deficiency..
  3. CKKCRSTF

    CKKCRSTF LoanSafe Member

    The house was foreclosed on in Florida.
  4. TomEason

    TomEason LoanSafe Guide Staff Member

    I agree with Evan. FYI your former 2nd is now an unsecured SOJL. Dyck O'Neal can sue you for breach of contract prior to the expiration of the SOL. I therefore recommend you determine what FL's SOL is; they have to file suit prior to the expiration of that SOL.
  5. CKKCRSTF

    CKKCRSTF LoanSafe Member

    This property never had a 2nd mortgage. Is a SOJL a 2nd mortgage that has been bought by a debt collector, such as Dyck O'Neal?

    1) On this particular website: Florida Laws on Post-Foreclosure Deficiency Judgments - AllLaw.com , it states that a foreclosure judgment doesn't automatically create a deficiency judgment. Like I said, in my court records, it states Final Order/ Judgment for Foreclosure from 12/09, nothing titled deficiency judgment.

    2) On this website, https://sites.google.com/site/exper...lorida-deficiency-judgments-under-the-new-law, it states effective July 1, 2013, the period of time in which the lender may seek a deficiency judgment was reduced from five years to one year for residential properties with no more than four dwelling units. The claim for a deficiency in a foreclosure action does not arise until the foreclosure sale has been completed so this means that the one-year time frame starts at the time of the foreclosure sale.

    So, if I'm understanding it correctly, they have until July 1, 2014. Can Dyck O'Neal file a deficiency judgment or would it have to be the original lender?

    3) As for settling with any collection company, what is a typical settlement amount? 10%, 5%?
  6. TomEason

    TomEason LoanSafe Guide Staff Member

    CKKCRSTF

    Thanks for your post.

    If there was never a 2nd then there's no SOJL.

    I'm not clear where Dyck O'Neal comes in.

    Unless the mortgage was assingned to Dyck O'Neal, the mortgage lender would have to file a lawsuit that could lead to a deficiency judgment.

    For info on settling I recommend you visit post #1 of the following thread.

    http://www.loansafe.org/forum/debt-settlement/37996-strategy-settling-your-2nd-94.html

    You might also visit this thread. http://www.loansafe.org/forum/debt-settlement/40564-success-stories-settling-2nds.html
  7. CKKCRSTF

    CKKCRSTF LoanSafe Member

    Dyck O'Neal is a debt buyer. Apparently, they bought my debt from BOA since it is showing up on my credit report as a collection from a debt buyer. Here is a description from their website: Dyck-O’Neal, Inc., incorporated in 1988, is a leading nationwide purchaser, collector and servicer of real estate deficiencies, first and second mortgage notes, judgments and promissory notes. We proactively recover charged-off assets both for our clients and on our own behalf.

    So, 1) Can they file a deficiency judgment if they bought my debt from BOA? 2) In court records, would it specifically state "deficiency judgment"?

    I'm trying to determine to what extent can Dyck O'Neal go to collect. Is it better to try to settle?

    I'll check out those threads. Thank you again for your assistance!
  8. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    If it were myself I would no longer communicate with Dyck O'Neal, they're trying to trick you into offering a lump sum to settle this account, when in reality this statement is correct - "Effective July 1, 2013 (House Bill 87), the period of time in which the lender may seek a deficiency judgment is reduced from five years to one year for residential properties with no more than four dwelling units."
  9. CKKCRSTF

    CKKCRSTF LoanSafe Member

    Evan, To date, I have never spoken with Dyck O'Neal. I have ignored all of their letters. The latest letter arriving "certified" has concerned me. Do you know if Dyck O'Neal can file a deficiency judgment or does it have to be BOA? If Dyck O'Neal can't do anything but send letters, I won't worry about it. If Dyck O'Neal can file a deficiency judgment in the next 18 weeks, prior to July 1, 2014, then I'm very concerned. If you don't know, I may contact a Florida real estate lawyer.
  10. JJ_beeper

    JJ_beeper LoanSafe Member

    Hello CKKCRSTF - It looks like Dyck has served a lot of people in Lee County, FL over the past month. I got served today. Was wondering if you were able to make any progress with your case. I am thinking I should try to find a local lawyer who actually has experience defending/negotiation deficiency cases with Dyck. Have you had any luck in your search - any suggested lawyers? Thanks, JJ
  11. hellokitty4me

    hellokitty4me LoanSafe Member

    I am also curious on advice. Received certified letter from Dyck-O'Neal as well re: a BOA foreclosure in Florida (Seminole County) from April 2010. Is July 1, 2014 the deadline they have to file a motion with the court? This letter came from a law firm acting on behalf of Dyck-O'Neal. It says I have 30 days to dispute the validity or ask to be provided with the name and address of original creditor.

    I'm just wondering what exactly needs to take place before their time runs out on July 1. Should I obtain a lawyer in FL? <sigh>
  12. gsandoval13

    gsandoval13 LoanSafe Member

    Hello everyone and Evan Bedard


    I received a letter from them last week. stating that my countrywide debt account was transfer to them. I was surprised bc During my foreclosure back in 2010 Countrywide was already bought by Bank of America. I call them and the said that I was going to get a lawsuit foe the deficiency on the property. No body during the last years contacted my about this debt until now. this account shows up in my credit report as closed. Also reading the comments on this forum I went and search about the SOL law in Florida and it states that effectively July 1st 2013 the period of time in which the lender may seek deficiency judgment was reduced from 5 years to one year for residential properties. That this means that I'm ok and they are just trying to get some money out of me?

    Please help!
  13. JJ_beeper

    JJ_beeper LoanSafe Member

    Hi Evan - The statute of limitations date is July 1, *2014*. The first thing people should do is file a Motion for Extension with the court in order to have more time to prepare, research, and meet with lawyers.
  14. JJ_beeper

    JJ_beeper LoanSafe Member

    Hi HelloKitty -- Yes, I think they must actually file the lawsuit by July 1, 2014. I would probably reply to Dyck with a debt validation & debt validation letter - this might slow them down from filing with the court. But who knows for sure? I actually didn't receive a debt collection letter from Dyck; they immediately filed a lawsuit with the court (Lee County, FL). -JJ
  15. Boxed

    Boxed LoanSafe Member

    I'm in the same boat, they sent 2 certified mails to me this month but I avoided. Last night 5-27-14 I looked up lee county court records and they had filed a suit. Has anyone gone to a local lawyer in fort myers? I'm going to viles and Beckman tomorrow, will report back what they say I should do.
  16. Moe

    Moe Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    The only options many of you have in the state of Florida are to attempt to settle, pay what they want or claim bankruptcy.

    The last thing any of you would want is a wage garnishment.
  17. NPAFL08

    NPAFL08 LoanSafe Member

    While I've not been served (yet) I was contacted by dyck o'neal a couple months ago, so I wouldn't doubt one is on the way. I'm also in Lee County FL and it seems they are buying up old judgements and pursuing them to see what sticks. I was served in 2008 and it sold via auction in late 2010. In my case I disputed the validity of the debt immediately and called them out on violations of the Fair Credit Act for not providing the original creditor (plaintiff) information and basically told them I would be a pain in the rear if they pursued their made up numbers of deficiency.

    From what I found out (just online research, please know I am no way a lawyer) they must file a new claim (lawsuit) and serve you via a process server as the old case can only collect for 1 year after sale of property. As a third party who has been assigned the debt\claim they have 5 years after the sale or until July 1 2014, whatever is first, but as a third party you must be served via process server.

    You can fight but you risk that if you lose they will add their fees onto the judgement, and if they win they can garnish your wages like Moe states. They do need to this before a judge, and most likely they are looking to settle

    I don't know how much the new foreclosure laws have to do with new deficiency judgment cases based on old foreclosures (not much time to develop cases) but one of the things the new laws state is they plaintiff must have possession of the note, or a sworn affidavit of its location and clear chain of assignments. (see link below) I would think Dyck o'neal and Daniel C. Consuegra, Esq. (Dyck O'neals Fl contracted lawyer) would be required to provide this as well in their cases.

    Also, depending on who your bank/plaintiff was, a lot of these guys got in trouble (and still are) for robo-signing and making stuff up. I don't doubt dyck o'neal and Daniel C. Consuegra, Esq. are doing the same. If you can show they act in bad faith, they (plaintiffs and servicers) have settled lawsuits for bad behavior, you may be able to fight on grounds of perjury etc. I think you'd need a lawyer looking to make a name or class action to do that as it may require subpoenas to robo signers and notaries.

    I haven't talked with a lawyer yet as i'm waiting to be served, or filed on, but from research, they have to establish the deficiency amount in court (in FL) so if you can show that Dyck doesn't have the right to the deficiency (improper assignment or note possession) or that the deficiency is not what they say it is, like your property was worth more than what it assessed at the time of sale, then you may be able to fight. If you can swing it a low-ball settlement may be worth pursuing (through a lawyer) or the nuclear option may be bankruptcy.


    Helpful links:

    http://www.bakerdonelson.com/recent-significant-changes-in-floridas-law-of-foreclosure-07-19-2013/

    http://tampaflforeclosure.com/served-lawsuit-dyck-oneal-inc/

    http://aboutfloridalaw.com/2014/04/...-articles-about-florida-deficiency-judgments/

    Hope this helps someone...
    SONIA MARTINEZ and Moe like this.
  18. Boxed

    Boxed LoanSafe Member

    Dyck wants to see my financials before they even consider an offer. I offered then $2500 on a $127k suit.
  19. Moe

    Moe Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    Yes, thanks for the GREAT information and your valuable input.

    Under the federal Fair Debt Collection Practices Act, it requires that a debt collector verify the amount and validity of the debt. The burden of proof that they can and have legal premise to collect is on the debt collector not you.

    However, my understanding is once you are served, the assumption that the debt will be valid unless you dispute it within 30 days. One thing you all can do is send certified mail, "return receipt requested" asking for a correct accounting of the amount and validity of the debt including but not limited to the proof of deficiency, a down to the penny accounting of the said fees, possession of the note, or a sworn affidavit of its location and clear chain of assignments.

    Here is some information from the FTC:

    § 809. Validation of debts [15 USC 1692g]
    (a) Within five days after the initial communication with a consumer in connection with the collection of any debt, a debt collector shall, unless the following information is contained in the initial communication or the consumer has paid the debt, send the consumer a written notice containing --

    (1) the amount of the debt;

    (2) the name of the creditor to whom the debt is owed;

    (3) a statement that unless the consumer, within thirty days after receipt of the notice, disputes the validity of the debt, or any portion thereof, the debt will be assumed to be valid by the debt collector;

    (4) a statement that if the consumer notifies the debt collector in writing within the thirty-day period that the debt, or any portion thereof, is disputed, the debt collector will obtain verification of the debt or a copy of a judgment against the consumer and a copy of such verification or judgment will be mailed to the consumer by the debt collector; and

    (5) a statement that, upon the consumer's written request within the thirty-day period, the debt collector will provide the consumer with the name and address of the original creditor, if different from the current creditor.

    (b) If the consumer notifies the debt collector in writing within the thirty-day period described in subsection (a) that the debt, or any portion thereof, is disputed, or that the consumer requests the name and address of the original creditor, the debt collector shall cease collection of the debt, or any disputed portion thereof, until the debt collector obtains verification of the debt or any copy of a judgment, or the name and address of the original creditor, and a copy of such verification or judgment, or name and address of the original creditor, is mailed to the consumer by the debt collector.

    (c) The failure of a consumer to dispute the validity of a debt under this section may not be construed by any court as an admission of liability by the consumer.​

    But if they fail to comply and this is a big BUT, in order to make them produce the evidence you had mentioned, you will have to sue in court and answer with the proper motions in order to properly defend yourself in court with a lawyer or pro se which takes time and money. Even then it a shot in the dark because I have seen plenty of courts treat debtors as deadbeats regardless of the laws or legal procedures that must be filed.

    I'm thinking for most of you, the only way out will be A. a settlement. B. a repayment plan or C. Bankruptcy if you qualify.
  20. Moe

    Moe Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    Are you going to send them in or make them prove the validity of the debt?

Share This Page

COMPANY LINKS

TESTIMONIALS

"Hello Moe, I just wanted to tell you, your website has saved my life (literally), I stumbled on your site in the middle of losing my home, I was able to network with people going through the same thing as I am. I didn't feel alone anymore, I have tried to give back and counsel those that haven't walked in my shoes yet. We hear so much about what is wrong with America, I just wanted you to know, you are whats "right" with America."

Nina Mitchell
Loansafe & MoeSeo Inc. © 2014 | LoanSafe.org is not a bank, lender, mortgage broker, law firm or affiliated with the US Government. Privacy Policy