Have You Received a Letter From Dyck O’Neal About A Past Foreclosure?

Posted on: April 6, 2017 at 1:08 pm

by: Law Informer posted: August 13, 2014

Get answers about your deficiency

Many individuals in Tampa and Clearwater have received letters in the mail from Dyck O’Neal and other companies about mortgage deficiencies from their past foreclosure. You need to take these letters seriously.

Why is the Bank coming after me now?
After recent law changes banks that had a foreclosure judgment against a homeowner any time prior to June 30th, 2013 had until July 1st, 2014 to file a deficiency lawsuit. According to Florida Law after July 1, 2014 a deficiency judgment suit has be filed against the homeowner within one year after a foreclosure judgment.

What is a deficiency Claim or Judgment?
A deficiency is the difference between the total balance owed to the bank minus the fair market value of your home as of the date of the foreclosure auction or sale. The bank that held your mortgage or a third party debt collector (Dyck O’Neal) that buys the deficiency debt can file a deficiency claim in court. Years after your foreclosure judgment they can attempt to collect. If they succeed with the deficiency claim in court you could be faced with a deficiency judgment owing tens of thousands of dollars.

Who is Dyck O’Neal?
This Texas based debt collection company started buying deficiency from banks in 1988, filing hundreds of deficiency lawsuits in Florida this year.
They claim to be ‘The leading nationwide purchaser, collector and servicer of real estate loans since 1988’. Rather than file the lawsuits and incur the costs themselves banks sell the deficient accounts to Dyck O’neal and other collections agencies for a fraction of the debt. They are experienced, ruthless and will use aggressive techniques to collect.

Why should you need to take this seriously?
If you are sued for a deficiency judgment after a foreclosure by Dyck O’Neal or another collection agency, you will be required to repay those funds. This deficiency judgment could exceed $100,000 depending on the amount of your loan.  They could then collect monies from you by garnishing your wages, repossession of your car or boat, seize your bank accounts, take your property or liquidate your assets, even seize your tax refund.

What can a Foreclosure Attorney do to assist you?
You may have legal defense options available against a deficiency claim. One defense is the statute of limitations in which to bring the action against you. Our lawyers will research all possible avenues to resolve your case.  If a strong defense is not available then we will offer to settle the deficiency for a discounted amount, potentially saving you thousands.  If you have no funds to settle, then bankruptcy may be an option to discharge the debt.

Don’t wait! Contact a Tampa Foreclosure and Bankruptcy Attorney at FL Legal Group today to fight a deficiency claim against you. For more information – email or call 888-FL-Legal (888-355-3425).

Author: Nicki Asmer
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