We represent clients who are being sued by Dyck-O'Neal for deficiency claims. Dyck O'Neal has recently increased their collection efforts to pursue former property owners for deficiency judgment claims following foreclosure.
Take Immediate Action
It is very important that you take immediate action if you have received a collection letter or lawsuit from Dyck-O'Neal seeking to recover a deficiency judgment against you. If you have assets or income that prevent you from discharging the deficiency debt in bankruptcy, retaining counsel to defend you against Dyck ONeal may be your best option. If a deficiency judgment in entered against you, they may be able to seize your bank accounts, cars, boats, motorcycles, real estate and other personal property. They may also be able to seize your tax refunds and garnish your wages.
Deficiency Judgment Cases
You may be stunned to learn that even years after a foreclosure case is over, you can still be pursued for additional money owed on your mortgage loan even after the property was sold at foreclosure auction. Many people do not realize that the lender not only has the right to force the property to be sold at auction, but they can also pursue the borrower for the remaining balance owed on the loan (this is called the "deficiency").
Specifically, lenders can pursue the borrower for a deficiency judgment, which is the difference between the total balance owed to the lender minus the fair market value of the property as of the date of the foreclosure auction. Some lenders sell these deficiency claims to debt collectors such as Dyck O'Neal who then pursue the borrower for the deficiency amount.
We have received many phone calls in the last several weeks from former property owners who are now being pursued by Dyck O'Neal for deficiency judgment claims. Some of these callers have received collection letters. Others have been served with lawsuits recently filed by Dyck O'Neal in counties across the State of Florida.
There may be legal defenses available against a deficiency claim by Dyck O'Neal potentially including statute of limitations, improper notice, improper service issues in the underlying foreclosure, offsets for double recovery (i.e. mortgage insurance or risk-loss share agreements), and other procedural defenses. It may also be possible to challenge the amount of the deficiency claim.
In cases where there are no strong legal defenses, we may be able to settle the deficiency claim for a discounted amount, potentially saving our clients tens of thousands of dollars or more.
If you have received a collection letter from Dyck O'Neal, or if you have been served with a lawsuit filed by Dyck O'Neal seeking to recover a deficiency judgment, it is important that you take immediate action.