When a homeowner is no longer able to afford his or her home, they may ultimately lose it through some formal legal process. Those who cannot afford to hold on to their family home may engage in a number of legal processes to transfer their house to their mortgage note holder. Deed in lieu of foreclosure is one means that avoids litigation and keeps cost down with known and thus manageable risks. Other banks and mortgage note holders must go through formal foreclosure actions to obtain title. If the bank or note holder prevails, they obtain a foreclosure judgment. The foreclosure judgment will contain information about how much money is needed to satisfy judgment. The bank or note holder will schedule a sheriff’s sale to sell the home and try to satisfy the judgment. If the sheriff’s sale does not net enough money, after expenses related to the sale of the house are paid, there is a deficiency. The difference between what needs to be paid to satisfy the foreclosure judgment and what the property sells for is the amount of the deficiency judgment.
Related: Will Bankruptcy Stop Foreclosure?
New Protections That Benefit You
On July 1, 2014 a new law went into effect dealing with the statute of limitations to bring formal legal proceedings for collection of deficiency judgments. House Bill 87 shortened the statute of limitations from five years to one year. Dyck-O’Neal apparently purchased a large block of deficiency judgments from various judgment holders. The company Dyck-O’Neal advertises itself as a “national purchaser, asset manager and servicer of real estate loans” on its corporate website. Dyck-O’Neal is, in simpler terms, a nationwide debt collection agency. In the months leading up to July 1, 2014 Dyck-O’Neal caused a large number of collections actions to be filed throughout various Florida counties. No doubt a large percentage of the defendants in these cases put their foreclosure behind them and moved on in their lives, chalking the whole experience up as a bad memory.
Related: How Will the Closing of the Rocket Docket Era Affect Florida Foreclosure Cases?
Dyck-o’neal Is Not Looking To Play By The Rules
Dyck-O’Neal is both national in scope and broad in its business ventures. It was issued a cease and desist Order by the Georgia Department of Banking & Finance after evidence showed that Dyck-O’Neal engaged in activities that required a mortgage broker or lender license. Massachusetts entered into a consent order or settlement with Dyck-O’Neal. While no wrongdoing was alleged in the consent Order, the terms of the settlement indicate that Dyck-O’Neal must not commingle monies of their clients and cannot engage in aggressive collections practices, such as repeated calls to debtors. Dyck-O’Neal has been engaged in collections of deficiency judgments for over 25 years.
If you or your business is being sued by Dyck-O’Neal for deficiency judgment or any debt, you need a strong, experienced attorney. The lawyers of the Charlip Law Group, L.C. can stand against the deepest of pockets and most shrill of advocates and still win for you. We represent clients throughout Miami-Dade County, Broward County, Palm Beach County, Brevard County, Lee County, St. Lucie County, Orange County, Collier County, and Hillsborough County. If you are being sued by Dyck-O’Neal or anyone else for a deficiency judgment, a foreclosure judgment or collection on any debt, contact us.
