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Dyck O Neal

I owe Dyck O Neal (ca) 40k from a promissory note with the last short sale in florida (deficiency state). The short sale was negotiated by PMI and eventually passed on to the CA. After 5 months they want to offer only 50% (20k) and will not budge in inspite of repeated pleas and bargaining.

Any experience dealing with this collection agency? Whats the difference dealing with settlement thru credit cards vs promissory note from a short sale?




SC

Posts: 3618
Credits: 36402.4

Sub: #1 Okay Burried-in-debt, I'm little confused here :? How much d
Mon, 08/10/2009 - 21:48

Okay Burried-in-debt, I'm little confused here :?

How much do you owe to the lender in total? Has the insurance company agreed to pay only a portion of the outstanding amount on the mortgage?




Unregistered

Sub: #2 This happened October last year. We owed 275k to the lender, the
Mon, 08/10/2009 - 22:50

This happened October last year. We owed 275k to the lender, the house was sold thru short sale at 220k, the shortfall was 55k. The lender (American Home) endorsed all the negotiations to the PMI company (Radian) who will not approve the short sale unless we sign a promissory note. At that time, the lawyer we hired advised us to accept the deal for 0% int for 30 yrs, saying that if we go into foreclosure, FLorida is a deficiency state and that we could also get a judgement. Since we made good income then and we wanted to save our credit, we signed the note (looking back now, that was a stupid decision).

Fast forward, we were paying $111/month but my husband was laid off and our credit is no longer the priority. But we are stucked with the 40k note. Radian sold the note to Dyck o neal without even notifying us few months ago. Spoke to Representative from Dyck O neal and was firm about 20k settlement. SO we wrote her and said we cant do it financially but we are willing to pay $10/month. So far, we havent heard from them. Seems like they are not interested to settle. Anyone has info about Dyck o Neal?




Unregistered

Sub: #3 Watch your back. They are sharks. Trust me
Wed, 08/19/2009 - 12:55

Watch your back. They are sharks. Trust me




Unregistered

Sub: #4 Watch out for that Dyck. Not easy to work with said my friend.
Wed, 08/19/2009 - 13:12

Watch out for that Dyck. Not easy to work with said my friend.




Unregistered

Sub: #5 filing Chapter 13 ...what happens to the 20K we owe Dyck-O? Can
Sun, 08/23/2009 - 08:34

filing Chapter 13 ...what happens to the 20K we owe Dyck-O?
Can that be included in filing?




Unregistered

Sub: #6 I just got a letter from Dyck on August 10th. My house was fore
Thu, 08/27/2009 - 03:14

I just got a letter from Dyck on August 10th. My house was foreclosed on and was 1099-C. However Countrywide sold the $50,000 HELOC to Dyck. I guess I will have the same experience as you but I can't afford to even pay 50%. Maybe I can just ask them to prove they own the debt?




Unregistered

Sub: #7 What state are u from? Who is your contact person at Dyck? I
Sat, 08/29/2009 - 01:38

What state are u from?

Who is your contact person at Dyck? If its Amanda, she is tough to deal with and is not interested to settle. We are paying $10/month out of our 40k coz we cant afford 50% settlement. We are settling with credit card debts now (we were able to borrow money from family) and then once we settled, we are going to stop paying Dyck and re-negotiate. Please keep in touch coz i also feel hopeless with Dyck O Neall.




Chrys Henderson

Posts: 2560
Credits: 17373.3

Sub: #8 The 1099C should be a good defense in court that the debt is unc
Sat, 08/29/2009 - 04:20

The 1099C should be a good defense in court that the debt is uncollectable and Dyke got had by Countrywide. Send them a Cease & Desist letter.

Did you pay taxes on that 1099C without filing an exemption? I hope not.

FRAUD: RECOGNIZE IT. REPORT IT. STOP IT.
Rip-off companies - FTC.
Phone harassment by Debt Collectors - FCC.
Banking issues, like ACH problems - OCC.




Unregistered

Sub: #9 I live in Florida and the 1099-C I recieved was for the first mo
Wed, 09/02/2009 - 01:03

I live in Florida and the 1099-C I recieved was for the first mortgage. The HELOC countrywide didn't 1099-C. I didn't pay taxes on the 1099-C, I was exempt from it. My first mortgage and HELOC were both from countrywide. My contact person is Kirk Chapline from Dyck O'neal Inc., but I do all communication by certified mail, I don't have conversations on the phone. I am just at the first stage and thinking that I probably should just file bankruptcy. I don't want to because this $50,000 is my only debt but I doubt they will settle for $10,000 which is all I can afford.

From my searches they do sue and win cases, even cases defended by a lawyer. I've read appeals where they still won even though they didn't have the orginial loan documents. Those two cases were in Texas so maybe they have a different standard than Florida. I just think it is better to file bankruptcy then to fight it and still lose.

I've always paid my bills and this house has really destroyed me financially. Countrywide appraised my house to be worth at $215,000 in may 2006 so that my debt ration to income would allow me to qualify for the HELOC. However the house was sold by Countrywide for $79,000 two years later.




Chrys Henderson

Posts: 2560
Credits: 17373.3

Sub: #10 Ah, yeah I missed that promissory note part, which does add quit
Wed, 09/02/2009 - 02:40

Ah, yeah I missed that promissory note part, which does add quite a wrinkle. I think that was a bit of a dirty trick on their part.

$79K?! :shock: Ouch! That person got a bargain!

Quote:
I do all communication by certified mail, I don't have conversations on the phone.
Excellent! Me too.

Quote:
I've read appeals where they still won even though they didn't have the orginial loan documents.
Yeah some judges are so blatantly corrupt that it sometimes makes me want to punch them in the face...

Quote:
I just think it is better to file bankruptcy then to fight it and still lose.
I agree, and I think that you *will* lose, because of the dratted promissory note, so the BK might be a good idea. Then again, if they bought the debt, they likely paid pennies on the dollar for it. Continue attempting a settlement negotiation whilst you decide.

Too bad you don't live in Georgia, there is a Cease-and-Desist order against themthere. But they must be a halfway decent company, hardly anyone has sued them for FDCPA violations.

FRAUD: RECOGNIZE IT. REPORT IT. STOP IT.
Rip-off companies - FTC.
Phone harassment by Debt Collectors - FCC.
Banking issues, like ACH problems - OCC.




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