Served in a lawsuit by Dyck O’Neal Inc.?

Dyck O’Neal Inc. served me in a lawsuit, what does this mean?

If you have been served in a lawsuit recently by Dyck O’neal Inc., or have current pending litigation with Dyck O’Neal, you are not alone. They are a debt collection company – they have purchased rights to old deficiencies from the bank that previously foreclosed on you and it is trying to collect whatever it can on this amount. This company has served thousands of Floridians and are seeking judgments against them. Many consumers are facing upcoming trial dates and summary judgment dates and are faced with having uncertain counsel as to how to best defend these actions as well. If you are facing a deficiency judgment lawsuit or motion by Dyck O’Neal, Inc., having an attorney that knows how to defend against a deficiency lawsuit is paramount to mitigating your damages or having a strong defense.

What is a deficiency judgment

A deficiency judgment is best put in perspective with a simple math equation – say you have a foreclosure judgment entered against you for $100,000.00. Now say that the value of the home that was foreclosed on was $50,000.00. The difference between those two amounts ($50,000.00) is known as a deficiency. The bank, or in this case a new company, can attempt to collect on the deficiency and must obtain a deficiency judgment to do so. These types of judgments are the rule and not the exception. They are very common, and are subject to very limited defenses.

One such defense is the statute of limitations. Basically, for those individuals that have had a judgment entered against them before July of 2013, the banks had five (5) years to seek this deficiency judgment. This was not the case after the statutes were amended to reflect the changes in the 2012-2013 congressional sessions. All of the old bank judgments now only have until July 2014 to seek to enforce the alleged rights to a deficiency judgment. What this means for a lot of Florida residents is simple: the foreclosure nightmare is not over, now the deficiency judgment you thought was forgiven could come back and haunt you. Creditors like Dyck O’neal Inc., can purchase these debts, become a debt collector, report on your credit, file a deficiency lawsuit or motion for deficiency, and now seek judgment against you.

What can I do?

Florida homeowners that had faced foreclosure, and perhaps lost a tough case or simply did not defend their suit, are now in a panic. After being served by Dyck O’neal Inc., it is hard to make an informed decision regarding this matter. Sure, you may now be doing much better than you were at the time of the foreclosure, but this is what Dyck O’Neal Inc., is hoping for. While you can see from my other posts, there are defenses to foreclosure cases, and there are also defenses to deficiency judgments, but to put it succinctly fighting a deficiency in court adds to the amount the bank or Dyck Oneal, Inc. will seek against you. If they do get a deficiency judgment, they will then try to garnish your wages or attach liens against your personal property. It is important that you understand that a settlement, and not a final judgment, may be in your best interest to avoid these outcomes.

What if you are in ongoing litigation

Over the years, one sad part of these lawsuits that I have seen are the weak pleadings and weak defenses being offered against Dyck O’Neal and their attorney. While I speak highly of settlement – for those doing well – making Dyck O’Neal prove its case and meet their burden is extremely important. Like I tell my clients – when I take a case, I am trying to win. This means knowing what defenses, documents, and data may best help their case and in some rare occasions, may end in a good day.

If you have counsel in ongoing litigation – it’s important that they have defended a case against Dyck O’neal. Case law is coming out each week that dramatically effects what defenses may prevail and which ones may not. Knowing these are a key to court room success. If you are facing a Dyck O’Neal trial or a motion for deficiency judgment and are uncomfortable with your attorney or don’t hear back – it may be time to find counsel you are comfortable with.

How can an attorney help?

An attorney can help dramatically in a settlement negotiation and at trial. Not only does it give your side more strength in a negotiation, it also shows that if pressed you are not afraid to have a judge rule on your case. If you have recently been served by Dyck O’Neal, and would like to know your options, please contact my office at 813.252.0239 or email me to set up a consultation.