Settling with Debt Collector

[lucabrasi]

What is the name of your state (only U.S. law)? Ohio


Had a house in Ohio (Currently in NH) where the neighborhood took a nose dive and we HAD to move. The house had a first with a balance of 60K and a second with a balance of 30. The house was listed for 89K hoping it would sell but it ended up sitting on the market for 15 months with only 3 showings. I dropped the price all the way down to 60, hoping to get something out of it but no dice. It eventually went to foreclosure and was sold to an investor for around 40K.

Dyck Oneil ended up with the leftover debt on the first (24K) and RCS the balance on the second. RCS called and offered to settle at $3,000 to which I negotiated to $2,200. That one went down rather quickly and I'm glad I'm not looking down that barrel anymore.

Dyck, on the other hand, asked me several months ago to make an offer and I said I could do $2500, to which they came back with $7500 and are not budging. This one has shown up as a collection on my Experian and Trans union reports, but am not sure how much damage they are doing. My score is 680 right now and other than a car loan, I'm not carrying any other debt and haven't been late on any payments other than the ones on those loans when I quit paying on them.

Does anyone have any advice for negotiating with Dyck? I'd really like to get this behind me, but am afraid they'll sue me for the full 24K and garnish my wages.

Thanks for listening

 

[Zigner]

What is the name of your state (only U.S. law)? Ohio


Had a house in Ohio (Currently in NH) where the neighborhood took a nose dive and we HAD to move. The house had a first with a balance of 60K and a second with a balance of 30. The house was listed for 89K hoping it would sell but it ended up sitting on the market for 15 months with only 3 showings. I dropped the price all the way down to 60, hoping to get something out of it but no dice. It eventually went to foreclosure and was sold to an investor for around 40K.

Dyck Oneil ended up with the leftover debt on the first (24K) and RCS the balance on the second. RCS called and offered to settle at $3,000 to which I negotiated to $2,200. That one went down rather quickly and I'm glad I'm not looking down that barrel anymore.

Dyck, on the other hand, asked me several months ago to make an offer and I said I could do $2500, to which they came back with $7500 and are not budging. This one has shown up as a collection on my Experian and Trans union reports, but am not sure how much damage they are doing. My score is 680 right now and other than a car loan, I'm not carrying any other debt and haven't been late on any payments other than the ones on those loans when I quit paying on them.

Does anyone have any advice for negotiating with Dyck? I'd really like to get this behind me, but am afraid they'll sue me for the full 24K and garnish my wages.

Thanks for listening

It seems to me that them giving you a chance to pay only 1/3 of what you owe is a pretty reasonable offer. It's a much better offer (percentage-wise) than the other folks gave you. I would suggest that you find a way to come up with the $7,500 they are asking for.

 

[lucabrasi]

It seems to me that them giving you a chance to pay only 1/3 of what you owe is a pretty reasonable offer. It's a much better offer (percentage-wise) than the other folks gave you. I would suggest that you find a way to come up with the $7,500 they are asking for.

Thanks for the reply..

Actually, I was able to settle with RCS for $2200 on a 30K balance, which is less than 10%, much lower percentage wise than what Dycks offer which is in the neighborhood of 30%. I'm trying to figure out if Dyck has some reason to believe they are in a better position to collect.

I could just file chapter 7 and be off the hook for the whole thing, but would rather get it settled.

 

[lucabrasi]

Bumping and hoping for input..

Additionally, I spoke with DYCK again today and they aren't willing to tell me what they would accept, though the $3,000 I offered them today wasn't even considered worth taking to "the committee" as she said.

They did mention it was a judgment and looking at Ohio law, it says deficiency judgments are void after two years from the sale of the house. In my case, the foreclosure deed is dated July 2014, so I assume that means they can't collect after July.

Is that correct?