Just a quick reference as to I feel your pain. Got behind with a smaller division of BofA called Home Loan Services aka three ring circus. Fell behind in Sep 08 and foreclosure started Nov 08. We pleaded with them to try and save our home but they were ruthless. I explained to them that the home needed many repairs and they would lose in the long run. They would not and refused to work with us. Dec 08 home went to auction and did not sell for even a fraction of the amount it was worth.
Magically the bank suddenly wanted to work with us. We said no that they had their chance and we are moving on.
Here are the interesting factors:
**They still report for 7 years that you enter foreclosure regardless of whether you catch up or refinance
**we had an 80/20 loan from day one (basically a 20% 2nd mortgage)
**although we asked multiple times how to handle this they would not answer us consistently, the Bill Clinton runaround
**over 2 years later I pulled my credit reports and Dyck Oneal is reporting over $40k
**to salvage my credit I settled with Dyck Oneal for $7k
YES they will settle for much less than 50%, I offered 5% at the beginning
**YES it is UNSECURED so they can not touch you or your money or your work unless they file a suit and win
**depending on your state and how much you care about your credit score, they can not collect on this debt past the states statute of limitations which in some states is only 3 years, however the credit report can only report 7 years from the time of your first default payment, not when Dyck acquires it, NO unless you agree to a new loan they can not start the time over
***Call the FCRA and get advice on the correct law regarding 2nd mortgages and how they are handled, I believe many mort co are in violation.
***as much as I hate to say it, if your credit is ruined then get advice from a BK attorney, they have worksheets for a clean sweep even if you make more than your states or counties minimum.....i chose to fight and continue to clean up as much as possible and in time it falls off
HOPE THIS HELPS ANYONE DEALING WITH DYCK ONEAL[/LIST]