California  |  Bankruptcy

Legal Question

Asked on: 10/26/13, 7:07 am

Dear Sir/Madam

My wife and I own 2 triplexes in Gardena California. And we sold 2 fourplexes

In Las Vegas, Nevada . Those 2 properties in Nevada was short sale. We still owe the

Bank deficiencies about $370,000.00.

We still owe 2 triplexes in Gardena California. One of the Gardenaís triplexes has mortgage from same bank. The other property in Gardena has mortgage from another bank.

Both of Gardena Properties have not much equity may be underwater.

We donít have any other asset with much value. I said to the bank with deficiencies

I am going to file bankruptcy. They say they will give us a deal on repayment deficiencies. They havenít send me any deal yet since we sold the 2 properties in Las Vegas Sep 2013. If we wait long, propertiy value is going up. That means we have more chance to liquidate the properties.

Please advise,

Sincerely,

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