Post Foreclosure Situation

D:

I am glad to hear from you. Where are you now?

Thanks for giving me a shot on your transactions. The last I heard about Sage, the property was going to be foreclosed December 9th.

Your properties in Oregon and California were secured by trust deeds. Most likely in all of them you got foreclosed by the first mortgage. Since non of those where primary residences, most likely you will still owe on all the second mortgages that you had. Confirm this with your attorney or CPA. I can tell you what generally and most likely will happen. In Hawaii things are different. I would talk to a Hawaii attorney. Hawaii is a world of its own. Consider talking to a bankruptcy attorney before taking too many actions.

Get this book: "How to Settle Your Debts" by Norman Perlmutter. It will give you a good idea on how to deal with it. If you do things right you will come out in decent shape because you presently have no assets for or a family to maintain. The American system favors the rich and the one with nothing, not any one in the middle. So for the moment take advantage of having nothing. You are more free.

Look at my web site www.oscarpdx.com. I have an article about post short sale debt. I understand that your Government Camp property was successfully short selled. The thing is if you will owe or not.

Let me know how else can I help you.

Sincerely,

Oscar

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