January 30th, 2007 1:33 pm
Facing Foreclosure - Activity Log
I’ve been trying to “take care of priorities” for the last 24 hours. Here is a log I kept on my notepad as I was working (this is a quick-n-dirty post, please pardon the grammar / spelling)
Monday (yesterday)
- woke up late because I was up late last night responding to emails, installing a plug-in on the blog that will blip out bad words and taking care of stuff like faxing back short sale package for Burdett and New Mexico
- Duane calls me around 1pm and he asked me if I’m taking care of priorities (talking to lenders about a plan), I said No while telling him what I was doing, he got upset with me and asked me why he should work with me if I’m not handling my side of the deal and not “calling the lenders and making amends”. I thanked him for his patience with me and I told him I will hang up the phone and get to work on handling debt right away
- stopped writing a big blog entry and put up something quick saying that I need to handle priorities and also asked for help with moderation
- checked all 11 G’s credit card accounts online and updated all unsecured accounts on balance sheet (local and online)
- also updated payment bank account on G’s accounts since I closed the old bank, so I can be ready to pay her bills as soon as possible
- also changed most of G’s accounts to have electronic statement delivery to cut down on mail
- also requested that I be added as authorized user on 8 of G’s accounts, received authorization on 5 so far. This will allow me to take care of payments and negotiate on her behalf
- talked to one of G’s cards and asked if we can get the interest rate lowered from 30% down to something reasonable. The rate is so how because we’ve been late before (less than 30 days late) and this is the default rate. They said normally the rate gets brought back down automatically after 9 months of on-time payments. I asked if we can get it down lower sooner. He said that we need to bring the card current (it is a month behind) first and then we can talk about it.
- gave G my ATM card and helped her pay tuition online for the semester at Sierra College $382.00 and her cell phone bill which was 2 months past due $150.37
- talked to G about finding a way to downgrade our cell phone bills (hers 75/mo, mine 200/mo) or consolidating them back to a family plan like we used to have to save money, we agreed that I will look into it
- G stoped doing her homework for a minute and asked me if I finished paying her minimum payments yet like I promised a month ago or she going to get a 30 day late on her FICO? I told her I haven’t been on top of it like I promised but at the same time I really didn’t have the money to pay all of them, so I paid one of them the one that was the most behind. She got upset at my handling of finances and I got upset too at the whole situation.
- went back up to my office, slammed the door and sorted hand-written notes, business cards and January receipts for later processing
Tuesday morning (today)
- wakeup at 5:00 with G but actually get up at 6am to join her for breakfast and see her off to school
- take a shower, get dressed for success and go to the office to get back to taking care of priorities
- installed and setup Microsoft Money so I can start tracking my income and expenses
- try to setup electronic download of transactions but MS Money is giving me problems, will have to try later and/or call tech support, for now will do manual entries
- open a stack of approximately 45 pieces of mail
- found offer letter for Roadside assistance, decided to order it for $52/year to save money in case we get stuck or lock our keys
- check auto insurance policy to make sure its current, not due till March
- paid a small collection bill $40.80 to get it out of the way
- sent payment for final utility bill for Modest property for $41.40 to get it out of G’s name
- in the mail found W2 from the month that I worked at my job last January before I quit to become a “real estate mogul” and also 1098 mortgage statements. I put all those into a seperate TAXES file so I can prepare everything for my CPA appointment which I rescheduled to February 14th to give me more time
- also found a Notice of Sale for the New Mexico property scheduled for February 14th at 12:30PM… uh oh… need to call Rio Rancho realtor and see if he reduced the price to 469 yet and if we are getting any offers so we can submit a shortsale packet and try to stop foreclosure
- this reminds me that the Rio Rancho NM realtor told me some guy asked him about redeeming my property. My realtor had no clue about this “redemption” so he told the guy to send me an email with what he wants to do. I remember seeing the email, I need to go and read that email and research into “redemption”. As far as I know, in some states, assuming in New Mexico, the homewoner can redeem aka buy back the property for a certain amount of time after foreclosure. I’m wondering what this investor guy exactly wants to do with my redemption rights. Something to look into. HOwever, I told my realtor to tell the guy to put in an offer on the property instead so that we can do a short sale and avoid foreclosure instead of letting it foreclose and trying to redeem it.
- also found a letter in the mail from somebody who wants to buy my MORTGAGE and then arrange for some kind of payments with me that I would be comfortable with… hmm… interesting… I put it aside for further investigation
- found a letter from the Utah lender saying that the mortgage is 1800 pas due and if they don’t get that payment they can start foreclosure after 30 days… man I really need to finish taking care of that issue… I put the notice aside for further action
- found American Express credit card offer “pre-approved”… I quickly throw it into my shredder before more damage can be done
- threw away and or shredded the trash and filed stuff that I am keeping for records
- look through bills to see what I am going to pay today consider the money I have
- paid 400.36 for my cell phone for last 2 months, to bring the account current
- paid 110.19 cable internet bill for last 2 months to bring it current
- setup automatic payments for cable internet so I don’t have to worry about this pesky bill, I just have to make sure there is always money in the account
- check my property bills and choose to ignore for now
- setup internet access bill to be delivered electronically to cut down on mail time
- wondering if internet access and my cell phone bill is tax deductible since I need both to do business and how much of it is deductible? I make a note to ask about this when I see my CPA
- Check for property bills in G’s name
- found a City of Modesto final bill for 392.32.. don’t have enough money for this right now, will try to pay next time I get another statement
- found Rocky Mountain Power final bill for Utah property… what?? We’ve been paying for power on that property all this time?? I hope the buyers are happy they got a free ride. The closing bill is only 33.93 so I write a check and put it aside for mailing later today.
- found Sacramento Water district bill for 267.23. This one will have to wait until later too along with the other bills that are in my name.
- enter all the bills I just paid into MS Money
- manually download a file from my bank for all the transactions for January and import into MS Money so I have a complete picture of my new personal account
- went through and sorted/categorized all the 32 downloaded transactions, referring to receipts that I set aside for more clearity
- with all mail and transactions sorted I feel a certain sense of accomplishment… even though this is the kind of work that I want to eventually outsource, for now G is busy with school and I will be the one doing it. I WANT to do it actually because it gives me a sense of control over the finances and a feeling of staying on top of things. I used to be very good with accounting for every single penny spent back when I used to live on my own before we got married. Then during the last couple of years that we’ve been married the “accounting” role has been sort of on G but then I tried to take it from her unsuccessfully a couple of times. Now I’m taking on myself for sure and want to do a good job of it… even if this kind of stuff is not up my alley as far as personality goes, its still good thing to learn to do, to take care of my finances.
- Ok so… I now have an account balance of $252.21
- how am I going to pay G’s credit cards and save her from getting 30 days late mark? What about my credit cards? Need to think of a plan.
- oops, almost forgot, G’s asked me to check on the status of our health insurance auto-draft. Since I closed the account where it used to draw from we don’t want to be stuck with no health coverage, do we? I checked it and looks like there is one payment past due and next one to be drafted on Feb 5th. I updated the bank draft info online but it wasn’t clear when the payment would be made. So I called to find out. I found out that my account is actually current and the next draft will happen on Feb 5th from my new bank that I jus entered online. So I made note to make sure I have 162 by Feb 5th for the next draft.
- It’s 12:40 PM now
So I basically have nothing left in my account to pay rent and next month’s bills. I don’t really have a stable job and I don’t know exactly how I will be supporting myself next month.
Here are the updated figures on my unsecured debt from my balance sheet:
- Wife: $26,319 balance and 2,391 due to bring everything current. Payments are almost 30 days late or possibly even more than 30 (hopefully not)
- Me: $148,402.08 balance and 8,390 due to bring current. Payments are way late and 2 of the accounts have already been closed so I have to make arragnements for payment or settlement with collections.
Questions/thoughts for you guys:
- What is my next move with my unsecured debt? Get a stable job? Ok. As a condition for Duane to be sponsoring me he wants me to negotiate with my lenders and work out some kind of a repayment plan. Ok, I will try to do that next… but what exactly am I going to ask for in my negotiations?
- I did try calling a couple of my credit cards so far and they are giving me two options: 1) bring the account current and resume payments or 2) make a minimum payment and keep it from going further but the account would still be in-default. The problem is that when I call them they are asking me what I can do per month. I really don’t know because I don’t know what I have coming in monthly. Say if I had a job paying me 4500/mo, I can subtract my living expenses of say 3000 and have 1500 left over for debt repayment plans. I can then tell the lenders that I have 1500 and I need to spread that amount across ALL of them. But thats not enough to start paying even the MINIMUM payment! I would need a much higher income per month to get into some kind of a repayment plan.
- Aside from getting a stable job ASAP, does anybody else have any ideas on how to handle this debt and finding a way to float it?
Also, thank you to those who volunteered to help me moderate comments on this blog and help me start brining a positive and supportive feel to this place. I will be talking with each one of your and selecting a couple of people to help me.
Even though the moderation is a bit slow right now, feel free to share your thoughts on my debt situation, we’ll get you moderated soon… Thanks guys.
203 Comments
January 30th, 2007 at 1:42 pm
get a job. you can’t float it anymore. ask duane and he will agree. stop being lazy. the stuff you are doing right now could be done in the evenings or after your ‘regular’ job. now go find one ASAP.
January 30th, 2007 at 1:43 pm
This is just silly. And sad.
January 30th, 2007 at 1:44 pm
Who cares about G’s minimum payments; when you’ve got cable, your cellulars, roadside assistance.
January 30th, 2007 at 1:51 pm
To let more people find out about your BLOG and hopefully click on the links to make you some money get a big black pen and write http://iamfacingforeclosure.com on the blue ball and strap it to the top of the Jetta (duct tape will work if you don’t have a rack). You can use the blue ball as your trademark and bring it to all photo shoots and TV appearances (have you called Letterman or Leno yet)?
January 30th, 2007 at 1:54 pm
You must declare BK ASAP - get a job & pay your bills not discharged through BK. You will have a MUCH less stress filled life, & you might just save your marriage. You’re young & you can still have many opportunities.
January 30th, 2007 at 1:57 pm
One more thing - re your Credit Card debt: Call one of those Credit Counseling services & have them negotiate lower rates/payments; they will be more successul than you.
January 30th, 2007 at 1:58 pm
The “activity log” is a good idea.
It will help you stay accountable and by recording what you have done.
Keep it honest and keep us posted.
January 30th, 2007 at 2:07 pm
I’m speechless at your amazing start to a fantastic turn around.
Great job Team Casey! You are the magic man!
January 30th, 2007 at 2:17 pm
@ The Original Kevin
Just an FYI - Those Credit Counseling services charge a hefty fee to negotiate and consolidate. Suze Orman warns AGAINST using those credit services.
January 30th, 2007 at 2:21 pm
Wow, if I were you I’d be working three jobs not sitting around playing around on this blog for $1,500 per month. Seek professional help and declare bankruptcy.
January 30th, 2007 at 2:29 pm
where can a 20 something high school graduate get a job netting $4500 a month?
January 30th, 2007 at 2:34 pm
FWIW, I don’t use an accurate e-mail address on this site. If you want me to create that auto-archiving mirror and posts your stuff to a forum automatically, just write a response here that says “FuturesTrader, I agree to your idea.”
I’m asking your permission because I don’t want to steal your content or reproduce it without permission. I think people really need a forum to talk about you because, believe it or not, you are a celebrity. I have the hosting capacity already to run such a site.
January 30th, 2007 at 2:43 pm
Oh, and great job in the last 24 hours.
Just a couple questions:
1. How much money did you make?
2. How much did your negative net worth increase?
January 30th, 2007 at 2:47 pm
Do you need some help blipping out bad words?
Idiot, retard, jackass, dumb immigrant. Those are just a few that come to mind.
You’re welcome or in you case, your welcome.
January 30th, 2007 at 2:51 pm
CASEY,
THIS IS A FREEBIE FOR YOU.
A SECRECT!
http://www.buy-back-your-time......onaire.pdf
RICH GRANDDAD
January 30th, 2007 at 2:51 pm
“where can a 20 something high school graduate get a job netting $4500 a month?”
A very exclusive escort agency?
January 30th, 2007 at 3:01 pm
To clear $4500 per month, you need to gross about $6700, more if you are self-employed and have to pay your own share of the payroll tax. That translates to $80k/yr, which doesn’t seem likely with your skillset.
January 30th, 2007 at 3:02 pm
I am Nine????????????????????????????????
January 30th, 2007 at 3:04 pm
$52 for road side assistance? dude…what are you thinking? get some duct tape, and a can of fix a flat. You have a cell phone and family in the area….why spend $ on something you don’t need?
January 30th, 2007 at 3:04 pm
“Aside from getting a stable job ASAP, does anybody else have any ideas on how to handle this debt and finding a way to float it?”
THIS IS LAUGHABLE
You have run out of options to “float” your debt. Both of your credit scores are ruined… no one is going to lend you anything. It’s only going to get worse.
You aren’t moving fast enough to get rid of your properties. You need to make DRASTIC CUTS in your asking price. You are what real estate people call a MOTIVATED SELLER. But alas, you’re running out options here too. I don’t care what RobBBB says, the real estate market is not coming back any time soon.
This is only the beginning. It’s only going to get worse… much worse.
People with money and good mortgages are going to “wait it out” and not make any purchases until things have really bottom out.
All of the others, those with crappy ARM’s and NO MONEY DOWN LOANS, INTEREST ONLY LOANS and tons of CREDIT CARD DEBT are facing foreclosure and bankruptcy on a scale this country has never seen.
Most of the shaky loans people took out to “gamble” on flipping properties haven’t even started resetting yet. When that happens, especially in the markets that you own homes in, the real consequences of your irresponsibilty will come crashing down on you and “G” full force.
Casey…. YOU MUST GET TWO JOBS RIGHT NOW.
Find something in your field to do EVERY DAY. Then get a job delivering pizzas or handling packages at UPS (free health insurance) at night.
You should be working 60-80 hours a week and start getting some income coming in to handle these expenses. Actually, you should have been doing this months ago, instead of demeaning all of us who do go to work each day.
I’m an entreprenuer and have started a couple of businesses. I’ve also owned rental properties. I’ve never considered leaving my “day job”. When my little “investments” grow-up and become real cash producers, I may leave my job, but only after a few years of real income and solid numbers.
Getting real sustainable wealth is a “crock pot” not a “microwave”.
I realize that you won’t take this advice. You’ve been so brainwashed into thinking that getting rich is quick and easy and little or no work. It couldn’t be further from the truth.
If you want to really find out what the “rich” do to get there, read two little books: “The Millionaire Next Door” and “The Millionaire Mind” by Thomas Stanley. They will open your eyes to what really successful people do. BTW most of them didn’t really acheive their wealth until they were in the 50’s and 60’s after decades of work and frugality.
Stanley talks about the “Five Elements of Financial Success”
1) INTEGRITY-Being honest with ALL people
especially with your spouse!
2) DISCIPLINE-Applying self-control
they are frugal and have a well planned budget every month. OUTSOURCING your mail opening, bill paying and budgeting at this time of your life is ridiculous. Most wealthy people do this so they have a real feel for their financial situation. NO ONE WATCHES YOUR FINANCES BETTER THAN YOU DO. The discipline required to do all of this well is required to become wealthy. Once your a success then you can hand this off to someone else… but not until this time. YOU NEED TO LEARN THIS.
3) SOCIAL SKILLS-Getting along with people
hmmm… Methinks you have alot to learn on this one too!
4) A SUPPORTIVE SPOUSE
while “G” may have been supportive in the past, today’s post shows that you haven’t really changed all that much. How can she be supportive when you keep doing what you’re doing.
5) HARD WORK-more than most
Despite your disdain for the “rat race”, people in their 20’s rarely get out of the “rat race”. I have seen no evidence that you believe in hard work…. even in your “real estate empire”
Today’s post by you leaves the impression that you are finally starting to see your situation for what it is. The walls are closing in son and you have wasted a lot of time fooling around on a lot of nothing. My dad use to call people like you “Big Hat… No Cattle”.
Good luck!
Hot Air Guy WI
(yeah, I’m full of it, but I sleep well every night)
January 30th, 2007 at 3:09 pm
John Maynard Keynes had a saying (he was a British economist): “Lend a man a thousand pounds, and you are his master. Lend him a million, and the situation is reversed.”
January 30th, 2007 at 3:11 pm
Wow man… a little tip on the roadside assistance thing if you’re trying to save money. Don’t sign up for it until you actually break down. I’ve been doing this for years:
1. My car breaks down.
2. I call AAA and sign up for a plan (you’re covered as soon as you sign up).
3. Hang up and call them right back saying I need road-side assistance.
4. Problem solved while saving yearly membership fees. (And then I have AAA for the rest of the year just in case).
You can have up to 3 tows per year for free with their basic plan.
Save that money and pay it on G’s cards.
HTH
January 30th, 2007 at 3:16 pm
This is what it’s like to get back on top of a situation.
I’m still not sure you’re making the right decision postponing bankrupcy. You’re naive about how deep the water is, or how fast it’s rising. You cling to the idea that miracles happen. But you need to make a realistic appraisal of what is possible.
If you’ll excuse me, I have to outsource my mail now. After that I’ll refresh my own drink!
January 30th, 2007 at 3:17 pm
“Say if I had a job paying me 4500/mo, I can subtract my living expenses of say 3000 and have 1500 left over for debt repayment plans”
Ummm, Casey, let me help you with a little math.
By the above logic, you would need access to 4500/month of NET income.
Assume even a tax rate of 20%, your adjusted monthly gross is: $5625.
Which is roughly a job paying $67,500 per year.
Not to be a complete stick in the mud, but being that I work in high tech, I can tell you that the base salary range for individuals with computer science or engineering bachelors degrees is between $50,000 and $75,000 per year. And that is here in Silicon Valley.
From what I can determine on salary.com, for Sacramento, the range is between $46,000 and $70,000. And these are individuals with college degrees.
The only way you could achieve a salary rate anywhere near the $67k number is to work more than one job. I am guessing that idea is not necessarily palatible.
How about jobs at Jamba Juice and Macaroni Grill? You spend so much time there anyway. So much better than the “loathing” idea of being a “cube loser”. Rob BBB would shake his head in shame.
January 30th, 2007 at 3:26 pm
Casey, why in the world are you NOT monetizing your blog? You could EASILY make 2-3k per month from blog sponsors alone. I know that adsense banned you, but there are plenty of other ad networks out there. Try adbrite.com. It’s not going to cost you a dime to setup and realistically, it’ll only take you about a day to start earning money. I mean, you’re averaging close to 6000 unique visitors per day and over 13,000 page views…not only that, but you are gaining more exposure every single day. Monetize your blog…it’s the easiest way to way make money right now without actually having to work.
In my opinion, you are in the wrong business. You should be in marketing because you have done a hell of job selling yourself, even though that was not your intent. It takes most people years to build an audience, yet you have build one in a few short months. Seriously, you should just go with what you’re good at…
January 30th, 2007 at 3:29 pm
File your taxes ASAP so that you can apply any anticipated refund to debt. If no refund, you’ll have advance notice of how much your going to owe. I would suggest getting a second job at least a few days a week. Have a garage sale, cut out cable, you know the drill, Casey, but it seems that you don’t want to be the least bit uncomfortable while your trying to dig yourself out of this hole.
January 30th, 2007 at 3:31 pm
BTW…have you tried prosper.com? I know that you don’t need more loans right now, but those high APR credit cards are killing you, along with the late fees. You might be able to get a better deal through prosper.com. I’m sure that some of your readers will be willing to help you out…perhaps you can advertise your loan through your blog? It’s worth a shot to lower your monthly finance charges …
January 30th, 2007 at 3:33 pm
Hey Casey,
A few points.
If your getting offers for pre-approval - you could do a balance transfer to the credit card; which will have a lower rate. Tell this to the other credit card and they may lower the rate.
If they ask for a $$ figure each month - give them a dollar figure. I mean Casey - dont take this ethical thing too far…!!! You gotta have food on the table right. ( They are screwing you charging 30% right - so just tell them a figure per month )
On the mortgage payments point - some people will say they take over your payments to have the house. They take over your payments, get the deed and give you a small some of money. But if they stop paying you are still liable for the loan - this is doing ’subject to’ purchases. Am sure you know all about this being a real estate investor right…
Also - what attributes of being a real estate investor are you good at ? Being in partnership can help if what you dont like doing, the other person does.
And determine what the best way is of drawing a line under all this.
Hey Casey - if you want to make big money - call a television station and have them film a month of your predicament. Then have them film you going to the FBI. You could cut a plea bargain with the FBI ( tell them about those liar loan officers…) and get the television station to throw you some nickels based on ratings. Your goal here, is to come out of this with no - debt. This may help you do it…..
And then, on your next real estate deal. Your priority should be not to lose money - and learn. If you can do one deal and you have not lost money - you’ll be able to do the next deal.
Loads O Money
January 30th, 2007 at 3:33 pm
I thought for sure this was a fake website, meant to stir people up and one day let them see the egg on their faces.
However, I have changed my mind. I believe you are who you say you are (a la Denny Green).
Why?
Because if you were just some IT guy having a laugh, you could get no work done with the amount of blogging and monitoring you do.
And while I am 25, and own a real estate company that turns a profit of $3,000 a month, and spent three years researching before I bought my first property, I DO feel bad for you.
I remember the first hour I read Rich Dad. I was 20. I felt like my life had taken on a whole new dimension. If I wasn’t lucky that my real dad was an attorney, I could have easily have gotten in the enthusiasm that has trapped you. My dad was wise enough not to say “that’s garbage” because I clearly enjoyed the concepts, but he did recommend that I learn the markets and talk to older investors before getting started.
Having a job was key to everything. When I had to fork over $2,000 to stay up to code, it could be done. Granted, I worked 50 hours a week plus an extra 20-30 during rehabbing, but it landlording was far more enjoyable than speculating because I made real profits within one month.
There are a lot smarter people than me giving you sound advice to get out of your hole. Here is what I would say if you ever get the chance to start in RE before you lose your passion:
1) Start incredibly small. My first rental property was a four bedroom house that cost $50,000. Yes, it’s unusual in California (I live in Illinois), but it was a very profitable property because of its low price. My mortgage payment, taxes and insurance = $600 total per month. I charge $1,200 in rent. That extra $600 alone is worth getting into real estate for a lot of people; many hope to break even alone just to recoup the extra equity a decade down the road. I now have five houses total that are equally profitable, in less than three years with NO LIES. That’s $3k a month.
2) Get all the estimates required to return the house to “pristine.” Plumbing, wiring, windows, structure and flooring are the biggies. Whatever comes back, double it. If you can’t manage that number, keep saving. I say this because if you should need to sell the house, it will be far easier and you won’t be scrambling for cash to make the property attractive. If the property is a dump, YOU WILL ONLY ATTRACT INVESTORS WHO WILL STRONG ARM YOU FOR EVERY LAST PENNY.
Why do you think I only paid $50,000 for my house? It should have been worth $75,000 but the owner had neglected routine maintenance. NEVER FALL IN LOVE WITH A DEAL, AND NEVER PAY “MARKET VALUE”, THAT IS A CONSTRUCT CREATED BY REALTORS TO ROB YOU.
The “appraisals” realtors use are normally bogus. Appraisers take the hint to round up as much as they can, and no “similar house” is ever similar enough to warrant a true comparison. If you need an appraisal, hire someone from out of town to do it for you.
3) Real estate works because it is SLOW YET STEADY compared to other methods of accruing wealth. If you want to be a millionaire, focus on developing a kickass website. It costs practically nothing and has unlimited upside. The real estate market is basically equalized because of the number of the large amount of investors anywhere in the area.
HOW TO GET OUT OF YOUR HOLE
I wish that I had a chance to listen to your story, in person, when I was in business school. Almost any four year university or community college has a class on entreprenuerism. They are filled with people like your former self: starry-eyed dreamers with no concept of reality.
There are roughly 1,000 institutions in the USA that offer business classes. Become a “motivational speaker.” Charge $500 max (stay at Motel 6 and drive in a circuit) to come and tell your story. Professors will appreciate having someone your age come and talk about the dangers of being a novice.
If you can get 1/4 of those 1000, that’s 250. 250 X 500 = $125,000 gross. Granted, a lot of this will go towards travel, food and taxes. But it is a whole hell of a lot more than what you are making now.
Moreover, you can use it as leverage with the government to show that you “are trying to fix what you did” by “educating society”, like a reformed Crip.
LASTLY…
If you really do want to get back into real estate, invest in a REIT! Someone else does all the number crunching and management, normally a professional. You can ask them all the questions you want and NOT pay them for advice, like a lawyer or guru. Plus, you will get your toe back in the market and see what things really cost.
Stay cool and don’t eat the big white mint.
Drew
January 30th, 2007 at 3:39 pm
Force the Lenders to bend for you during your tough times. Tell them to either help bail you out, or you will simply bail out. Bankruptcy is not good for the lenders.
ONLY PAY YOUR CREDITORS LESS THAN 50% OF WHAT YOU OWE THEM
Contact the company (or bank) that you owe the money to, hopefully before they write you off as a bad debt.
Tell them that you plan on declaring bankruptcy (REMEMBER: Planning to do and actually doing it are two different things) and you would like to offer them 50% (or less if they will agree) on the dollar IF THEY WILL REMOVE THIS ACCOUNT (or bad rating) FROM YOUR CREDIT REPORT.
Many creditors will accept this because it is better than nothing (you might want to mention that to them). Make sure that you receive this in writing from the Credit Manager. You will have written proof to remove this bad account from your credit file.
January 30th, 2007 at 3:47 pm
FORMULA FOR “AGING” OF ACCOUNTS
Banks and other credit grantors accept losses as part of the cost of doing business. It is reflected in the pricing. Look at the high interest on department store credit cards at 28% or more, while the Prime Rate is much lower at around 7%. This leaves lots of room for both profit & loss for the banks and department stores. After all, the idea of a credit card accepted by department stores is to do two things. 1.) Sell more goods. 2.) Make money on interest charges.
Here is the formula used for aging accounts, what the creditor will expect after time:
2 months over due WORTH 90 cents to the Creditor
6 months overdue WORTH 67 cents to the Creditor
12 months overdue WORTH 45 cents to the Creditor
24 months overdue WORTH 23 cents to the Creditor
January 30th, 2007 at 3:54 pm
Re Review @ No 12 - Sorry, but Orman is a schmuk…. By the way, she also encourages BK - should Casey listen to her? Besides, wouldn’t you pay a fee to be sussessful in your negotiations or would you rather pay no fee & not be successful?
January 30th, 2007 at 3:56 pm
CASEY EXPLAINED, AT LAST
Ah at last—, cold reality has begun to register with our lad Casey. There’s nothing like the stern tone of way overdue bills, and the threatening phone calls with no-nonsense creditors, and the even more menacing pile of unopened mail, to clear away the vapors of get-rich-quick fantasies.
To Tim, Miguel, Yneone, Stephanie, to all who have wondered over the bizarre irrationality of Casey’s behavior–why he constantly ignores the patient common-sense advice of so many–I offer the following explanation:
HE CANNOT ADMIT TO HIMSELF THE FACT THAT HE HAS NO EARNING POWER. THIS REALITY IS SO DISTURBING, SO DEVASTATING TO HIS SELF-IMAGE AS A RESPONSIBLE HUSBAND AND CREATIVE ENTREPRENEUR, THAT HE SIMPLY CANNOT FACE IT.
This denial is on the scale of the various fringes of society–conspiracy theorists, people who insist they have been kidnapped by aliens, stalkers who become obsessesed with celebrities , criminals who deny videotaped evidenced of their crimes…all people who existence is so humble, so pathetic, that they choose to live in an alternate universe.
If Casey had even a mediocre job, he would have some point of reference to begin reconstruction of a normal life.
But his failure is so abject, so complete, that he takes refuge is his various fantasies of being an investor, businessman, etc.
Perhaps now, with that cold pile of bills, harsh reality will keep its grip on him…..perhaps…..
Posters, comment forthwith!
January 30th, 2007 at 3:58 pm
Why don’t you use your insurance companies free towing that comes with most insurance deals?
January 30th, 2007 at 4:01 pm
All of this organizing and cleaning is pure procrastination. You’ve been sorting and filing paperwork back and forth forever. I used to do the same thing. Forget the “getting organized” excuse–it’s time to get back on the street and find new deals.
Don’t worry about how to pay those bills, for the moment. Instead, concentrate your time and energy to birddog a new deal and post it here. Your ladder out of this hole can be constructed one assignment fee after another. Post a deal with equity and you can even flip it right off this blog.
January 30th, 2007 at 4:02 pm
Dear Duane,
You getting all this? Welcome, my friend. Right now you are probably thinking, “He can’t be serious. I am more productive while taking a dump than Casey is all day. Is this for real?”.
Welcome to our world. We live here for free, it costs you $1500 a month-but it’s pretty much the same.
We’re still not convinced it’s completely real either (Casey has a tendency to throw in stuff like the $52 AAA membership, Jamba Juice, and sweet RE deals just to inflame folks and that kind of throws us off) but I believe the general consensus is that the majority of the house deal info is correct. Casey has also convinced the majority that he doesn’t pay his debts.
Over the course of the next month you can expect more of the same… “Need to call about that….gotta save G’s credit…. short of working,how can I service all this debt?…I’m a computer whiz, I just need some tech support with Microsoft Money so I can track my empire….Found some notices of trustee sale in my mail- guess I should have opened it…signed another contract today- wonder what it actually meant….etc……”
The good news is that $1500 is not really alot of money if you have a decent income, which you apparently do. Additionally, you seem like you have enough sense not to have signed a bad contract with our hero (if you did you could ask Casey if he would give it back due to a “gut feeling”) after the fact.
Good luck the rest of the month.
January 30th, 2007 at 4:10 pm
Why aren’t you declaring bankrupcy? I just don’t understand. You are in a hole you cannot possibly hope to get out of. BK and your credit is repaired before you are 35. Keep going down the road your on and it won’t ever be repaired.
January 30th, 2007 at 4:21 pm
It’s probably too late for this but you can check out the Credit Board Forum
http://www.creditboards.com/forums/
January 30th, 2007 at 4:21 pm
“G asked me if I finished paying her minimum payments yet like I promised a month ago or she going to get a 30 day late on her FICO?”
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
She has a FORECLOSURE “on her FICO.” What difference is a 30-day late going to make? A foreclosure is as bad as or worse than a BK.
Something tells me that you have *not* told her that the Dallas foreclosure had her name on it.
January 30th, 2007 at 4:33 pm
15. my name is earl
where can a 20 something high school graduate get a job netting $4500 a month?
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Who worries about degrees and stuff like that when you can make sweet deals?
January 30th, 2007 at 4:35 pm
Casey, at least your putting the pen to the paper. Can you still cancel the roadside assistance? Also, cell phones are so competitive these days. Negotiate a better plan NOW and use your in-laws’ phone during the day for local stuff.
A job is the only thing that’s going to get you the $$$ to make your minimum payments on the credit cards. Listen everyone, Casey isn’t going to file BK because it will only steer attention to his overall situation. Based on Casey not filing, a job is the only way you’re going to get quick money.
ALSO, you need some immediate funds. SELL SOME OF THE RE MATERIAL ON EBAY. Look through your belongings and sell anything you can, like old techie stuff. I sell on eBay. Feel free to email me on the side and I can give you more ideas.
Sorry, but unless money grows on trees in California, you’re going to HAVE to sell some things and get a job.
Review
January 30th, 2007 at 4:37 pm
Sell your plasma.
January 30th, 2007 at 4:39 pm
You’re so caught up in everything Casey, you can’t see an obvious way to negotiate with your lenders. Lie to them. Plain and simple. It got you in this mess. Let it help you get out of it. You’ve screwed them once. Screw them again.
Cable, roadside assistance, don’t pay the city. Just tell me you’ve got a high def tv for this weekend’s super bowl game too. I really do want you to be comfortable.
January 30th, 2007 at 4:57 pm
Casey you are a sorry excuse for a man. What you do during your “work day” is what most ppl after work- in a couple of hours.
Also, you could bring a house up to date for $1800, yet you decide to spend 2/3 of your funds in cable internet and cell phone service? You pay the equivalent of a car’s lease payment in cellphone?
I believe you have a secondary source of income which you are not telling as about.
January 30th, 2007 at 5:10 pm
“…also requested that I be added as authorized user on 8 of G’s accounts, received authorization on 5 so far. This will allow me to take care of payments and negotiate on her behalf…”
1) How will you “take care of payments” when you
have no money?
2) How will you “negotiate” on her behalf when you
can’t even negotiate on your behalf worth a darn?
January 30th, 2007 at 5:11 pm
Casey Casey He’s our man.
If he can’t do it no one can.
Rah Rah Rah
Hows that for positive schmuck?
January 30th, 2007 at 5:18 pm
G stoped doing her homework for a minute and asked me if I finished paying her minimum payments yet like I promised a month ago … I told her I haven’t been on top of it like I promised but at the same time I really didn’t have the money to pay all of them, so I paid one of them the one that was the most behind. She got upset at my handling of finances…
I would be too
But I would make you get off your a** and
get SOMETHING (ANYTHING!!) done for a change.
January 30th, 2007 at 5:23 pm
Here we go again.
January 30th, 2007 at 5:24 pm
found a letter from the Utah lender saying that the mortgage is 1800 pas due and if they don’t get that payment they can start foreclosure after 30 days…
man I really need to finish taking care of that issue… I put the notice aside for further action
“need to finish taking care of” & “put the notice aside”
Same ole Casey
January 30th, 2007 at 5:40 pm
Duh.
Cancel cable.
Cancel both cell phones.
Get a job.
If you get a job paying $4500 a month that’s less than $3000 take home after taxes. You do pay taxes, don’t you? To take home $4500/month, you need an annual income of about $80-85,000. That WOULD take care of health insurance, at least, because every job paying $85k in salary offers medical benefits. Good luck getting that kind of job, tho.
January 30th, 2007 at 5:45 pm
Seek advise from your own family and friends not here. They are the ones who have the high probability of helping you.
January 30th, 2007 at 5:47 pm
A nine-years old can do a simple math and tell you that, it only makes sense for you to File Bankruptcy. Now.
Another advise for you, is to get the domain name of www.IamFacingBankruptcy.com. Now.
Regards,
January 30th, 2007 at 5:51 pm
Gasp. Where to begin.
Thinking back to when I was 24, I was:
newly married.
Had a 4-year degree [obviously worthless]
Was commuting an hour each way to work
Made it home in time to cook dinner
Was working part-time on a Master’s Degree
Had no cell phone
Had no cable
Paid a mortgage on the townhouse we were living in.
Paid the bills without Microsoft Money.
Read a lot of books and took a lot of walks.
Last year was the first I’d even heard of Robery Kiyosaki. We were selling our McMansion, partly because of Ben’s great blog. I ran into the buyer’s real estate agent. She was the one who’d been reading Kiyosaki. She told me college and 9-5 was for chumps. She said real estate was the way to go, and that she was working up a little spec home in Culpeper County, VA. I was rolling my eyes in the back of my head. I am sure that little “deal” worked out great as the market totally tanked in the D.C. exurbs right after that. I wonder if she wishes she had a 9-5 job and health insurance right about now. I’m afraid to ask.
I watched your video with Mr. Kiyosaki. His speech was disgusting. Do you really look up to him? He’s like the guy wise King Solomon talks about in Proverbs — the one not to be like.
January 30th, 2007 at 5:58 pm
You spend more time moving paper from one pile to another without accomplishing a thing. Seriously, at this point it doesn’t matter how organized your piles are. If you spent that time working a shift at Carl’s Jr. you could at least keep up with your credit card payments.
January 30th, 2007 at 6:03 pm
Outsourcing your bill paying? I am just stunned with the complete stupidity of that idea. First you have to have money to do something like that, second if you had money it would be a great set up for your next blog www.myaccountantranoffwithallmymoney.com
So let’s see, you don’t want to do any real work, you don’t want to do the day to day stuff like open your mail and pay bills, and you want $5k in passive income. Wow, so you want to basically be a worthless piece of poop to society? What do you want to do Casey?
Stop wasting time with this blog, stop spinning your wheels doing “busy body” work that will get you nowhere. Basically your in default on all your finances, banks are not going to talk to someone who is in the red as you to “negotiate a lower interest rate” when you cannot possibly even make the minimum payment, in 1 month you’ll be right back to the default rate anyway so spending a day calling them was a complete waste even if they did cut you a better rate.
January 30th, 2007 at 6:04 pm
Hey Casey, Julian here…
Look like Homey and Ogg got lost trying to find a “ho house”.
I think I have talked that “prickblitz” biddy into a couple of “jobs”.
Life is good…
Julian-The original trailer park boy
January 30th, 2007 at 6:20 pm
I will chip in $5.00 per month, via the tip jar, if you discontinue moderation.
Who is with me?
January 30th, 2007 at 6:21 pm
Plus, Casey is going to have to make $6000 a month to clear $4500 after taxes. Who is going to pay Casey $72,000 a year with nothing on his resume for the last year or so? Unless you can find sponsorship for this site of $3000 a month and then get a job for $3000 a month, you aren’t going to be able to make $6000 a month.
If you can’t get a job soon, you willl have to consider Chapter 7. Even if you do, you admit that even clearing $4500 a month you are going to not be able to keep up on the debt. Then you will have to file for Chapter 13, because the credit cards will start suing and the garnishment will be out of your control without a Chapter 13 filing.
You are heading for bankruptcy one way or the other.
January 30th, 2007 at 6:21 pm
@ iamnotfacingforeclosure
“NO NO NO, do NOT suggest more books for him to read. That’s like a whole week right there. And he’ll buy the damn things at Borders, instead of using the library.”
LOL…. you’re right. Giving Casey more books to read is like give a drunk a drink!
MORE ACTION… LESS READING CASEY!
@Willyboy
“Instead do a “unilateral renegotiation” of your credit card terms, to wit, cease making any further payments. You are insolvent — what can they take away from you. If you pay your credit card bills you are sending good money after bad.”
This is a good idea. You’ve already dug yourself in this deep. Let the credit cards go. If you hook-up with a Credit Counseling Service to mediate those debts… it’s as bad as declaring bk. The credit card companies will turn it over to collections and make alot of noise harrassing you to pay, but in your situation your insolvent. DON’T PAY another dime to them. Once you each have two jobs, gotten rid of the real estate and are back on your feet, then contact each one of them one at a time and start making good on what you owe them. CASEY YOUR CREDIT IS TOAST ANYWAY.
You need to house and feed yourselves first and foremost. You HAVE TO CUT EVERYTHING BUT THE NECESSITIES and get on a BUDGET.
You are young and if you WORK REAL HARD you can be out of this mess in 10 years. At that point you will only be 34 years old and ready to start again. This time much smarter.
In the end Casey, this is a character issue and you need to change a whole lot of habits or you’ll never reach your goal.
Good character and high self esteem comes from taking on a challenge and working your tail off to make it right. IF you try to take the easy way out and avoid taking responsibility for your actions YOU WILL ALWAYS BE POOR.
January 30th, 2007 at 6:22 pm
Casey,
Definition of “job”
1. a piece of work, esp. a specific task done as part of the routine of one’s occupation or for an agreed price:
2. anything a person is expected or obliged to do; duty; responsibility:
All of the above require action. You seem to think of a job as a possession that once you aquire it, it needs no further attention.
January 30th, 2007 at 6:30 pm
Possible steps:
1. Figure out where your future revenue is coming from. (cash flow analysis) Separate this into two groups: definitely, and maybe.
With this, and the knowledge of your present assets, liabities, and equity, you’ll be ready to talk to your lenders.
2. What you want from your lenders is a “debt workout.” Search the web on that term for more information.
This will involve them forgiving some of your debt, based on what you can realistically pay. Also, lenders may be willing to give you really nice terms on paying back, subject to some conditions. For example, credit card companies may be happy to give you a really ’sweet’ interest rate in exchange for auto-drafting your checking account. That would be a sweet deal–something to ask about.
A lot of people are telling you to focus on your current crisis, and forget about future deals. I disagree. You need to think about the future now, and figure out where your money will be coming from.
If you don’t see any money in your immediate future, you have no real choices other than bankruptcy or “do nothing” default. The latter option is probably inferior.
If you see some serious money in the near future, on the order of six figures, then you have some non-BK options. But have a definite plan, not just a vague idea, “Oh, I guess I’ll swing some deals to pay off all my debt…”
January 30th, 2007 at 6:43 pm
I don’t understand why you guys think Casey did nothing all day. To talk to creditors, read paperwork, etc — this stuff takes time.
If you guys are more productive than he is, then I definitely have his problem. What he did would have been considered a productive day for me as well, aside from attending class and doing homework.
January 30th, 2007 at 6:50 pm
i have a headache
January 30th, 2007 at 6:55 pm
Road hazard on your car insurance is $2 a month.
LOL
January 30th, 2007 at 6:56 pm
Casey,
Which will come first??
1) Divorce
2) BK
3) Jail
4) A lifetime of work making the world a better place
5) Fame and Fortune at 24 via the RE failure route
I’m thinking that you’re looking at something less than 4.
January 30th, 2007 at 7:00 pm
Forgot to add this -
Have you given any serious consideration to how you’re going to pay taxes? You only have one paycheck from last year but any of the difference from a short sale is going to be considered taxable income - and cell phone/internet deductions are barely going to make a dent.
Even if you finally concede to declaring bankruptcy, those taxes aren’t going anywhere.
You can mess around with banks for a while, but I assure you the IRS is a whole other ballgame. I would stop paying all bills right now and save any money you have for your taxes.
January 30th, 2007 at 7:13 pm
Congrats!
This seems to be a positive entry, you finally are doing something.
Duane seems to have a good influence on you, I hope he doesn’t quit.
You also starting asking some good questions, regarding the negotiations with lenders and such. Sorry I cannot be of assistance.
And while I do think that 80K a year with your is high, I think you could get solid 60K in a permanent job if you have php, perl and other programming skills.
I think some of the posters might not be familiar with salaries in California which are generally higher.
Good luck, you are on your way.
January 30th, 2007 at 7:35 pm
I love how so many of the things he mentioned probably took more time to blog than to do.
January 30th, 2007 at 7:50 pm
You should poll your “readership”, it occurs to me that probably most are just interested in the “comments”, your story really isn’t interesting at this point. I like the comments myself and barely glanced at your accounting of what you did these past two days.
I have had family members who were just like you (just not as spectacular in their failures) and what you are doing now is “Anything that makes me feel like I am accomplishing something but really I am just screwing around to take my mind off reality.” You are BROKE and you are going to lose all your properties and not make a dime off of any of them.
Your story to this point isn’t worth 2 cents because the ending is going to suck “24 year old buys 2.2 million in properties, finds he can’t sell them, every decision turns to crap, and spends months blogging pretending to be a real estate mogul until the fateful knock at the door.” If anything it might make a good video to show high school seniors to scare the crap out of them about the abuses of credit. No one would pay a dime to see a movie about you.
Close the blog, get a real job, and put your life back in order, you may then have enough experience to write a book “How to survive a housing downturn as a house flipper” or “How to commit massive mortgage fraud and not go to jail” or “Blogging as an escape from reality” but I’m not sure anyone would buy it. A short story on you might be “Generation Y’er seeks a life without having to work and get’s b—h slapped by reality”.
January 30th, 2007 at 7:59 pm
@John Galt
“But his failure is so abject, so complete, that he takes refuge is his various fantasies of being an investor, businessman, etc.”
Correction: he’s not just an ordinary businessman, he’s a businessman with a “team of advisers”, bird-doggers and out-sourcers. An operation of this scale isn’t just run by one person.
January 30th, 2007 at 8:07 pm
YES, IT’S DEFINITELY A SELLERS MARKET IN FREMONT CITY.
ONE HOUSE WAS NOT SELLING LAST YEAR AND IT RECEIVED 8 OFFERS TODAY SO SELLER RAISE THE PRICE ABOUT $30,000 MORE ON ASKING PRICE.,
GOOD JOB…
January 30th, 2007 at 8:18 pm
What to do you ask?
Get A JOB. You were meant to flip, FLIPPING HAMBURGERS not houses.
You just heard wrong the first time. Go and start flipping.
January 30th, 2007 at 8:21 pm
In order to negotiate with your lenders you have to have two things. Your lenders will also have two things.,
1. What you want.
2. What you can offer.
3. What your lenders want
4. What your lenders are willing/able to offer you.
5. What can your lenders threaten you with?
1. Lets start with what you want. You want (I presume) a lower monthly interest rate (and possibly) or a lower monthly payment.
2. What can you offer? You need to offer regular monthly payments. Every month, on time and at least the minimum. Before you can negotiate with them you have to know where this money is going to come from every month.
3. Your lenders want: Money, on time every month, no exceptions. Failure to do this will reneg on any deal you strike with them.
4. What can the lenders offer you? Lets face it. They are holding all the cards and it is up to them to decide how generous they want to be with you. My guess is they are willing to cut you some slack because they would prefer to get their money (even if it is in smaller payments then they originally planned). Don’t expect Cashcall to negotiate with you.
5. What can your lenders threaten you with? Legal action, law suits and repossession of property to get the value of their money back. This on is very important. If debt collectors show up at your door with a court order (you’ll get plenty of warning before this happens, like the court summons) to repossess your possessions they will start picking up everything in the house you live in until they get their dollar value. Anyone you live had better be able to produce a receipt for any property in the house to prove it isn’t yours or they will walk off with it.
With Some of your credit running 6 months past due, you are treading dangerously close to legal action on the part of these creditors and then negotiation will not be an option. You will be given two options: Pay on their payment plan or face their collection goons.
January 30th, 2007 at 8:22 pm
Before you act on item #13 (person who wants to buy your mortgage). Run it past a lawyer. it has the look and feel of a credit/property scam. At this point you don’t need that.
January 30th, 2007 at 8:36 pm
hey look RK is bloggin what do you think about that mr serin?
http://robertkiyosaki.typepad.com/
January 30th, 2007 at 8:45 pm
O.k. I’m a bit out of the loop here so maybe someone can help out:
1. How long will it take before all of the homes Casey has are foreclosed on? He stopped making payments awhile back correct?
2. Who is Duane and what’s his connection with Casey?
3. Does Casey have any money at all beside the $1500 makes from this blog? Or is he living on the “cash back” he recieved when he bought some of his property?
4. In a nutshell how does Casey expect to get out from under his debt? Is he stalling for time and hoping the market picks up?
5. What’s the point of Casey declaring bankruptcy if he’s still responsible for the debt?
Thanks
This is an interesting blog but rather hard to follow if you don’t keep up.
John C.
January 30th, 2007 at 9:30 pm
Funniest. Blog. Evah!
January 30th, 2007 at 9:30 pm
How much celebrity status is really out there. DID Kato Kaelin really get all that much out of the Simpson trial. CASEY hasn’t been put through the criminal justice system yet, but I guess after the BANG of a trial he could be somewhat of a star. There is something to be said about even being associated with Casey, for better or for worse, just ask ERIN and that other woman that Casey had dealings with when he went to meet Robert Kyosaki IN PHOENIX. I have a feeling that Casey isn’t going to be able to surf this disaster into a financially beneficial opportunity in the way others have. I guess we should never under-estimate the American public and their addiction to train wrecks and gossip. All of that sells reality television and magazines with slogans like ENQUIRING MINDS WANT TO KNOW.
January 30th, 2007 at 9:49 pm
Don’t wait for the advertisers to come to you. Get on the horn and call some big boys like Jamba Juice (no kidding!). Get yourself a banner ad smack dab across the top of the home page.
Lonelygirl15.com got Tivo to put a banner ad on her site. I can’t even imagine what they’re paying her. You should absolutely call Jamba Juice and sell them.
Another idea: lose the cell phone completely. Get your own land line at your in-laws house with unlimited long distance built into it.
For anyone who remembers…..today a short yellow bus pulled up next to me at a red light. I burst out laughing!
January 30th, 2007 at 10:04 pm
@ 42 Original Kevin
Hi Kev! Why don’t you like Orman? Yes, she would suggest BK, just like many others here have. It’s my belief that those credit companies work in different ways - they may bill a flat fee, or they may take a pre-determined percentage. Casey’s debt is so extreme, that the only thing that makes sense right now is to file (even though our boy isn’t going to). Feedback?
January 30th, 2007 at 10:04 pm
Casey,
I think Tim from MBA said this once before, but the big problem with you is you is that you have no passion.
Have you ever stopped to think about what you’re really interested in? You want to be rich, but what? Wealth should be a means to an end, not an end.
If you actually cared about home improvement you would be out there checking up on these properties and making sure they were in great condition for sale. You obviously don’t care about it enough to invest any time/effort on your part. You will NEVER be successful at this game because you don’t really care about it.
I’m lucky - I have a job that is such a great match for my interests I wake up every morning (at 5 am, and no I don’t buy myself a jamba juice as congratulations) excited to go to work. The paycheck is icing on the cake.
Find something you are genuinely interested in and life will be a lot easier for you.
January 30th, 2007 at 10:13 pm
Casey,
The only thing that gives me hope for this country of ours is that 98% of the people on this blog are absolutely appalled by your lack of ethics, morality, common sense, and work ethic. If the majority of the people here were supporters, I would quickly liquidate my brokerage accounts, sell my houses, and move to another country.
I read your email that you sent to your friends and family to try and con them out of their money for your investments schemes during the exact same time you were getting foreclosed upon. It’s morally and ethically reprehensible to steal. You stole money from the banks. The banks represent real people such as the shareholders (retirees, people saving for their kid’s college, people saving for their first home, etc), employees, and ultimately the taxpayers if the banks go under. Don’t tell me you didn’t steal it either. You lied, committed fraud, and conned the banks to lend you money. This is no different than stealing. What’s worse is that you took it to another level by trying to steal from your own family and friends. This is the work of a sociopath which is someone whose social behavior is extremely abnormal. Sociopaths are interested only in their personal needs and desires, without concern for the effects of their behavior on others.
For those who have not read Casey’s email that he sent to family and friends, it is linked below.
http://www.iwillteachyoutoberi.....ision.html
January 30th, 2007 at 10:27 pm
Spicoli, you don’t need a plan, you need a job…
If you WILL GET IN TOUCH WITH ME BY 1.00 PM WED. I have a legitimate way for you to possibly make some money helping me with a website. The email address is valid.
January 30th, 2007 at 10:33 pm
wow….you are truly rearranging the deck chairs on the Hindenburg (apologies to S. Colbert)…game OVER, just move on and attempt to BK, you have no other options
January 30th, 2007 at 10:49 pm
I hope that Duane is your DA sponsor.
January 30th, 2007 at 11:07 pm
The Old Sailor
by A.A. Milne
There was once an old sailor my grandfather knew
Who had so many things which he wanted to do
That, whenever he thought it was time to begin,
He couldn’t because of the state he was in.
He was shipwrecked, and lived on an island for weeks,
And he wanted a hat, and he wanted some breeks;
And he wanted some nets, or a line and some hooks
For the turtles and things which you read of in books.
And, thinking of this, he remembered a thing
Which he wanted (for water) and that was a spring;
And he thought that to talk to he’d look for, and keep
(If he found it) a goat, or some chickens and sheep.
Then, because of the weather, he wanted a hut
With a door (to come in by) which opened and shut
(With a jerk, which was useful if snakes were about),
And a very strong lock to keep savages out.
He began on the fish-hooks, and when he’d begun
He decided he couldn’t because of the sun.
So he knew what he ought to begin with, and that
Was to find, or to make, a large sun-stopping hat.
He was making the hat with some leaves from a tree,
When he thought, “I’m as hot as a body can be,
And I’ve nothing to take for my terrible thirst;
So I’ll look for a spring, and I’ll look for it first.”
Then he thought as he started, “Oh, dear and oh, dear!
I’ll be lonely tomorrow with nobody here!”
So he made in his note-book a couple of notes:
“I must first find some chickens” and “No, I mean goats.”
He had just seen a goat (which he knew by the shape)
When he thought, “But I must have boat for escape.
But a boat means a sail, which means needles and thread;
So I’d better sit down and make needles instead.”
He began on a needle, but thought as he worked,
That, if this was an island where savages lurked,
Sitting safe in his hut he’d have nothing to fear,
Whereas now they might suddenly breathe in his ear!
So he thought of his hut … and he thought of his boat,
And his hat and his breeks, and his chickens and goat,
And the hooks (for his food) and the spring (for his thirst) …
But he never could think which he ought to do first.
And so in the end he did nothing at all,
But basked on the shingle wrapped up in a shawl.
And I think it was dreadful the way he behaved -
He did nothing but bask until he was saved!
January 30th, 2007 at 11:20 pm
Top Seven Signs a Marketer Is Trying To Sell You Self-Help Snake Oil:
7. They refer to studies or statistics without documenting their sources. Nobody enjoys footnotes, but they play a vital role in science. Footnotes are like studies proving the effectiveness and safety of prescription drugs – you don’t necessarily need to read them yourself, but you should be sure they exist.
6. They promise instant change. Although the decision to change can happen in an instant, lasting change is a process with ups and downs, and almost always involves setbacks to be overcome.
5. They promise effortless change. Lasting change requires thought and effort. If it sounds too good to be true, it probably is.
4. They tell you about the Yale Study of Goals. It’s a great story. The 1953 graduating class at Yale was interviewed. Only 3% had written specific written goals for their futures. Twenty years later, that 3% was found to be worth more financially than the other 97% combined. There’s only one problem. This study was never conducted.
3. They promise to “tap the power of the subconscious mind.” That’s how marketers of success snake oil talk, not psychologists.
2. They promise to eliminate fear forever. This isn’t possible. And even if it were possible, you wouldn’t want to. Fear is an important call to action. If you’re about to be run over by a bus, fear is a good thing.
1. They tell you people only use 10% of their brains. This is one of the oldest urban legends in psychology, and is patently false. Trust me – if someone removed 90% of your brain, you’d notice the difference. Well, actually, you wouldn’t notice the difference, because you’d be dead. But those around you hopefully would. They would say things like, “Jim is being really quiet today,” or “Sally isn’t really moving or breathing anymore.”
January 30th, 2007 at 11:22 pm
$52 for roadside assistance,
who is the service provider,
why did you feel the need to pay for this before researching other options including adding it to your current insurance for an extra $1 a month etc.
can you post the company and contract so we can see what a waste it is?
roadside assistance means just that, did it include towing?
CASEY WHAT IS THE POINT OF FREE TOWING IF YOU CANT PAY FOR REPAIRS ONCE IT REACHES THE SHOP?
CAN U AFFORD TO DRIVE A CAR IF YOU HONESTLY CANT PAY FOR REPAIRS? SERIOUSLY???
on the subject of pre=approved offer in the mail,
its pre-approved*
*subject to approval, (thats in the fine print)
probably had a
*minimum of $300 credit line with
*279 annual fee
**20 setup charge
you seem to forget the DETAILS, after all, really getting another credit card would solve some problems and doesnt really matter since you have SWEET DEALs in the works!
January 30th, 2007 at 11:41 pm
Casey - I’m a bit baffled. Where exactly do you get your monthly cashflow for things like cell phone bills, rent, groceries, etc? How are you earning _any_ money?
January 30th, 2007 at 11:53 pm
http://www.prosper.com might be the answer you are looking for. It is person to person lending. Can’t hurt to try.
January 30th, 2007 at 11:55 pm
To Tim, Miguel, Yneone, Stephanie, to all who have wondered over the bizarre irrationality of Casey’s behavior–why he constantly ignores the patient common-sense advice of so many–I offer the following explanation:
HE CANNOT ADMIT TO HIMSELF THE FACT THAT HE HAS NO EARNING POWER. THIS REALITY IS SO DISTURBING, SO DEVASTATING TO HIS SELF-IMAGE AS A RESPONSIBLE HUSBAND AND CREATIVE ENTREPRENEUR, THAT HE SIMPLY CANNOT FACE IT.
I completely agree. I lived with an alcoholic in denial once, and it’s one of those experiences that’s hard to forget - and Casey’s symptoms are more or less identical.
I do sympathize - it’s hard enough to admit to minor failures, but failure on this gargantuan scale is going to be incredibly hard for him to process. But the first stage of any recovery program is to admit that you have a problem, and Casey hasn’t got to that yet.
(Obviously, he’s admitted that he has serious financial problems, but until he acknowledges that these stemmed from his own fundamental inability to manage even the simplest of budgets, and that he is most unlikely ever to have any kind of business career as a result, he’s going to carry on treading water - until someone else decides to push him under).
January 31st, 2007 at 1:02 am
“found offer letter for Roadside assistance, decided to order it for $52/year to save money in case we get stuck or lock our keys” — What? Are you serious?
You are deluded sir, but this blog gets better and better every day.
January 31st, 2007 at 3:00 am
Casey, this is the secret I had to discover to become productive. Each night, I carefully analyze my to-do list, put items in a list based on priority, and then a “deadline” to get each item done.
Seems that you are doing something similar.
Although this is a difficult experience for you, I think you’ll be better off in the future. You are receiving a PhD in hard knocks.
January 31st, 2007 at 4:25 am
Casey, I feel a lot of hate from these people…
Here is a sure fire 3 point plan.
1) Forget this “job” business-I think ads on the web site will pay as much as any job you could find. The guy who mentioned Jamba Juice is right on. A lawyer ad may not be a bad idea either as this could pay.
2) Don’t worry about jail.
3) Don’t worry about divorce.
January 31st, 2007 at 4:57 am
1. Look at debt.
2. Rearrange papers relating to debt.
3. Say “I need $4500/mont”.
4. goto #1
My 120 day prediction:
1. All properties sold by default.
2. Substantial unsecured debt.
3. G’s and your credit scores will continue to erode.
4. You still won’t have a paying job.
January 31st, 2007 at 5:16 am
@ A Way Out # 118
Yeah, send Casey over to Prosper……………..it would be a hoot watching the regulars tear his A** up in the Review My Listing Forum.
January 31st, 2007 at 6:19 am
You are a train wreck…quit blogging…GET A JOB!
January 31st, 2007 at 7:18 am
Declare bankruptcy.
January 31st, 2007 at 7:33 am
“Ok. As a condition for Duane to be sponsoring me he wants me to negotiate with my lenders and work out some kind of a repayment plan. Ok, I will try to do that next… but what exactly am I going to ask for in my negotiations??
So basically you lied on Monday then? You told Duane that once you hung up you would call them. Statements like the one above tells me that you have not called them.
Duane - Seriously, you’ve got him logging his day, I’m amazed you are investing your time with him. I think it has been shown that an investment in Casey is not very profitable.
January 31st, 2007 at 7:51 am
What do you mean what should I do, What else GO BUY MORE HOUSES, they just give you money when you buy them. Have seen how many houses are for sale and most are sitting EMPTY. The real sign of a swwweeeettttt deal.
Your the greatest real estate investor on earth do what ever you want to do? Just bring the blue ball with you of course.
www.ElToroEnergy.com
January 31st, 2007 at 8:21 am
Prosper.com is not the answer for Casey. I am a prosepr lender myself and there is no way myself or anyone else would touch this guy with a 10 foot pole. Take a look at how many loans solicited by people with crap FICO scores are actually funded.
The percentage is close to zero, and of those that are the amounts are really really small. Casey needs hundreds of thousands of dollars and he has absolutely no earning power whatsoever to pay it back. Prosper lenders are not stupid people with loads of money to dole out to financially incompetent losers. We are folks that are looking for a fair rate of return who want to share risk by partnering with other lenders.
Yes we are willing to work with some folks that have moderately low FICO scores, but we are always looking at how can these people pay back the loan and good old Casey has absolutely zero going for him there. In any case the amount of cash he needs is prohibitive, there is no way he will get a dime from the Prosper community.
January 31st, 2007 at 8:27 am
Casey - I still don’t understand why you’ve got all these properties sitting vacant.
would it not be logical to rent out all the properties at whatever price the market will bear?
Take the aggregate monthly rental income and structure it in such a way that one or more of the properties receives its mortgage payment(s) in full each month, while making partial payments on the remainder. Rotate the full payment to a different property each month.
it would still be a net loss each month, but the loss would not be as great as it is now.
lots of other benefits here. Several families would have decent places to live. The rental income would provide you with the mean to service a portion of your debts - mortgages, credit cards, personal loans, property taxes, etc.
you might even be able to deduct the mortgage interest from your yearly tax bill. (unsure about this one - don’t know whether you can deduct mortgage interest on a rental property)
who knows - you’d be able to hold the properties long enough to sell them for profit rather than dealing with short sales and/or having them foreclosed upon.
would this not be a better alternative to simply sitting about and waiting for the axe to drop?
January 31st, 2007 at 8:34 am
Casey, I’ve been awefully critical of you before, but I’m glad to see you are starting to get a dose of reality and get serious about trying to deal with you problems.
FIRST, save as much cash as possible for the next several months. Get a job.
SECOND, don’t give a dime to any more credit card companies until they are willing to negotiate with you. Any credit card company that you are in serioius default with will allow you to negotiate less than 50% of the amount you owe as payment. That’s cause if it goes to collections, they get about 30% and the collections agent gets the rest. So call them all up and tell them you cannot pay the amount due but can pay 40% and see if they will negotiate. If not, just give them a few more months, they will. This happens all the time.
SECOND, see if you can get a new credit card and make minimum payments only with the credit card companies that have negotiated with you.
THIRD, get out of all your current housing deals so you can start fresh.
January 31st, 2007 at 8:35 am
Casey,
Where are you getting this money to pay these bills?
January 31st, 2007 at 8:52 am
Q: What is the difference between your “needs” and your “wants”?
January 31st, 2007 at 9:11 am
Creative “staging” is needed at this stage of the game. Time to take drastic measures, Casey since you are obviously not filing bankruptcy right now. Here are some options:
1. Talk to a lawyer about the PRLeechBeatch/Joy ODizzy contract. If, and I seriously doubt this, the contract is binding renegotiate the contract so that it is fair to all parties. You will not contact the ladies directly, you will have the lawyer do this for you.
2. Get an agent. Make noise. Fax your story and accompanying documentation to different reality television agents or entertainment lawyers. You can find information all over the internet. You are your best marketer Casey. No one can deny that you have a talent for this. USE IT!
3. Contact the Suze Orman Show. I’m serious about this one. By now, she knows your situation and she could give you sound advice. Strike-up a deal with them for a segment that features updates on your life and financial situation. Suze will probably ruff you up a-bit but it’ll be good for ratings plus, you’re already used to the abuse as evidenced by this blog.
4. Contact The View. Oh Rosie would have a field day with you but more exposure is what you need right now. If Suze doesnt work out, have your agent/lawyer make a deal with The View for updates etc.
5. I’m assuming your faith is Baptist, right? You DO believe in God don’t you? I sure hope so. Anyway, contact TBS or some other high profile religious based organization. You need to tell your story to others. You need others to pray for you as-well. There are alot of great resources in the church - believe me.
6. Okay this is a stretch. Try out for The Apprentice (your laughing) we all know you won’t get on there but we also understand that The Donald can be sympathetic. He, himself filed for bankruptcy so he understands your situation right now. The exposure could be positive.
Okay so obviously I’m thinking outside the box because you won’t listen otherwise. My guess is someone has told you that Bankruptcy is not the way to go. Okay, blogging won’t turn this situation around for you either. You need to take drastic steps now. Why are you letting your situation sunset? You should be playing this up. What do you have to lose at this point?
Special Note: Understand that I am very disappointed and this is merely a smokescreen for my discontent.
January 31st, 2007 at 9:20 am
@YouSoSpecial (114) - great poem. sums things up nicely.
Casey - my first time posting. I feel your pain brother. I see similar traits in myself, kind of scary. From experience, the only way to move forward is to take some action. Start sending out your resume, or talk to Duane, Chris, whoever and get some full time work. Once you have a regular income stream coming in, you will feel so much better.
At the same time, in the evening, keep working on this blog and developing it as a revenue stream. As you post more positive items, like the fact that you are working and bringing in some money, this will help your blog and give people more reasons to come back and cheer you on.
January 31st, 2007 at 9:22 am
SAG Franchise Agents (just a few)
HOLLYWOOD
138 Agents Listed
A S A
4430 Fountain Avenue, Suite #A, Los Angeles, CA 90029
Tel: 323-662-9787
Type: FS
Actors LA/LA Actors Group
12435 Oxnard Street, North Hollywood, CA 91606
Tel: 818-755-0026
Type: FS
Aimee Entertainment
15840 Ventura Blvd., Suite 215, Encino, CA 91436
Tel: 818-783-3831
Type:
Allen Talent Agency
15760 Ventura Blvd., 700, Encino, CA 91436
Tel: 213-605-1110
Type:
Amatruda Benson & Assoc., Talent Agency
9107 Wilshire Blvd., Suite 500, Beverly Hills, CA 90210
Tel: 310-276-1851
Type: FS
Artist Management Agency
261 Bush Street, Santa Ana, CA 92701
Tel: 714-972-0311
Type:
Artists Agency
1180 S Beverly Dr, Suite 301, Los Angeles, CA 90035
Tel: 310-277-7779
Type: FS
Artists Group, Ltd
2049 Century Park East, Ste. 4060, Los Angeles, CA 90067
Tel: 310-552-1100
Type: FS
Austin Agency,The
6715 Hollywood Blvd, Suite 204, Los Angeles, CA 90028
Tel: 323-957-4444
Type: TVTHA
Baier-Kleinman International
3575 Cahuenga Blvd., West, Suite 500, Los Angeles, CA 90068
Tel: 323-874-9800
Type: THA
Baldwin Talent, Inc
8055 West Manchester Ave, Suite 550, Playa Del Rey, CA 90293
Tel: 310-827-2422
Type: FS
Baron Entertainment, Inc
5757 Wilshire Blvd, Suite 659, Los Angeles, CA 90036
Tel: 323-936-7600
Type: FS
Bass, Marc Agency, Inc
9171 Wilshire Blvd., Ste 380, Beverly Hills, CA 90210
Tel: 310-278-1900
Type: TVTHA
Berzon, Marian Talent Agency
336 East 17th Street, Costa Mesa, CA 92627
Tel: 949-631-5936
Type:
Bicoastal Talent Inc
210 N. Pass Ave., Suite 204, Burbank, CA 91505
Tel: 818-845-0150
Type: FSA
Black, Bonnie Talent Agency
12034 Riverside Dr, Suite 103, Valley Village, CA 91607
Tel: 818-753-5424
Type: FS
Blake Agency, The
1327 Ocean Avenue, Suite J, Santa Monica, CA 90401
Tel: 310-899-9898
Type: TVTHA