March 29th, 2007 3:38 pm
New Mexico Home Foreclosure is Final
New Mexico home no more…
The original foreclosure sale was rescheduled due to a fairly rare snowstorm. I was happy to get extra time to get the short sale approved. The lender wasn’t willing to talk to us though. So the home went up for sale at the foreclosure auction yesterday.
Today I found out the results. It’s official. I lost my 4th home to foreclosure. The opening bid was $407,719.20. Nobody bid so it went back to the bank as an REO.
I was told that after the sale is finalized and recorded (1-2 weeks) then I have 30 days to redeem the property for the above amount (That doesn’t seem right, what about paying the 2nd??). Well, it doesn’t really matter. I already sold my redemption rights and besides I don’t have a way to get that kind of financing at this point with my awesome FICO scores. If the current holder of my redemption rights exercises their right and buys the property then I will get $1500 based on our agreement.
I feel a mixture of sadness, regret and relief. I feel sadness that I couldn’t stop the foreclosure.
I feel a little bit of regret because I should have attempted a short sale right away instead of wasting months having it listed at too high of a price. Though it’s not all my fault. There are no guarantees with short sales. Sometimes the lender will go for it and sometimes they won’t. There are so many factors that go into a short sale approval: the offer amount, how often you bug them, how much bad inventory they have on the books, their mood, weather, etc.
I feel relief that there is now one less house to worry about. Only one house left that I am still facing foreclosure on. This whole foreclosure story is taking a such loooong time…
Man… it has been 8 months or so since I stopped making payments on the 6 properties. This chapter of the foreclosure story is almost over: I wrapped one, lost 4 to foreclosure, and still have one facing foreclosure. Maybe I can still save that one. If not, it’s all good either way.
At least I can make somebody’s day today, here is an email I got today:
Casey,
My friend James Sivco is a huge fan of yours and spends a great deal of time on your website (sending me updates throughout the day). You can add this to your strange request file, but any chance you can send him a note wishing him a happy birthday today - March 29th? I am assuming it’s too much of a stretch to ask you to put his name up on your site as one of your # 1 fans which would be pretty cool, too.
Keep up the good work. Brian
Happy birthday James Sivco! You are one of my #1 fans! Thank you for your support.
84 Comments
March 29th, 2007 at 3:58 pm
Congratulations on your new foreclosure.
At least you seem happy about it.
Let’s all be optimistic and positive about everything in life.
I feel much better already.
Well, I’m back to my 2nd job searching to pay off some of the debt I have.
March 29th, 2007 at 4:01 pm
No “guilt?” You know for forcing some little old lady in Peoria to choose between food and medicine because her supposedly safe retirement funds came up short due to unexpected loan loss reserve additions? Hey, any of the people you borrowed money from announce any layoffs lately? Any feelings for those people?
no, you just keep telling yourself that none was harmed, your number one fan in SLC says so.
March 29th, 2007 at 4:05 pm
Too bad, dude, that was a sweet house.
March 29th, 2007 at 4:07 pm
A “home” would be a house that you actually lived in. Swearing on a loan application that you intend to live in a house does not make it a home.. unless of course your oath actually means something and you go ago and live there.
So change the name of this post, deleting the word “home” and inserting instead the word “house”.
Thank you. I am your number 2,759 fan.
ASW: juice.
March 29th, 2007 at 4:11 pm
Sivco is an alias. He’s not a real person.
March 29th, 2007 at 4:14 pm
Casey, Casey, when you said ” it’s not all my faults”
you are a serious retard,
IT’S ALLLLL YOUR FAULTS,
CAN’T U UNDERSTAND?
it’s you who “lie” on the loan and get cash back for your fun juice then don’t do the payments,
YOU DO IT ON PURPOSE, IT’S ALL YOUR FAULT.
YOU SHOULD GO EXAM YOUR HEAD~ may be hit on the wall a few times until you understand it’s all your fault.
YOUR SWEET GOD.
March 29th, 2007 at 4:16 pm
Why does my name keep coming up in Google searches for mortgage fraud?
March 29th, 2007 at 4:24 pm
Casey - I can’t believe you’d say “its not all my fault”
You are the one who purchased the property at the price you paid.
There are a lot of “you shoulds” I could say right now, but I’m too frustrated……
Now - to the next question - how are you going to pay off your unsecured debts? You have two personal notes coming due - one for $5K and one for $22K that you took out last fall. What did you do or have you done with the $27,000 dollars? You also owe your good friend $2,200 (from the $3K loan). Then, add on to all of this, your credit card and cashcall debts.
Also, what is the status of the Utah property? There is a payment missing. Can the “owners” of the property even sell it? Do you have the deed or do they? When they sell it, do they provide you with the funds to pay off your loans prior to pocketing the profits?
Letting things go to foreclosure was easy - you did nothing. Rather than “passive income” you created a “passive loss” for the lenders. Shame on you!
Please, for the love of God, tell us what you are doing to repay the other debts?
March 29th, 2007 at 4:33 pm
Casey,
This is one of the saddest stories that I have ever come across. Man, I know I have taken a few pot shots at you in the past, but I seriously hope you are able to recover. Being the poster boy of all that went wrong with real estate is a hell of a burden to bear. Get on with your life, and find notoriety some other way. Good luck.
March 29th, 2007 at 4:36 pm
Yeah, banks are out hundreds of thousands of dollars, useful homes have been sitting empty for months, and Serin’s probably going to jail.
But hey - it’s all good!
March 29th, 2007 at 4:41 pm
Hey Casey,
I know you said in your previous post that the Modesto property was rescheduled (sweet) and so maybe your short sale offer might still get accepted. Is there any chance that you could still sell it for real?
Because I think that would be a good note for this whole thing to end on!
Also, as for ‘what about paying the 2nd?’…does this mean that they will be contacting you for the money? It seems to me like these 2nd loan holders are totally getting shafted. Not just by you, but everyone else who is being foreclosed on.
March 29th, 2007 at 4:43 pm
If you visit the city of Houston and become part of the social scene, you will very soon meet James Sivco. We will be at Armando’s for dinner tonight if you want to meet the man and wish him a happy birthday. Just keep away from the beautiful women sharing our table.
March 29th, 2007 at 4:54 pm
2. Robert Coté
No “guilt?” You know for forcing some little old lady in Peoria to choose between food and medicine because her supposedly safe retirement funds came up short due to unexpected loan loss reserve additions?
Grandma in Peoria thought her retirement funds were safe, but it turns out she had no idea the risks she was facing? So now it’s Casey’s fault she’s choosing between food and heart medicine? Grandma should sue her investment advisor.
Oh well, you also pointed out that Casey is responsible for eight families not having needed housing. Well, Grandma can take in those families as boarders and have both food and medicine.
See? Everybody wins! It’s all good….
March 29th, 2007 at 4:55 pm
Congratulations on yet another success!
March 29th, 2007 at 5:00 pm
Casey,
I have a serious suggestion. Since you seem to enjoy the limelight, this might be perfect for you:
http://www.aetv.com/bigspender/index.jsp
This guy, Larry Winget, is no joke. He will create a plan of action to get you out from under your debt and he will whip you into shape financially.
Here’s a blurb from the website:
“From the outside their lives look perfect. Nice houses. New cars. Closets full of clothes. The problem? Thousands and thousands of dollars in debt. Welcome to BIG SPENDER, the A&E series that takes you inside the lives of people with mountains of debt, no savings, no assets and disastrous spending habits. They’re on the brink of financial ruin with no hope at all…until now.”
Join host Larry Winget – New York Times Bestseller and the self proclaimed “Pitbull of Personal Development” – as he confronts people head on about their spending and shopping problems and then puts them on a budget to help get their lives back on track.
“Every Saturday at 6:30PM/5:30C Larry ambushes our BIG SPENDER, catching them in the act. And once he does, everything is fair game – from digging through their closets to unearth 40 or 50 pairs of new shoes, to letting a spouse know that their partner has secretly taken out a loan for $50,000.”
“Emotions run high as Larry confronts people with their problem and then gets them to agree to three weeks of financial boot camp — cutting their expenses, lessening their debt, increasing their income but most of all taking responsibility for their actions. With his “tough love” people skills, Larry digs into the heart of the problem and gives them the stepping-stones they need to get back on track.”
“Tune in, because as Larry likes to say, “it’s about to get ugly.” “
March 29th, 2007 at 5:15 pm
Casey,
You get an ‘F’ for Foreclosure.
It’s the lowest grade you can get, like you’re happy that you managed to squeak out a foreclosure!!! Are you not aware that a foreclosure is the WORST possible outcome? Should we give you a cookie because the houses you mortgaged didn’t burn to the ground during your stewardship?
It’s like getting all the questions on a quiz wrong and throwing a party because you managed to spell your name correctly. A short sale that is F+ not even a D, maybe if you made a few payments for oh let’s say a 12 months’ worth the people who lent you money would have something to show for. They gave you $400,000 based off lies and you stuck them with a house worth less than $317,000 it’s a wonder they don’t send a hitter after you.
Mind you I have no pity for the banks. A person hands a monkey a gun and the monkey kills someone can you really blame the monkey? But then again this monkey has blog so it should have enough intelligence to know what it’s doing. Then again it is just a monkey.
I have an idea, let’s try this whole fix and flip thing again only this time you get a loan from Lenny the Loan Shark. I would pay money to read the blogs from that site.
Casey: “Lenny said I have till the end of the week to pay back his $500,000 but the only thing I can manage is a $400,000 short sale. Well if he doesn’t take the short sale I guess that’s too bad I really wanted to make this work. It will be nice to get this last foreclosure off my hands and hey I did learn something so that’s good. Lenny has to know there are risks, he didn’t even ask for a FICA score.”
Later Monkey.
March 29th, 2007 at 5:24 pm
You lost this one and all of them more to mishandling than anything else. Convenient to say you “lost it to foreclosure.” You lost it to wrecklessness. The fact that foreclosure exists just put a lit on the amount of damage you can create. How disgraceful to have just allowed the system to spank you right back to poverty in mind, body and pocketbook. Failing forward…way to go.
March 29th, 2007 at 5:29 pm
Dude, you take the cake. Lower and lower you go. Just at what appears to be a nadir, you manage to dumb it down yet another excruciating notch.
Relief at yet another foreclosure? Yikes! The hook is being sunk deeper and deeper into you, and you don’t even know it. Here comes yet another 1099 for a forgiven mortgage balance. The IRS is gonna jump ugly with you…and soon. After a few rounds with them, the guys at CashCall will seem like the Welcome Wagon.
BTW, didn’t any of your gurus ever explain to you that junior liens (unless the lienholders decide to show up at the Sheriff Sale and bid against the senior position…a rare scenario) get blown out of the water in foreclosure?
And you’re an “investor” who’s gonna help others?
Yeah, right.
March 29th, 2007 at 5:32 pm
Once again I can only note that no one would bid on a house you thought was a great investment. Is that getting through to you at all? You are completely useless at picking good investments.
March 29th, 2007 at 5:33 pm
Hey Casey,
Rico Padre here- congrats on another foreclosure! Remember, don’t pay until they SCREAM!!!
I can hear them all ready….
-Roberto
ASW= success!
March 29th, 2007 at 5:49 pm
I feel very sorry for Brian Thorp and James Sivco. They don’t know how toxic being associated with Casey is.
March 29th, 2007 at 5:55 pm
Man that sucks. This was a really nice house, but the price was too steep. Especially for the median salary in that area - but today you could say that with almost any area.
I say it goes for 300k.
March 29th, 2007 at 6:23 pm
If that’s all you would owe to get the house back, I can definitely help you. There would just be a little bit of paperwork. Call me as soon as possible: 480-314-1414.
March 29th, 2007 at 6:28 pm
@24 - “I say it goes for 300k.”
Maybe 250k. Rio Rancho is often called Rio Rathole in Albuquerque. There’s problems with infrastructure and uncoordinated styles and types of neighborhood houses. Check the pics people have put up.
March 29th, 2007 at 6:39 pm
Well one more to go and then you can shut down (or sell off) this website. You will no longer be “facing” forclosure. You’ll just be picking up the pieces and trying to move on.
March 29th, 2007 at 6:45 pm
Casey I suggest you put out a little karma for your soul by including a link to www. Kiva.org on your website. This group lets you make microloans to fund specific small business ventures for people in poverty in third world countries. One guy took out and repaid (in 2 months) a $25 loan for bicycle parts to start a sidewalk repair business that now feeds his whole family, including his dead brothers children. The repayment rate on these loans is 96%!!! Can you even imagine how disgusted these people would be with you after they bust their behinds every day to put food on the table and pay back THEIR loans?
I’ll even help you with your karma. Everytime you do something even remotely beneficial to society (get a job, pay a couple bucks of debt, take out the trash on time, etc) I’ll fund a $25 loan to one of those much more deserving people.
March 29th, 2007 at 6:55 pm
25. Robert Matasic
If that’s all you would owe to get the house back, I can definitely help you. There would just be a little bit of paperwork. Call me as soon as possible: 480-314-1414.
Oh sure …
The lender’s rep send a certified letter with an NOD. Someone sticks a copy of it up on your house. Then it’s all advertised in the local paper and sheriff gives it back to the lender.
Then all it takes is “a little bit of paperwork” to get it back?
Yeah. Right.
March 29th, 2007 at 7:07 pm
Hey Kid;
Been awhile. While you’ve been watching your 4th house go down the drain, I’ve been moving myself and my family into my 1st home.
I have some insight into why you’ve never “owner-occupied”, like you promised to.
Moving is a b*tch!
Lotta hard work for no lucre…and we know that no work and hard lucre is what our little hobbit is all about, right?
But hey, like your ASW, itsallgood!
I wanted to point out to you that you weren’t able to get financing on your short sale.
And nobody would bid on the “Unburied Bomb Shelter” at 407K.
Kid, nobody would touch you. You think that that’s coincidental?
Any loan application with the name “Casey Serin” on it is going to keep the lenders at bay like sitting in a hot tub full of Holy Water would repel vampires, see?
I’ve just been through the purchasing process w-aaaa-y to heck and gone across the country from you…and all the folks around the table knew YOUR name.
Bad joss for you, hobbit…. your name is now “Mudd”.
I wouldn’t complain TOO loudly about how long it is taking to strip you of your assets, kid.
There’s another asset they can strip you of…your freedom.
Which will be defended by a Public Defender “Ham n’ Egger”…(given your likely financial state).
Live each day as if its’ your last, little hobbit.
One day the sun will rise on you in a place you wish you’d never entered.
March 29th, 2007 at 7:17 pm
Wow - 1500 for the redemption rights, and he gets to ignore the second mortgage?
Guess that doesn’t sound like such a “sweet deal” anymore, does it? Sounds like you could have gotten a lot more than 1500 for those redemption rights.
March 29th, 2007 at 7:25 pm
People still talking about tax due. There is no tax due. Casey has not made any profit. He is insolvent. Any 1099 issued would not have to be claimed as income due to the insolvency rule.
Right of redemption has been sold. The holder of that can redeem by bringing the loan current including all penalties. BUT, the second comes back to life if the loan is redeemed. It is not worth it. Think about it. If this wasn’t so, everyone with 80/20 loans would just default them, then redeem the 80%, and instantly cut 20% off their debt.
March 29th, 2007 at 7:38 pm
“Man… it has been 8 months or so since I stopped making payments on the 6 properties. This chapter of the foreclosure story is almost over: I wrapped one, lost 4 to foreclosure, and still have one facing foreclosure. Maybe I can still save that one. If not, it’s all good either way.”
No, Casey. It’s not good either way. You lied, cheated, and made people loose™ thousands of dollars.
You haven’t been a good Christian.
You have lied and cheated far too many people out of their money.
Trust me, Casey. You’ll get what you deserve, sooner or later.
March 29th, 2007 at 7:45 pm
Casey, you are publicly flaunting your crimes. Bad idea.
March 29th, 2007 at 8:04 pm
I think I found the perfect angle for the rest of this blog.
Start reading http://www.creditboards.com/ - it shows how to get things deleted off your credit report (free site).
Sometimes making money in the process (suing the credit score providers).
going from a 459 to a 700 would keep this site alive.
March 29th, 2007 at 8:15 pm
Too bad you did not sell the furishishings to fufill your obligations to your other debtors. Sorry to hear about losing another house.
A fan is just short for fanatic.
Whatever became of the strategy of saving one house and living in it?
March 29th, 2007 at 10:03 pm
New Mexico Flat Fee MLS is the way to go if your in forclosure…pay a few bucks and maybe you can come down and actually sell…good luck guys !
March 29th, 2007 at 10:28 pm
Casey’s even made it into the Economist… the article was free last week..
here’s the start though…
CASEY SERIN knows all about the excesses of America’s housing bubble. In 2006 the 24-year old web designer from Sacramento bought seven houses in five months. He lied about his income on no document loans and was not asked for anything so old-fashioned as a deposit.…
March 29th, 2007 at 10:29 pm
I have written letters several times to serindipity; trying time and time again to help the boy. Yet as the old saying goes: You can’t polish dog crap! So I quess with that in mind I should put my shovel down and leave Captain Bird-dog to his own devices. I just can’t help but wondering where serindipidy will end up in the future?
Look down there in the water its a filthy emaciated TROLL in the mucky, green slim, sess pool, riverbeed fisherman, Penquin from Batman returns, squakey voice with mutated penquin flangies, in search of a drop of discarded Jamba Juice or Starclucks and macoroni grill, wearing nothing but his own feces and a manpurse (murse), dreadlocked herion sheek ratsnest hair, foaming at the mouth and mumbling something about sweet bird-dog deals during the millenium living of off have dead six month old fish chum as he baths in the local Stormdrain.
Well let me spare you from asking. YES that’s Casey Serin.
March 29th, 2007 at 11:25 pm
Hey, since you mentioned your FICO score, what is it now?
It was 459-514 when you checked in late November, which was in the bottom 1-2% of U.S. consumers.
You’ve had a couple more foreclosures since then.
I’m just wondering what you have to do to peg the bottom of the scale, so if you’ve got a moment, please let us know your current FICO score. Maybe give it a week to let this latest foreclosure process through.
Too bad you’re out of cash, Gucci’s making man-bags now - http://www.bagsnob.com/2007/03/gucci_man_bag.html .
Less than 30 days until the final foreclosure. After that you’re done with real estate, unless there are loose ends with the Utah wrap.
Then what?
March 30th, 2007 at 1:57 am
what kind of person would look up to you?
i feel sorry for him, he’s even more misguided than you are
March 30th, 2007 at 3:57 am
“If not, it’s all good either way.”
ARRRRRRRGHHHHHHHHHHH!!!!!!!!!!
March 30th, 2007 at 4:24 am
Casey, if you get an information supoena for the items you haven’t listed in this blog then please fill it out accurately. They can sell anything of yours to recoup on that judgement that they can sell at full or over full value. Based on your popularity I guess they will sell all your ‘business’ clothes and ‘business’ equipment first since people will pay good money just because you owned it. So get ready to wear t-shirts and go to that internet Cafe!
Also, I’m not too much of a hater, but with your attitude it almost makes it seem like all this ok and people in the same position shouldn’t be alarmed as an example. You should be alarmed, you’re hiding and on the run…
March 30th, 2007 at 4:27 am
Great looking design on that house.
March 30th, 2007 at 4:52 am
dude,
Did you get a JOB?
Are you not even smart enough to work off the books for some cash?
March 30th, 2007 at 5:33 am
Fat Kid here again. Get this… I’ve taken a lesson from Casey, and I’m going into debt. Calorie debt that is, and I’m loosing weight now because of it! I never thought Casey would actually help somebody out. I am putting my fat into foreclosure, thanks to this wonderful blog. Way to go!
I have a quick question that maybe someone can answer. How is Casey paying for web hosting and his cell phone? Is the web space donated by someone? His cell phone bills are pretty high based on his spreadsheet. If he missed just 2 or 3 payments, I’m sure they would cut him off. Anybody have a clue where he’s getting the money to pay his phone bill?
March 30th, 2007 at 5:36 am
#37, Thinker,
You got it 100% right.
For Casey, living the life of a thirld world citizen would be “not worth living”. I can imagine he’d commit suicide if he lived in, say, Central America or China.
I assume he really believes that since his parents came to America he automatically deserves anything and everything he sees.
I can imagine he also considers that “capitalists” are above the law, as he was told when he lived in Uzbekistan.
Casey is the worst kind of person - he who believes he’s entitled to anything and everything he sees because… well, because… wow, I have no clue. He doesn’t work, he doesn’t believe in hard work, he thinks a lucky strike will make him rich, and he doesn’t consider sacrifices to be a part of success.
At least he has his “good looks”. I’ll bet that’ll come handy when Bubba offers some “sweet protection” in exchange for some “sweet man-boi love”.
March 30th, 2007 at 5:42 am
Why do I get the feeling that James (or Brian) has just won a bet?
sc : millions
March 30th, 2007 at 6:07 am
Glengarry Glenross, Rio Rancho my friend. Looks like they sold you too… But the other poster is right, you could have sold every fridge and every fixture in the houses for cash, copper is at an all time high. That could have given you a few more wheatgrass shots.
Either that or you were under the delusion those scratch offs would win big and you’d be able to pay off everyone…
March 30th, 2007 at 6:24 am
Casey has ban from being a true christian.
Devil has accept Casey’s application now.
Sweet~~
March 30th, 2007 at 6:32 am
#37. Thinker.
WELL PUT!
CASEY, PLEASE READ #37 AGAIN.
March 30th, 2007 at 6:49 am
Yo Casey,
When are you going to arrange that meeting with the bankruptcy lawyer?
There’s no getting saved about it anymore or rather the only smart move left is to and get saved by declaring bankruptcy…
As others have noted, your properties are the least of your worries in terms of creditors right now, these guys will come take your stuff and that won’t be sweet at all.
Laters dude,
I’m off on a relaxing holiday without too many worries thankfully,
TUG
P.S> Irish Property Market has now lost 10% on average house prices since October 2006. Stay away from Ireland, no sweet deals here!
March 30th, 2007 at 7:07 am
Keep up WHAT good work? Keep up what WORK?
March 30th, 2007 at 7:32 am
Casey,
What is your plan after all of your houses go into foreclosure?
Will you continue the blog?
March 30th, 2007 at 7:36 am
I’ll type slowly to help you understand:
It. most. certainly. IS. ALL. YOUR. FAULT.
This. whole. mess. is. ALL. YOUR. FAULT.
You lied about your income on loan applications. You lied about living in the houses. In short, you committed fraud on a heinous scale and you should be locked up.
And it’s ALL. YOUR. OWN. FAULT. So enough of that “it’s not all my fault that I couldn’t get out of this mess” garbage.
March 30th, 2007 at 7:38 am
Hi Casey,
I’m worried about you as this comes to an end. I listened to some podcast where some people are speculating something macabre about you when this all winds down. Please don’t lose hope and do anything drastic like that.
People hate on you but everyone would feel sad and miss you if you weren’t around. You don’t show emotions of stress or depression so I hope your inner mental fortitude is as strong as the exterior you present.
M.E.
March 30th, 2007 at 8:02 am
Flabergasted,
Your upset because loan companies are requiring people to be legit? Which is it? Do you want them to make sure people are legit or let people who aren’t legit have money?
Oh wait, I get it…you want them to help you make money by any possible means while you stand in judgement of others.
You are a far lower form of life than Casey…a real estate agent. Sorry, no more easy money for you…time to get real work.
rio rancho house $399,000 on realtor.com
March 30th, 2007 at 8:07 am
If the current holder of my redemption rights exercises their right and buys the property then I will get $1500 based on our agreement.
Wrong. You’d get $1250 because you already got $250, remember? Not that this is going to happen, though. You paid over $500k for a place that is worth closer to $330k, took cash back at closing and didn’t make the payments. So, what are people supposed to think? That you meant well and that your intentions were pure?
You did all those 100%-financed cash-back deals with zero regard as to whether the deals made sense or not. You did them to float the fantasy “I’m a RE investor” boat a little longer. You only knew how to do one kind of deal, and that’s exactly what you did. And in your desperation you kept doing the same deal over and over again until they cut you off.
Everything else since then has been a bunch of spin and posturing on your part. If for once in your life you’d call a spade a spade a lot more people would be on your side.
March 30th, 2007 at 8:43 am
Is this some strange Uzbek meaning of the word “good”?
March 30th, 2007 at 8:47 am
Casey,
Remember when we were speaking on the webcast and I said what I thought you needed was a swift kick in the @ss and for someone to tell you the truth? I was serious. Get in touch with Larry Winget from Big Spender. It would probably be the best decision you’d ever make.
March 30th, 2007 at 9:16 am
So now our little Casey has his own little groupies , that must just wet themselves when he wishes them a Happy Birthday. Can’t figure out which of the two are a bigger loser.
March 30th, 2007 at 9:27 am
I will be so happy when you go to jail. My tax dollars are going to be paying for your stupidity. Thanks!
March 30th, 2007 at 9:35 am
#2:
If mortgage defaults really forced this hypothetical grandma in Peoria to buy dog food to survive, then she was too deeply into equities in general and REITs in particular. If she couldn’t meet her goals using an stock/bond allocation appropriate for her age and situation, then she didn’t save enough to begin with. Risk and return go hand in hand.
Whether her (1) greed or (2) lack of savings was responsible, you can’t lay this at Casey’s feet.
Too much hyperbole, my friend.
March 30th, 2007 at 10:02 am
48. Flabbergasted
So, thanks to Casey Serin, my hardworking (60-80 hrs a week - and none of it opening mail as he’s too ethical to consider that work), debt free client with a decent credit score is goign to be stuck in a condo instead of a house. It’s all good for your delusional self, perhaps, but it’s not all good for all of those affected by people like you.
Hmm… Debt free client. Decent credit score. I’m guess little or no down payment for the house. But there’s probably a decent down payment for that condo he’s going to be “stuck in.” And who’s sticking him in the condo? You?
But if he’s such a great risk for the house, why don’t you just lend him the cash? I’m sure it’s an absolutely perfectly safe “win-win” investment.
March 30th, 2007 at 10:21 am
One more foreclosure and Casey will have no more material for his blog. He will finally disappear. Sweet!
ASW: letsdoit
Let’s not.
March 30th, 2007 at 11:05 am
Casey, you don’t seem to want to share any information whatsoever about all of your opportunities. Is this simply because you don’t have any?
March 30th, 2007 at 11:07 am
To the 1099′ers:
Yes Casey could owe taxes on his discharged debt. Nor is there guarantee the debt be discharged! If the lenders pursue fraud against Serin no BK court will wipe off ill gotten loans. Even if they let it slide, the IRS has the option to conclude fraud and even if insolvent you will owe taxes on said loans. Tax “laws” are pretty much made up as they go along. Ask any federal judge!
To the Brown baggers:
Get a life. If yours is hard and involves tons of ramen then stop working like a schmo, get college loans and become some sort of lucrative professional. I don’t see why desperate people put themselves through the wringer to get business off the ground when 80% of them fail anyways.
You can work hard, work smart or as our little hobbit shows not at all. One out of the three actually works out well in the end.
March 30th, 2007 at 11:13 am
WILL CASEY TAKE THE SEVEN MONTH CHALLENGE?
Casey, look at those posts again from all your hard working readers. Look at what they have accomplished in adding to their savings, their 401k plans, paying off credit card debt,
selling old houses and buying new ones and actually making the payments on them….Did you cut out the posts and put them on the bathroom mirror to look at each morning?
What would you view as your accomplishments in the past seven months? Did you…
earn income?
get a raise?
get a bonus?
pay off debt?
start a successful business?
restore a 100-year-old house?
build an addition onto your house?
help out your family?
??????…..
March 30th, 2007 at 11:16 am
FAMOUS QUOTES FROM HISTORY
“Its all good…” Captain of the S.S. Titanic, 1912
“This is a win-win” Neville Chamberlain, 1932
“Good things are coming” Herbert Hoover, 1929
March 30th, 2007 at 12:08 pm
CASEY,
PLEASE BE A MAN AND SERVE THIS COUNTRY BY GOING TO IRAQ, IT’S AT LEAST YOU CAN DO.
BE A MAN AND NOT A COWARD.
Sweet~~~
March 30th, 2007 at 12:20 pm
Casey,
you have the rest of your life to keep failing forward.
This 102 year old geezer does not. This guy is starting his real estate career at the ripe old age of 102. He took out a 25 year mortgage and will be 127 when it is paid off by his tenants. If he lasts that long, he will be the oldest guy ever.
“Rental is absolutely booming because the South-East hasn’t got enough houses. Many over-65s take out mortgages to invest invest in buy-to-let because the pensions crisis has left them with insufficient income.”
http://www.dailymail.co.uk/pag.....ge_id=1770
March 30th, 2007 at 1:53 pm
To the 1099′ers:
Yes Casey could owe taxes on his discharged debt. Nor is there guarantee the debt be discharged! If the lenders pursue fraud against Serin no BK court will wipe off ill gotten loans. Even if they let it slide, the IRS has the option to conclude fraud and even if insolvent you will owe taxes on said loans. Tax “laws” are pretty much made up as they go along. Ask any federal judge!
Sigh.
There’s a big difference between bankruptcy and insolvency. One takes place in a court. The other does not. There is no such thing as being “allowed” to be insolvent. You either are or you’re not. Furthermore, the IRS only cares about tax fraud, not mortgage fraud.
Ask any judge!
March 30th, 2007 at 2:38 pm
Hello,
My name is Parou and I just wanted to let everyone know that I have recently begun to work with a team of people who specialize in short sales and who have extensive experience and knowledge on the subject. Like I said, I am fairly new but it would be my pleasure to help shed the light on the subject or to point anyone in the right direction. If I can’t answer your questions, I will find someone that can.
Parou26@aol.com
March 30th, 2007 at 2:42 pm
Oh yeah, one more thing. I am seeing a lot of posts mentioning that agents are doing the short sales. Actually, agents are busy being agents in most (not all) cases. A short sale is a very tedious and time consuming endeaver so they may not be your best candidates. And, most agents refer their short sales to specialist who can spend the time necessary. We just spoke to an agent yesterday who was more than happy to refer out the short sale.
March 30th, 2007 at 2:59 pm
I’m scratching my head so hard my hair is falling out.
I’m not sure I can determine who is dumber - the banks that
would lend a 24 year old kid hundreds of thousands if not millions to put him so far into the ground of debt he’d pop back out the other side of the earth in China … or the person that
actually falls for the real estate investor hype and buys 8 houses in 8 months with no exit strategy or means of supporting those liabilities (yes they are liabilities until you turn them into income generating assets).
In twenty years of being in business for myself - I never missed paying anyone one dime on time.
And to think you actually create a web site to announce the stupidity to the world? I don’t get it. Must be a California way of thinking.
What next? People will commit adultery and post their mistresses’ pics on “I committed adultery.com” and be proud of it?
March 30th, 2007 at 3:47 pm
At post #39. Man that had me laughing so hard. It came back as “error”!
Anyway, Casey good luck to you. I’ll continue to check your website. It has been interesting…
March 30th, 2007 at 5:45 pm
foreclosure blows. you can get back on your feet based on your audience. typical websites would pay a ton of money for the traffic you are getting. I can help.
April 4th, 2007 at 9:22 pm
Robert Cote #2,
Are you still riding that old women’s choice between cat food and medicine tripe? That was so January!
April 5th, 2007 at 1:57 pm
A lot of agents specialized in short sales, just be sure to ask them their experience in foreclosures. A lot have worked with mutiple banks before and have contact people they can call. Plus the contacts they have with the lawyers doing the foreclosures is crucial. (Yes they can help) Not only that but the agents have investors and buyers that are willing to give you the short sale offers. Any questions you might have for real estate/shortsales/foreclosures/mortgage. Come to my blog and ask away - utahcommunityandrealestate.blogspot.com
May 17th, 2007 at 5:28 pm
I am Facing Foreclosure .com » New Mexico Home Foreclosure is Final
May 25th, 2007 at 4:28 am
My Properties Salmon Falls Dr, Sacramento, CA (Sold Mar-2003) Calla Way, Sacramento, CA (Sold Jan-2006) Burdett Way, Sacramento CA (foreclosed Mar-2007) Guadalajara Dr, Rio Rancho NM (foreclosed Mar-2007) Sonora Ave, Albuquerque, NM (Sold Jun-06) Muncy Dr, Modesto CA (foreclosed Apr-2007) W 10250 N, Highland UT (Wrapped, Unwrapped, Wrapped?) Larchmont Dr, North Highlands CA (Foreclosed 07-Feb-2007)