February 9th, 2007 6:25 pm
Should I take $1500 for My Redemption Rights?
I got the following email from an investor via my Realtor on the Rio Rancho property:
Subject: Redemption
*** Realty will give $250 in good faith to Casey Serin for his assignment of statutory rights of redemption. When *** Realty successfully redeems the property at 6021 Guadalajara an additional $1250 will be given to Mr. Serin.
I talked to the investor today. He said in New Mexico the owner has the right to redeem the property up to 30 days from the foreclosure auction if the owner can come up with the cash to pay back all the lenders and fees. Well, most owners in foreclosure are not going to be able to come up with that cash so this guy is offering to buy my redemption right and be able to redeem my property.
I’m not familiar with redemption rights because here in California we don’t have that kind of a thing. So this is new to me.
As far as the short sale, we haven’t had any offers come through yet (even after lowering the price to 469) so I don’t know if the short sale thing is going to happen and the auction is coming up fast.
Here is the foreclosure sale notice letter that I found in my mail the other day:
If you remember I was also thinking of doing some kind of a raffle to sell this house an others but it doesn’t like it’s going to happen. I didn’t get that good of a response and I don’t have the marketing budget to sell enough raffle tickets. There are also legal issues involved because I would have to run it through a non-profit organization or do an essay contest of some kind. I’ll just have to file that under “maybe some other time”.
So at this point I have a good chance of losing the Rio Rancho property to foreclosure come Valentine’s day.
What do I have to lose by taking $1500 for my redemption rights?
144 Comments
February 9th, 2007 at 6:43 pm
“If you remember I was also thinking of doing some kind of a raffle to sell this house an others but it doesn’t like it’s going to happen. I didn’t get that good of a response and I don’t have the marketing budget to sell enough raffle tickets. There are also legal issues involved because I would have to run it through a non-profit organization or do an essay contest of some kind. I’ll just have to file that under “maybe some other time”.”
First, no, not in the next 2 working days (Mon-Tues) is it going to happen. If it hasn’t happened in the past 4 months, not much chance of it suddenly happening in the next few days. This is too obvious to even warrant listing, so I’ll begin again with Number One:
First, you were told several months ago that a few seconds with Google confirms that house raffles are illegal in all states except under well-defined conditions of
“non-profit status.”
Second, though you allude to “non-profit status,” you seemingly are oblivious to what it means. It means “non-profit,” as in “charity.” There is no way you could benefit so much as a dollar in such a scheme. If you owned a house outright, with no lien-holders or mortgage-holders, you could, with enough paperwork, donate your house to some charity and have it be part of a raffle for charitable purposes. This is how such raffles come to be.
Third, the paperwork issues and legal issues require professionals. Not that your lender–Aurora–would agree to having _their_ collateral donated to some charity. Nor would you be absolved of your debts.
Fourth, that you have left your “House Raffle” section on your home page so long I simply attributed to laziness on your part. Now that you are again talking about it suggests to me you just didn’t “get it” when this came up months ago.
Very bizarre.
Time is “out” on Rio Rancho.
–Tim
February 9th, 2007 at 6:52 pm
*** Realty will give $250 in good faith to Casey Serin for his assignment of statutory rights of redemption. When *** Realty
Personally, I’d never trust a company called “*** Realty.” LOL.
February 9th, 2007 at 6:54 pm
You say, “I’m not familiar with redemption rights because here in California we don’t have that kind of a thing. So this is new to me.”
Right.
1. You wouldn’t be familiar with real estate law if it slapped you in the face (and it’s going to in the near future).
2. You bought a property in New Mexico, just like the millions of people with whom you compete in the New Mexico real estate market. You made the decision to buy over state lines. You actively chose to disadvantage yourself by purchasing in New Mexico.
3. New Mexico? Hell the same thing applies to California.
4. SWEET NEGOTIATING skills, Casey. Somebody offers you a nickel and QUICK run and post it on the blog! “Whaddya think? Whaddya think? Should I take it? Huh huh?” It is impossible to lose more than -everything-. If someone offers you $1500 for a light bulb, ask for $10,000.
5. You should be insulted at their offer! Demand two equal payments of $600, or no deal at all!
February 9th, 2007 at 6:59 pm
Think of it this way: What the $1500 redemption money really is a $250 bet that your house is auctioned-off for less than what the bettor thinks is what he can clear from selling your house some other way.
(I say $250 rather than $1500 because he only pays $250 to “hold” the redemption rights….he only pays the rest of the $1500 if he actually wins the bet. Sort of like what “wholesalers” did when they put down money to “hold” a property until they could find a mark to unload it to and collect a commission.)
This is the bizarre world you find yourself in, where you may be best off by holding an auction to see who can win the bid to pick your carcass clean
(On the other hand, $250 pays for 3 hours of your daily burn rate. So be sure to debate this for at least that much time….)
Whew.
–Tim
February 9th, 2007 at 7:08 pm
Why are you asking us? HAve you not learned one thing yet from this blog.
ASK A QUALIFIED ATTORNEY………………….
ASK A QUALIFIED ATTORNEY…………………
ASK A QUALIFIED ATTORNEY………………….
Casey…Pay the money and ask a qualified attorney..
February 9th, 2007 at 7:09 pm
Sure sign it. Then post the details here on the blog. We’ll all check it over for you and read the fine print and interpret it. Once the community of posters have figured it all out, you’ll then know what you have committed to and what exactly you are responsible for. It makes sense right? Or, you could take it to your local community funded credit counseling bureau and go over it with them. You have no money for a lawyer and have never used one in the past when confronted with documents, so why start now. Just sign it, cash the check which confirms the agreement and then figure it out. It’s win/when?
How’s the money holding up? Did you pay your rent? Did you buy groceries? gas for the Jetta? books for G? It is now the weekend and the short month of February is almost half complete. Progress on any of your projects? What’s cookin’ Case?
Best of luck. Keep your chin up. Stay positive. Attract success.
coyote
February 9th, 2007 at 7:11 pm
Get all the money up front or no deal.
If you do not get the money up from they have only paid you $250 for your redemption rights. Once they have the property they have no need to pay you and know that you have no means by which to pursue them.
$1500 up front or no deal…….
February 9th, 2007 at 7:16 pm
NO CASEY DON’T SELL YOUR RIGHT OF REDEMPTION
you may want to use i t one day and redeem the property, so don’t sell it at any price until after 360 days are up , then figure out if you are going to use it and then sell it if you know you are not going to use it, then they can use it in the following 5 days.
don’t let them cheat you. hang on to your precious right of redemption at all costs!
February 9th, 2007 at 7:23 pm
I think they are trying to get you to sign over redemption rights so that they can find out how much you owe vs. how much the property is worth.
They promise you $250 to get the financials from you. If they saw you only owed $30,000 on a $400,000 house but could not pay a $3000 monthly payment then it is (as you would call it) a “sweet deal”.
Of course when you send them all the financials and they see you are underwater… they won’t even send you the $250.
Watch and learn how the real pro’s do it.
February 9th, 2007 at 7:32 pm
I’ve got to agree with Tim, from Monterey Bay. House raffles are extremely complex and can only be done by non-profit charities. You really should pull down the house raffle sign up sheet. There are very few legitimate non-profit organizations doing house raffles. The best I’ve seen is one done by a school, www.mmsraffle.com
Then again, maybe you should use your remaining cash and buy a house raffle ticket and wait for the money to come in. Hey, the odds are better than the lottery.
February 9th, 2007 at 7:36 pm
I have no idea what to make of this redemption rights thing, but it most definitely smells fishy. You have failed to make payments on this property to the point that the bank is foreclosing on you, and you are somehow going to profit $1500 by selling someone the rights to redeem the property after the foreclosure. That sounds highly illegal, but then again, you haven’t been arrested for all of the other illegal activities that you have done, so why stop now?
BTW, that’s a very nice Valentine’s Gift for G. Are you buying plane tickets for the both of you to fly down there, watch the auction, then have a nice $150 dinner? You know, it’s alright to have nice dinners every once in a while, even if you are $2 million in debt…at least it is according to you.
February 9th, 2007 at 7:39 pm
In essence, *** Realty wants you to bird-dog your own foreclosure.
I am not remotely qualified to offer any advice on whether taking their offer is a good idea or not.
February 9th, 2007 at 7:45 pm
Take whatever money is offered, and be grateful.
This will probably be the apex of the lad’s debt, as he will presumably remove it from his spreadsheet after the auction. Has anyone kept track of the grand total so far?
February 9th, 2007 at 7:50 pm
Casey,
If I were you I would take the $1500.00. But, that wouldn’t be the only thing I took. I would get a Uhaul and take the stainless steel stove, refrigerator, light fixtures, and anything else that you can sell for a profit. This is a beautiful house with alot of potential. Or you could tell the guy to pay you $5000.00 and he can keep the stove and so on.
February 9th, 2007 at 7:53 pm
I would ask for more than $1500.00 He thinks your desperate. so he is low ballin you. I would def. ask for at least $5000.00 What can you lose? your house? It is already in foreclosure and it will be sold by valentines right? I would think that you are doing him a favor by letting him redeem your redemption. Ask for more!!
MORE MONEY!!
February 9th, 2007 at 7:55 pm
“if the owner can come up with the cash to pay back all the lenders and fees.”
If the owner had access to that much cash he’d pay all the lenders prior to forclosure and avoid the fees.
Why would anyone with any interest in a property at pre-forclosure sale stage want to buy its redemption rights when they can make a reasonable short-sale offer prior to forclosure and get it for *LESS* than what the lender is owed on it. Something about this doesn’t seem right.
February 9th, 2007 at 8:05 pm
Ho Ho Ho - It’s Santa Flipper Clause
Santa views the struggle betweeen Casey and the respective lenders much like Chick Boxing.
Santa watches and likes it, knows one women is going to beat the living daylights out of the other women, but Santa does not particularly care who one wins. Santa does, however, want to see a nasty and dirty fight. Santa hopes CashCow (or Call) does not disappoint.
Santa F. Clause
February 9th, 2007 at 8:07 pm
Casey,
Take the money and run. This is a sweet sweet sweet deal.
Go on Casey, sweet.
Hey Casey, you got a sweet ?
Sweet,
Loads O Money
February 9th, 2007 at 8:18 pm
Casey,
Am really upset with you. I sent you a cashiers check in the mail for 10 big ones, and you don’t even say thankyou. Am nearly going to cry here, how can you be so ungrateful. I was about to send you another check, but I won’t now,
Loads O Money
February 9th, 2007 at 8:22 pm
Hey Casey,
Guess where I get my money to give you. It’s passive income from my rentals. All I do is slap around some poor tenant and they pay my mortgage and give me spending money, sweet,
I need some sweets Casey. Can you tell me where to get sweets ?
The other thing with passive income is I do jack for it. I just sit on my fat a** waiting for the rent checks and blogging on some poor sweet guy’s website,
Loads O Money
February 9th, 2007 at 8:43 pm
“Should I take $1500 for My Redemption Rights?”
This is a no brainer.
Take the $1,500.
I’ll bet if you accept the nut will renege
February 9th, 2007 at 8:44 pm
The reason someone would rather buy his right of redemption rather than make a short sale offer is they do not have to commit to purchasing the property until they are certain they can make a profit. Sure, they could buy the house cheaper through a short sale but they also will have the risk the market gets worse or that they can’t find a buyer. They would then either have a lot of their money tied up and unavailable for other investments or they will be forced to carry it with a loan. With the right of redemption they do not have the risk of that since they will simply not exercise the right if conditions are unfavorable or they do not already have have a buyer.
February 9th, 2007 at 9:08 pm
Casey,
It seems unlikely that **** Realty would be able to find a buyer that would be willing to pay back all loans and fees as well as enough to profit **** Realty.
So, I say go for it. However, don’t refer to it as $1500. Call it $250, because there is almost a 0% change of any additional money coming from this.
–Kevin
February 9th, 2007 at 9:39 pm
Here is an article about buying (or selling) redemption rights in NJ:
http://www.buyincomeproperties.....ghts.shtml
I couldn’t find anything about New Mexico.
February 9th, 2007 at 9:50 pm
Casey,
Here is a thought. Not sure of the legal implications, but some financial ones.
The right of redemption makes the property less valuable without it.
Whoever holds it is able to wait until the right expires in order to determine whether to purchase the property. Time is money, the farther out from expiration the more valuable the right all else equal. So, you can gamble that the value of the property will go up before the right expires or you can sell the right soon to whoever will give you the best deal.
More money upfront is less risk for you.
February 9th, 2007 at 9:53 pm
Casey,
You want the real answer? It was actually on here in the comments section.. MORE MONEY AND UP FRONT..
Your going to lose the property no matter what.. If he had it lined up now, he would have already bought it/ short sale and flipped it. He’s betting that he’ll be able to buy it at a firesale price and immediately sell it to a waiting buyer for more than he paid. (When/if he finds his buyer.) And he’s looking for the option.
Actually a pretty smart move on his part.
February 9th, 2007 at 10:08 pm
First, isn’t it disappointing that you spent $30K+ on real estate classes and they didn’t even teach this type of thing? They just tell you how to snake your way into deals, but not deal with reality!
@ 14. Julie
Casey, if you’d opened your mail sooner, you would’ve known to do exactly what Julie suggested. It’s not stealing when it’s your own property! I would’ve had those appliances up on Craigslist and gotten rid of them for $$$. Now you’re just giving them away with the house.
Lastly, what does your New Mex realtor have to say about this offer? The others here are right. $250 is just a first ‘offer’. It’s a real slap in the face. I’d say $1500 or nothing, and if they’re serious, they’ll pony up the cash. Be sure to accept only a cashier’s check. No personal checks.
February 9th, 2007 at 10:29 pm
“What do I have to lose by taking $1500 for my redemption rights?”
Well, you don’t know…..and we don’t know either even though a few people give you their opinion of what you might be losing.
Ask an attorney with an experience….and don’t sign anything until you know.
February 9th, 2007 at 10:41 pm
Casey -
This post is not constructive.
You, for one, should know that you’re going to get all sorts of crappy offers from various indivduals/companies offering salvation in one form or another.
Focus on the big picture - you are loosing another property to foreclosure this week - and another one next week… and two more following that.
February 9th, 2007 at 10:57 pm
Casey:
I would take the money but make sure that the Mexican guy from New Mexico pays in US money not Mexican pesos.
P.S. Why did you buy a home outside the US?
February 9th, 2007 at 11:04 pm
I think the foreclosure by the first wipes out the second. So the dude only needs to pay off the first to redeem free & clear, so its like he is paying $250 for the option to buy at 80% of what you paid. So if he finds a buyer he can flip for a nice profit.
This is what I think is going on but I could be missing something.
That is a SWEET house. You must be upset to be losing it.
February 9th, 2007 at 11:12 pm
Is the owner of this blog mentally retarded?
February 9th, 2007 at 11:12 pm
I cannot believe that we here, and Casey, are spending hours debating a $250 option.
It’s about 1.7 hours’ worth of Casey’s burn rate, and amortized over hundreds of us, about a cup of coffee for each of us.
Casey is facing much, much bigger issues.
–Tim
February 9th, 2007 at 11:41 pm
Foreclosures can be bargains, but when it’s the last minute you can’t do a lot of research. As I understand it, a foreclosure auction is run as an “as-is” sale and you have to post a bond to bid. So for a maximum risk of $250, you don’t tie your cash up and you have some breathing room to see if the deal is right.
February 10th, 2007 at 12:00 am
Sign it Casey! You NEED the Money! You will never be able to “Redeem that property anyway! $250 is a month of Jamba Juice!
February 10th, 2007 at 12:24 am
Cassy,
This is an old trick to get (sometimes scam) foreclosure property from owner.
After your foreclosure, you - the owner - has the first right to buy back the property within the redemption period (check with your attorney, it differs from state to state).
There are many creative versions, but baiscally the trick is to help you buy back the property within your redemption period so you can sell it to them. Usually they might give you a little cash to walk away, or give you nothing but just save your forclosure status, or some of them will actually scam you with all kinds of creative tricks.
Lately, there are many scam cases like this across the states. More and more states are passing strick new laws against all kinds of foreclosure tricks. You MUST double check with your attorney, and this time DO NOT sign any more agreement/paper without an attorney.
One more time — Check With Your Attorney First Before Signing Any Paper!!
Regards,
February 10th, 2007 at 1:26 am
Hey Casey,
Sweet.
Julie is right. What are you going to do about all those expensive items in the house being foreclosed on next week. You need to get them out of the property and sell them. Or you going to let the new owners have all the stuff. If you do, they are going to walk in the house and say “sweet”.
Please let us know what you are going to do here!!
If you don’t take the items, some geezer is going to steal them just before the auction!
Hey, did you put granite down? Cabinets ? Why not strip them out? Toilet bowls are expensive - you should strip these out aswell.
You see in the paper all the companies losing money due to sub prime mortgages going bad. The Wall Street Journal is throwing around a phrase “doing a Casey” meaning defaulting on a sub prime mortgage. Can you believe that Casey; you are immortal !
Sweet !
Loads O Sweets
February 10th, 2007 at 2:21 am
http://legis.state.nm.us/Sessi.....HB0641.pdf
February 10th, 2007 at 3:30 am
You know what’s really great about this blog:
You can see a new train wreck every day.
February 10th, 2007 at 3:37 am
Trade the house for a $10 Jamba Juice gift card.
February 10th, 2007 at 4:15 am
mister gash,
holy s*** that means when the property is auctioned off casey will be responsible for the amount left on the loans? casey you are so F*CKEd. you will be a million in the hole after all your properties are foreclosed on. Wow. a 1 million dollar negative net worth. well in your world you can call yourself a millionaire….LOL - moron
February 10th, 2007 at 4:16 am
Spice things up around here Casey- remember, full disclosure on your site = helping people in your SWEET situation!Post the real estate office’s name so we can do a proper check on them and give you additional insight.
This is a sweet deal to make an extra $250 to pay for Gs books this month. How is school going for her? How soon will she be a sweeeeeet CPA? Good for her. Such ambition. You two are going places, baby.
February 10th, 2007 at 5:16 am
Casey, why would you want to take $250 in lieu of a potential Sweet Deal? That would be so unlike you. Although, you could use that $250 to pay half of a bird-dogging mailman. So many choices.
February 10th, 2007 at 6:26 am
I know nothing about this redemption rights ‘thingy’ but I’ll hazard a guess how your giving them away for a couple of magic beans could hurt you.
1. We already know that if the house is sold at sale, it will bring far less than is owed; therefore:
a. you will owe the deficiency
b. nobody, is going to redeem the property by paying off all debt owed
2. The value in the redemption rights in your case would be if it so happens that the property is sold for far less than the current arms length market value of the property (meaning the foreclosing lender and any junior lenders chose not to bid the property up further to protect their rights).
3. In such a case, you might sit back post-sale and say I am stuck with a whopping high deficiency because the property sold so low and the buyer got a windfall, you might then go to work trying to find a new buyer who would pay closer to market value and then negotiate with the lenders to give them more money than they would receive from the sale proceeds if the in effect allow you to short sale during the redemption period.
4. Of course, you need to own the redemption rights in order to do this. If you instead give away the redemption rights (sell for $250), then you ensure that if the property does in fact sell for way less than market value, it will sell again for only slightly more than the first sale (to the guy who got your redemption rights, because he will negotiate with the lenders to give them slightly more, while still leaving you on the hook for the deficiency). In which case, he will receive the windfall, and you wil be stuck with the (higher than it should be) deficiency.
Caveat: As, I said, I don’t know anything about this, so the foregoing is just a guess. But in any event, quit signing documents that you live to regret.
February 10th, 2007 at 7:11 am
DO this,
“*** Realty will give $1250 in good faith to Casey Serin for his assignment of statutory rights of redemption. When *** Realty successfully redeems the property at 6021 Guadalajara an additional $250 will be given to Mr. Serin.
this is better~~
February 10th, 2007 at 7:16 am
New Mexico has a 9 month redemption period where the forclosed owner can redem the property for what it goes for at the forclosure auction plus plus fees, penalties and interest (on that amount, not on the origional debt). So for $250 this guy is betting that if the property goes for a reasonable amount at auction and he can buy it out from under the low bidder, or he could simply use the right to greenmail the low bidder (in which case Casey would never see the additional $1250). Wait until the auction to see what price the house goes for and then you will have a better idea of what your redemption rights are worth.
February 10th, 2007 at 7:22 am
I am no real estate mogul like Casey, but after spending 3 minutes at Google, it appears that buying redemption rights works like this:
1. They pay Casey $250 for the redemption rights.
2. The property is foreclosed and auctioned off.
3. If they decide that the property was auctioned off for well under market value (even in a declining market) they can redeem the property for the auction value plus a statutory percentage, and end up owning the place outright.
So if he sells his rights for $250, the place is auctioned off for $250,000, they think they can sell it for $350,000, they pay Casey $1250 (more than his projected income for ALL OF 2007!!!11). They buy the property for $250,000 + 10% (or surcharge NM law requires) and they’ll own it for $275,000. Flip it for $350,000 and they’ll pull a profit after expenses of around $50,000.
That’s so easy! Anyone can do it! Casey, when you get the $250 to buy your redemption rights, you should find someone ELSE in foreclosure and buy THEIR redemption rights for $250!
February 10th, 2007 at 7:50 am
#14 Julie:
“This is a beautiful house ”
Are you serious?
I’m seriously asking, because I’m not from that market.
Is that REALLY considered an attractive property out that way?
Personally, it looks to me like it’s trying WAY too hard to be “New Mexico”…y’know?
Hey…I enjoyed the “Zorro” movie and the series immensely, but that doesn’t mean I would want to live on the set.
February 10th, 2007 at 7:54 am
In Casey logic, not only would you gain the $250 (or $1500) but you could also subtract the mortgage from your balance sheet. Sweet! Win-Win!
Hey…put all that $250 on a Jamba Juice Card, and you’d be set for almost a month! Even SWEETER!!! But the clincher is that there is no interest on Jamba Juice Gift Cards!!!!! WIN-WIN-WIN!!!! Gotta love creative solutions!
Man…just imagine if you put the full $1500 on a Jamba Juice Card! Cash Call would never THINK to look for assets there! JAMBA-TOPIA DUDE!!! That’s almost 6 MONTHS of juicy refreshment…all for just signing a silly piece of paper…. No way you should no!!!!
Not only will access to a ready stash of some yummy Jamba juice help ease the sting of the next couple of months, who knows what enlightened thoughts might occur to you while under the influence of a few really good wheat grass shots…you could have a breakthrough creative solution that would make it all totally worth it!
How could you say no? Listen to your inner Casey…GO FOR IT!!!!
February 10th, 2007 at 7:54 am
Casey:
“What do I have to lose by taking $1500 for my redemption rights?”
Kid, you seem to be getting duller by the hour.
At this point you should have begun to to develop an ingrained suspicion and skepticism about any “deal” where someone shows up and offers you money for signing your name.
There AIN’T no such thing as a “Free Lunch”, you Doofus! How many times do you have to get burned before you figure that out for yourself?
February 10th, 2007 at 8:01 am
Predictions:
1. Casey signs the agreement for the redemption
2. Casey begins to question whether he should have signed it
3. Casey decides he definitely shouldn’t have signed it
4. Casey makes plans to contact the involved parties “soon”
5. Casey tries to wiggle out of the contract
6. Casey whines when the agreement is enforced by the involved parties
P.S. Just requested my FICO score for the first time (772) and got an updated credit report. Am amazed to imagine how long Casey’s credit report is. Mine’s 12 pages with no Accounts Currently Past Due, no Negative Account History on File, no Inquiries in the Last 12 Months, no Public Records on File, no Dispute File Information. Casey’s report must go on forever!
February 10th, 2007 at 8:27 am
I keep hearing “ask an attorney”.
Closed,
Do you think there is some free attorney hotline out there?
February 10th, 2007 at 8:28 am
Casey, half the advice given by your bloggers is from people who do not even know the market and laws of real estate in New Mexico. Your redemption is only valid for 30 days in NM. So waiting 360 is just selling your self short. Considering ***Realty is a New Mexico brokerage, maybe you should ask them more questions.
February 10th, 2007 at 8:33 am
Ask for $5,000 all up front.
February 10th, 2007 at 8:36 am
You “found” that foreclosure sale notice letter in your mail, did you?
My oh my, what on earth is that doing there?
Surely if you were ignoring the problem, no one should have mailed you about it, right?
February 10th, 2007 at 9:11 am
Well, definitely don’t ask a qualified attorney…they’re just interested in taking your money and don’t provide any value. This sounds simple, and, I’m sure was covered extensively in the valuable real estate seminars for which you paid good money. Well, for which your creditors paid “good” money.
Also, don’t bother checking with your significant other and ask her to review the information. So what if she asked you to check with her? What does she know? She’s still in school getting that useless education. When she finds out about it later, just tell her oops, and give her that magical Casey smile and she’ll forgive you. She promised to love and obey for better or worse and that’s what she should be doing. Plus bringing you a sandwich.
Lastly, by all means follow all of the advice given by the supremely knowledgeable, well meaning commenters. We’re anonymous because we are so successful and wealthy from our own passive income from sweet deals and we just have your best interests at heart.
February 10th, 2007 at 9:51 am
Casey … perhaps *** Realty has a buyer in their back pocket for the property and THEY wish to profit from its redemption rather than you? I dont know if this is true or not but there is a REASON they wish to have your rights. Perhaps their commission isnt enough for them to sell the property and they instead want all the profit also.
They will have to bid ATLEAST what the first lienholder has against the property.
Whats that smell? Oh thats right … another fishy deal.
Study hard before you do this.
February 10th, 2007 at 9:55 am
Second Post .. WHY would a moderator approve Loads O Moneys Post .. hes an idiot, a moron, AND has nothing to say. Sweet this LOAD.
February 10th, 2007 at 10:00 am
Sure, take the $250.
If you can’t find any bidders for a $469k short sale, why would there be anyone willing to pay $500k+ to bring the loans current?
Kinda obvious.
February 10th, 2007 at 10:05 am
P.S. This *** Realty probably sends out hundreds of these letters to anyone approaching foreclosure. They haven’t really looked at the value of your house yet.
Once they see how under water the house is, and that there is zero chance of selling at a profit, they will withdraw their offer. Try to take the $250 before they can back out.
February 10th, 2007 at 10:08 am
Why ask ? the mistake is probably already done (whatever you did).
February 10th, 2007 at 10:51 am
You are about nothing more than trying to turn an easy buck aren’t you? Is there anything at all that you are willing to put real honest work into? The one question I want answered is where did you see yourself being by now? Living what type of life? Did you think that your life would be nothing but one big party because you were one of the chosen ones smart enough to see through all the bs of a real job? I’m not “hating”on you, this is a question that I’ve seen pop up now and again and you never seem to answer it. Pictured yourself making big deals from the phone of your corporate jet? Hanging with The Donald giving him advice on how to increase his meager holdings?
February 10th, 2007 at 10:51 am
“What do I have to lose by taking $1500 for my redemption rights?”
Your soul.
February 10th, 2007 at 11:21 am
Your not alone Casey.
http://www.hotboat.com/forums/.....p?t=140707
February 10th, 2007 at 11:25 am
“Should I take $1500 for My Redemption Rights?”
Go to jail…Go directly to jail. Do not Fail Forward. Do not collect $1500.
JAIL
You land in Jail when…
(1) Your token lands on the space marked “Go to Jail”,
(2) You draw a card marked “Go to Jail” or
(3) You throw doubles three times in succession.
(4) You defraud banks, juice income from overvalued property, blow the money, start a blog to attract notoriety,
state your intention to repay every dirty penny, ignore all advic(s)e given/asked for, refuse to gain real employment, incur more debt and make light of your dire situation.
When you are sent to Jail you cannot collect your $200 salary in that move since, regardless of where your token is on the board, you must move directly into Jail. Your turn ends when you are sent to Jail.
If you are not “sent to jail” but in the ordinary course of play lands on that space, you are
“Just Visiting”, you incur no penalty, and you move ahead in the usual manner on your next turn.
You still are able to collect rent on your properties because you are “Just Visiting”.
A player gets out of Jail by…
(1) Throwing doubles on any of your next three turns,
if you succeed in doing this you immediately move forward the number of spaces shown by your doubles throw. Even though you had thrown doubles, you do not take another turn.
(2) Using the “Get Out of Jail Free Card”
(3) Purchasing the “Get Out of Jail Free Card” from another player and playing it.
(4) Paying a fine of $50 before you roll the dice on either of your next two turns. If you do not throw doubles by your third turn, you must pay the $50 fine. You then get out of Jail and immediately move forward the number of spaces shown by your throw.
Even though you are in Jail, you may buy and sell property, buy and sell houses and hotels and collect rents.
FREE PARKING
A player landing on this place does not receive any money, property or reward of any kind.
This is just a “free” resting-place.
Special note: Even though this is stated in the rules you may wish to consult an attorney before attempting to purchase property in the outside world:
“Even though you are in Jail, you may buy and sell property, buy and sell houses and hotels and collect rents.”
Extra Special Note: The “free parking” rules are not intended for boats or homeless people with no ’skin in the game’.
February 10th, 2007 at 12:03 pm
Casey,
Your house is going up for auction and you still don’t know your alternatives at this time? You need to actually sit down with someone who can definitely tell you..you should have done this a long time ago….not wait til the last minute!!
How your family can look you in the face and feel proud of what you do is beyond me….my dad, my brothers, my brother-in-laws, and few of my cousins would have already kicked my azz for being stupid like you!
February 10th, 2007 at 12:04 pm
Sweet Looser:
$250 isn’t worth the risk (whatever that risk may be).
It won’t even begin to help you dig yourself out of the sweet hole you’re in (and it’s getting deeper every day), but it could cause more legal problems for you in the future if New Mexico’s laws prohibit such a thing.
JUST LET IT GO. It’s too late to do anything about it now. Besides, you’ve already got one sweet foreclosure under your belt (Dallas), so this should be a piece of cake!
FOCUS ON SAVING THE REMAINING HOUSES. But, of course, you’re not going to take this advice, are you? It’s much easier to Jamba-Juice yourself into oblivion.
February 10th, 2007 at 12:08 pm
Hey Casey,
My little niece made more money off the beany baby craze than you made in your $2.2 million real estate venture!!
Congrats, you have less business sense than a little girl!!! HAHAHA!
February 10th, 2007 at 12:45 pm
Hey, $250 is better than nothing… Why not ask for $500? Who really cares what the implications are, since you’re going to lose the New Mexico house on Wednesday no matter what you do.
February 10th, 2007 at 1:01 pm
Casey,
Why do you post AdWare for Home Network Buyer if you don’t use it yourself? They say they can find an investor in your area in less than a day and have your home sold within ten! What a sweet deal…I’m sure you are going with them after you ask us to click on the ad, right?
February 10th, 2007 at 1:59 pm
Ask for more money up front, since it’s really $250, not $1500.
February 10th, 2007 at 2:30 pm
i dont know, it seems to me that u are not entiltle to any money..but who knows i am not an expert.
February 10th, 2007 at 2:38 pm
The best part of this is that Casey will lose another house in just 4 days - Feb. 14th.
That’s a SWEET deal.
February 10th, 2007 at 4:57 pm
Casey,
Stop focusing on the little stuff and start thinking creatively. Call the producer of Dog, The Bounty Hunter and get a camera crew out there to 1) Get all your appliances and 2) film the auction. This footage just might have some value.
Think about it, you could learn from your mistakes on this one and produce/market the next three foreclosures much more effectively.
The unspoken truth is that your talents are in creating compelling failures. Oh, and there’s a big market for that (reality TV shows) in Hollywood. Mix in a few marketing deals with the right people and this tragedy could go on for years.
Whatever hundreds of thousands you lose on each property would easily be covered from the production value of the content.
Also, don’t worry about the potential prison term you will be facing when everybody figures out the truth of what you did to get the loans. The quicker you can become a celebrity the better as the famous don’t have to live by the same laws as the rest of us.
This is the best advic(s)e I can come up with at this point.
February 10th, 2007 at 5:41 pm
After catching up on comments to the previous post.
I like the idea about a documentary crew following casey around. Every few minutes or so I would intercut displaying comments from the blog as well as street interviews asking people who have never heard of IAFF what they would do in this situation. Each time you would cut back to Casey looking very relaxed or excited about some shiny new thing.
And it would have the debt ticker rolling the entire time on the left hand side of the screen.
February 10th, 2007 at 7:21 pm
Looks like my comment was duped before. CASEY, get on Craigslist.com NOW and advertise the appliances for pick-up before Wednesday.
This is NOT stealing. This is YOUR property, and the bank is going to repossess the house on Wednesday. They’re taking the shell of the house. The appliances, light fixtures, etc. should be removed before you just hand them to the bank.
Craigslist.com TONIGHT. It’ll give you a pittance of money back.
Good luck.
February 10th, 2007 at 7:28 pm
I would put $250 toward a documentary of Casey Serin!
February 10th, 2007 at 7:31 pm
$50 says he’ll sign away his redemption rights for the $250, and he’ll never see the additional $1250.
February 10th, 2007 at 7:34 pm
OK, since everyone is guessing, here’s my guess. If a property that has liens of $200,000 sells at foreclosure for $100,000, original owner owes $100,000 and has redemption rights. If redemption rights are sold that $100,000 owed is forwarded to the buyer of the rights if and when that option is exercized. I think W.C. in post #59 is correct. You received their preliminary form letter (mass mailing). Once you show interest by responding they will take their first look at your numbers and decide if it is worth the $250.
February 10th, 2007 at 7:35 pm
If this guy redeems the house, Casey may still be on the hook. He will bring your mortgage current, could potentially borrow against the house via inflated appraisal and loose lending, then stick ya with more debt than you started with. Of course, by this time you’ve already Quick Claimed the house.
It’s been happening here in California. Recent articles were published in the OC Register over the last month.
February 10th, 2007 at 7:39 pm
The lender cannot sell the REO until the redemption rights have expired. These guys will blackmail the lender for $5K or so to allow the lender to sell before the bubble collapses further.
February 10th, 2007 at 7:43 pm
From a couple posts ago:
“Bigger and better things are indeed coming, I can feel it. I’m paying my dues right now and this whole thing is building my character so that I can be ready for the next step.”
You’ve got it almost right. Bigger* (but I wouldn’t say better) things are most definitely coming your way. Real BIG. And you’ll definitely “feel” it. As for paying dues, you haven’t even begun to pay any dues yet. But you will.
(*Bubba)
February 10th, 2007 at 8:17 pm
Oh my god! I just realized that CashCall is going to go around to all of Casey’s properties and remove everything of value at them all in order to pay off his debt to them.
February 10th, 2007 at 9:17 pm
All of those shows, ( Dog the Bounty Hunter, Flip This House, OCC) required the original people involved to shoot the documentary to show to the producer.
Nobody will send a crew out to Casey to see if it will work out, Casey has to do the initial shooting and editing and submit it.
I guess that means NO SHOW, if there is work involved.
Too bad, this would have made a funny mini-series.
February 10th, 2007 at 9:35 pm
And what IS the point of the anti-scripting password if you aren’t going to remove moderation anyway? Are you saying that even when you are moderating, you can’t spot a scripted comment and remove it yourself?
February 10th, 2007 at 10:15 pm
I finally implemented a “captcha” so now you have to enter a random word to prove you’re not a robot. Because of the high ranking of this blog I have been getting 10 spam comments for every 1 valid comments. Needless to say I have been wasting hours upon hours trying to sift through the spam (even with the help of Akismet plugin).
I apologize if I deleted your comment accidentally in the past. Often times the spam filter was getting so clogged that I would often delete a few good comments accidentally as I try to clear out the spam quickly.
So now I’m looking forward to not having to deal with spam and save lots of time on moderation! If I DO delete your comment now it will only be because you’re being too vulgar or inappropriate or overly negative. I’m still keeping this place fairly organic (freedom of speech) as you can see.
I also found somebody to help me with moderation. Thank you to all those who offered your services. I saved your email and if I need more people I will let you know.
February 10th, 2007 at 10:34 pm
This will end your problems:
http://www.galleryofguns.com/prod_images/50577.jpg
goforit!
February 10th, 2007 at 11:14 pm
Phew I am glad you got the spam filters working. Now about those houses… oh, hold on got to check the mail first.
February 10th, 2007 at 11:39 pm
Tim from MBA, you are PSYCHO! I just saw your profane and very violent post against a female poster elsewhere. You should be banned from that blog, this blog, and you sir, WILL have a date with karma in the future (and no, karma is not a nym, she’s for real, and she can be a real biyatch). You should be praying that the victim of your homicidal and sexual threats does not pursue criminal charges. While you’re at it, pray for redemption of your dark and twisted soul. My suspicions were only confirmed by your atrocious post. You’re an over-the-hill, sexually frustrated blowhard who thinks his meager simple-minded opinion means something. I bet you love to hear yourself talk, thinking you have a captive audience, but at the end of the night it’s just you and your girlfriend, Handy. You’re a completely unimpressive twit and clearly a loser. I’m sure a lot of dumb dumbs gleaned common sense advice from some of your past posts, but for all those with half a brain, Jesus H were your posts laborious, humorless, and bo-ring! The antithesis of what a good post should be. Good riddance. Man it’s sad to see what sexual frustration does to a boy!!!
February 11th, 2007 at 12:25 am
Now, you are trolling us over $1500? Just a few weeks ago you were plunking down $30k on real estate college. My, how the mighty have fallen! I can only imagine equal anxiety when going through the cupboards, and the indecision: shrimp ramen, or chicken? (again.)
February 11th, 2007 at 12:41 am
“pulling a Casey” means getting cash back which is not lender allowed.-except in commercial lending and if the equity is there. Maybe you could give us a blow by blow on blow you did the “cash back” Casey, for those who dont’t know how it is done.
February 11th, 2007 at 2:36 am
“I finally implemented a “captcha” so now you have to enter a random word to prove you’re not a robot.”
OMG! NO ONE CARES! How about answering the questions here….are you going to STRIP the NM house bare? If not, why not?
February 11th, 2007 at 7:09 am
“Needless to say I have been wasting hours upon hours trying to sift through the spam (even with the help of Akismet plugin).”
Still wasting precious time on that crap blog instead of movin’ your a** to get cash ? Sweeeeeeeeeeeeet
February 11th, 2007 at 7:43 am
Seems quite possible that “Tim from MBA” was being spoofed at the other blog. Not much in that rant looked like typical Tim grammar. As we all know, it’s too easy to impersonate someone in name on these blogs — though not so easy to impersonate them in style.
Back to the topic at hand, seems unlikely that Casey will have time to get any $250 deal together, not when there are only two business days between now and the foreclosure sale. And what’s he gonna do, waste $250 on a RT flight to New Mexico just to collect a $250 (maybe) reward? Nope.
Same goes for pawning off the appliances real fast. Which could in fact be considered stealing if they are typically “bolted on” as part of the sale. Fridges, yes. Built-in ovens, now. Depends on whether they are chattels or part of the real estate.
In any case, kiss that house goodbye, and maybe good riddance. Out of state RE investment is a pain at best. Ant this ain’t “best” by any means.
February 11th, 2007 at 10:49 am
Casey, please read #99. It’s right on the mark!
Don’t sell your soul again.
February 11th, 2007 at 11:02 am
Casey don’t you see what you have in front of you….. think about this. if you buy 1000 properties all over the country and let them go into foreclosure you could get 250 or 1500 per house for your redemption rights. If they all draw the 1500 you would make 1.5 million! SWEEEEEEEEEEEEEEEEEEEEET! You better get busy before someone else learns to forge loan applications and does it before you…………
February 11th, 2007 at 11:45 am
Casey:
Good to hear that you have added the anti-spam word to save time one moderation. Less time on moderation of the BLOG means more time for sweet deals…
February 11th, 2007 at 1:20 pm
“Needless to say I have been wasting hours upon hours trying to sift through the spam (even with the help of Akismet plugin).”
This expains the long delays in moderation and the lack of activity on the “other stuff”.
Awesome allocation of resources and priorities.
Just awesome… It would seem Casey is just mailing it in.
coyote
February 11th, 2007 at 2:04 pm
Alan: “Oh my god! I just realized that CashCall is going to go around to all of Casey’s properties and remove everything of value at them all in order to pay off his debt to them. ”
And that would include homeless guy’s car if he’s “smart” enough to park his car back in Casey’s house!
Is the Utah house still technically in Casey’s name? Wouldn’t it be *horrible* if Cashcall turned up and took everything from the people living there? Then they’d be a few angry people…
February 11th, 2007 at 3:10 pm
It is great to see 100 experts who nothing of what they are talking about. Computer blogging has done nothing but empower millions of cowards who sit on a computer and criticize things and people they do not know or understand. I have looked at the sight now for a couple of hours and here is my worthless opinion:
1. Do not buy speculative real estate. Too bad in the Nineties in was tech stocks. Casey you got stuck with this one.
2. Kudos for taking a chance and risking it to make bucks. A lot of people did what you tried and succeeded, unfortunately you failed. For the other 99 people on here, keep standing on the sidelines living in a rat race.
3. Sell you redemption rights. Total judgment, deficiency, excess funds, it doesn’t matter; you are going to have to file BK sooner or later. Take the money and have a nice dinner. In fact, spend all $250.00 of it. It will be more than most of these people spend on 10 dinners.
4. Get a good attorney to work with. Shut the blog down. The attention and negativity will eventually hit you personally. These people have nothing better to do than criticize and play on a computer. You are already familiar with one option…hammer the rest of the houses for a deed in lieu of foreclosure. Try to settle with them. Borrow on unsecured to take care of the settlements. Then drop the Chapter 7 bomb. Use the system to your advantage. You already dug a deep hole…don’t let these posers bury you in it. Hell the redemption money would pay for your full BK filing fee!!!
February 11th, 2007 at 3:28 pm
Hello Michael - you are so sweet. Please tell me what a moron is and what an idiot is ?
Also Michael - I am a wannabe real estate investor. Please tell me about real estate Michael - did I tell you, you are sweet.
Casey - did you get the money I sent ? Let me know,
Loads O Money
February 11th, 2007 at 3:31 pm
Casey, there’s a comment spam blocker for WordPress! It takes seconds to install.
February 11th, 2007 at 3:39 pm
I don’t know anything about redemption rights but I’m sure your looking into all the details about your redemption rights and what it means to sell them. Thanks for posting your whole experience with this, because there are many of us that are going through the same thing and are not brave enough to post their personal situation. Thanks for all your info Casey!
February 11th, 2007 at 4:04 pm
Hey Casey - can you write on this blog a daily dairy of what you are spending your time on. Aswell as providing useful information to us wannabe real estate investors, it will also help you to easily put together your book. Cos in 15 years time, when you are rich and famous, you will need to put together your autobiography. These daily blog accounts will really help. Its going to be a bobble hat to riches story Casey - it will be inspiring; children will cry; it will be much better than that Pursuit of Happyness story.
Casey - when you are rich - will you please remember me, and slip me a few bucks. Remember who helped you.
Loads O Money
February 11th, 2007 at 4:08 pm
Hey Casey - okay - here is a serious question about your alledged passion.
When you were a kid in Bratislava ( or wherever you were living ) were you up in your bedroom, putting together little dolly houses, pretending to be a real estate investor and flipper ?
Did you have Ken and Cindy dolls that were your motivated sellers ?
If you did as a kid, then I would agree that real estate is your passion. If you didnt do this - then what games were you playing as a kid ?
Loads O Money
February 11th, 2007 at 4:15 pm
Hey Michael - I really would like to express my thanks for you calling me a moron. I thought I was special - but when you called me an idiot now I feel really special.
Can you tell me where I can get a Moron or Idiot certificate from ? I want to hang it on my wall - next to my wannabe real estate certificates. I cant wait to get it.
I want to live up to my status Michael - please tell me what a moron does each day and what an idiot does each day ? And also, can you tell me the differences between a moron and idiot ?
And, I know you like helping people. Can you tell me something about real estate. For example, what attributes do I need to have to be a flipper ? Can I be a moron and a flipper ? What about idiot and flipper ? Or both moron and idiot and flipper ? I have so much to learn from you Michael,
Sweet,
Loads O Money
February 11th, 2007 at 4:52 pm
CASEY,
WHAT SPAM??
WHY YOU DELETE ALL NEGATIVE COMMENTS??
WHY YOU PUT ALL THE POSITIVE COMMENTS BY YOURSELF??
LIFE IS NOT COMPLICATE~~
February 11th, 2007 at 5:07 pm
Casey,
I’m not familiar with this situation, so don’t consider this expert advice. I don’t see that you have much to lose if you sell these rights, but I can’t see an investor wanting to pay all your back payments and take on your loan terms. $250 may very well be all you get out of it.
On another note, I just finished an article on Why it’s different this time. After researching all the numbers, I’m convinced there will be no dramatic national housing crash.
February 11th, 2007 at 5:23 pm
Why wouldn’t you sell your redemption rights? If you had plans to redeem the house yourself. Considering that (1) you’re broke and (2) you can’t wait to dump these properties, especially the out-of-state ones, I’d fathom you don’t harbor any such plans.
The only thing left is to negotiate a better deal and get more money upfront.
As for selling anything that’s not nailed down, that would be a great idea if your costs to just get down there and back weren’t so high. But you could tell CashCall to go there and take what they want and cancel out your loan.
You gotta act fast, though. None of this “try to call them soon” business.
February 11th, 2007 at 5:57 pm
I say that the question doesn’t really need answering. But it shows you’re still learning in Real Estate…sort of on the JOB training. A JOB that’s not paying much, I might add.
Is the JOB as in Just Over Broke…or
Just Orbitally Broke?
February 11th, 2007 at 6:07 pm
Lay off Tim from MBA. ‘Mel’ was egging him on and you guys know it. I don’t see an apology from ‘Mel’ on all the gratuitous insults. I’ve been following this for a while and Tim has been contributing thoughtful comments - where the hell has ‘Mel’ been?
February 11th, 2007 at 6:24 pm
Casey, dude, take the deal. It’s such a SWEET deal!
February 12th, 2007 at 7:16 am
Casey,
Be sure to let us know your decision on the redemption rights issue, and how you came to that decision. If you decide to sell (assign) your redemption rights, you should investigate the legality of such an arrangement in New Mexico (e.g., can one legally sell/assign their redemption rights?)
These are interesting topics, and the discussion of them actually adds some educational value to your blog.
Maybe I will add a tip to your jar so you can buy some soup.
February 12th, 2007 at 7:46 am
Casey,
Please give the details of each transaction. What you spent, how much cashback you got and what you did with the cash. Did you put it into the property? Did you Loan it to your friends? Where could all this money have gone? By the sounds of it you took 20-30k per house on 8 houses. 20k*8=160000 of non taxed cash in hand (240k if you took out 30k per house). What on gods green earth could you have possibly done with all that money. It would help the beginning investor realize how difficult this really is. Maybe you could put together a quick spreadsheet showing your repair costs being higher than expected. What repairs did you actually do???
February 12th, 2007 at 8:13 am
Hey, let’s put it this way: Where else are you going to get $250 from? That’s a pretty good deal.
February 12th, 2007 at 9:41 am
What do you do all day?
What don’t you do -
1. Open your mail in a timely fashion
2. Inspect your properties
3. Deal with people living on you properties
4. Work
5. Pay bills - This is assumed because you have no $’s
6. Work out - I am assuming this based on your % of miles jogged this year.
So, it begs the question what do you do all day.
Bill
February 12th, 2007 at 9:45 am
Hmmmm….
See Casey? You could’a “wasted” all that money and time going to college for four years. But your gurus convinced you that college and work is for chumps and that you’re just gonna leapfrog everyone to the head of the line.
Now here you are on stage for all the world to see. And you’ve spent more time and money than any college student trying to learn things the hard way. And you still know less than anyone holding a four year degree! Sweating over an “offer” that is less than a few weeks minimum wage at Wal Mart…
Sometimes cutting to the head of the line means you’re ahead of everybody ON THE FRONT LINE. Sometimes it pays to be patient and all the way in the back, away from the angry machine gunners. Once they’ve cut down the eager lemmings you can move in and drop a hand grenade or two while they’re reloading (ie buy out all the properties you bid up like a moron).
Hope you squirreled away your cash back money and have a plane ticket to Monrovia or wherever the f*&k you’re from.
February 12th, 2007 at 10:10 am
So you are worried about $1,500 bucks, but just a few months ago you spent $30,000.00 on “sweet” real state courses?
Casey, when you bought your properties, there was a “Sweet” deal made. Do you now know why the sellers had a happy
face on them when the transaction transpired?
Think back Casey, you too had a happy face, but what were you smiling about now that you can reflect back?
February 12th, 2007 at 10:38 am
Did you ever find out if in N.M. the lenders have recourse to sue you for the difference between what you owe and what they get for the house?
That is the kind of stuff you should be looking into, not your personality profile.
February 12th, 2007 at 11:12 am
At least the spam thing is dealt with right buddy? And people say you aren’t working or prioritizing. Now how does that relate to this redemption issue? Foreclosure in general? Your financial picture?
February 12th, 2007 at 11:58 am
Hey…
Just think…by the end of Valentine’s day, you’ll own one less property! But you’ll still have great junk mail to post for us to blog about!
February 12th, 2007 at 12:04 pm
Casey, please don’t sell your reproductive rights. You may need those someday. I am worried about you.
February 12th, 2007 at 4:34 pm
Timing isn’t exactly on your side Casey. Before I was a doubter but now, I’m of the mind that you have an uncanny ability to see the positive in the face of impending doom. I just don’t see how you can come out of this without filing for bankruptcy. Listen, even Trump filed for one of his companies (hope he doesn’t read this blog or he’ll come after me like Rosie).
File for bankruptcy and start fresh. Otherwise, you’ll be blogging about foreclosure action for the next few months.
February 12th, 2007 at 4:57 pm
Ah, what it must be like to have a life where if you don’t post on your blog for a day, people wonder if you’ve been carted off to jail. Blessed, indeed.
February 12th, 2007 at 5:02 pm
Hmmmm, lets see…………….3 days and counting with no update from Casey. What are you doing Casey, buying Jamba Juice with the $250.00 you recently got ?
@ bill
What does Casey do all day ? I suspect little more than bounce on his blue ball.
February 12th, 2007 at 5:03 pm
Casey, I’ve given advice, I’ve teased you, I’ve spoofed you, I’ve ranted at you. But at this point I don’t want to make fun of you or nag at you anymore. I just feel sorry for you. You are a truly hapless individual.
February 12th, 2007 at 7:10 pm
111. Unbelieavble
Try to settle with them. Borrow on unsecured to take care of the settlements. Then drop the Chapter 7 bomb.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Borrowing Peter to pay Paul is a no-no in BK. Not only will the new debts not be discharged, the trustee could refer the case for fraud.
Idiot.
February 12th, 2007 at 8:35 pm
#111:
“These people have nothing better to do than criticize and play on a computer.”
Uh, hey…I opened my mail, and I did wht the boss wanted done.
If I want to play on the computer, then I’ve earned the right to.
I know where MY next meal is coming from.
“Borrow on unsecured to take care of the settlements. Then drop the Chapter 7 bomb. Use the system to your advantage.”
Casey used the system to his advantage?
Care to demonstrate exactly how and where this worked to his advantage?
I’ve looked and looked, but the evidence has so far escaped me…
February 13th, 2007 at 9:13 am
Hey KC!
Check this out:
http://www.prosper.com/
You can borrow enuff to pay off CashCall and all your lien-holders SWEEEEEET!
April 2nd, 2007 at 8:20 pm
If you do not think you will be able to ‘redeem’ the property after it has been taken away from you in the forclosure process, yea, sell your ‘right of redemption’, get some cash.
A friend of mine recently made an offer on a house that had been forclosed upon. The offer was accepted. Then prior to closing a third party (not him, not the bank selling the property) surfaced with ligit docs that the ‘right of redemption’ had been sold to him.