March 22nd, 2007 8:08 pm
Stop Modesto Foreclosure via Short Sale, But No Promissory!
Spoke with agent working to stop my foreclosure in Modesto, California. We spoke about the status of the short sale offer. The rep at the bank finally got back to my short sale agent and said they may want me to sign a promissory note in order to get this short sale approved and stop foreclosure.
I told him I will NOT be signing any promissory notes this time around. I’m resigned to let this one go into foreclosure since I couldn’t make good on an additional debt payment at this time. I already have 2 official foreclosures from California houses and 1 foreclosure from Dallas. A fourth foreclosure is probably not going to ruin my credit and FICO score much more.
When I agreed to sign the last promissory note for the Sacramento house foreclosure, that was a different story. At that point I was still hoping to stop foreclosure on all the remaining houses. And if I would have succeeded I would only have to worry about the Dallas foreclosure, which doesn’t report on my credit score since it was a private lender (though, they say it eventually will).
Another thing they want is me to put up $4,000 cash to get the foreclosure auction postponed since it’s so close (the 28th). The agent knows I can’t afford to do that so he offered to eat that cost from his commission and the buyer’s agents commission. So at this point we’re waiting to hear from the lender to see if they can approve the short sale without a note.
I don’t get why the first even wants the promissory note. I don’t think they are losing much if anything at all. The offer is $300,000 and the principal amount on the first is about $258,000. If you factor in the commissions, closing costs, late fees, etc, the net should come pretty close to pay-off.
I asked the agent to get me the net sheet that was sent with the short sale package. I want to see how much the lender is netting and what’s going on here.
102 Comments
March 22nd, 2007 at 8:19 pm
SWEET!! I’m first.
Casey: A fourth foreclosure is probably not going to ruin my credit and FICO score much more.
Uhh. Ya Think!
March 22nd, 2007 at 8:25 pm
The reason the bank wants you to sign the note is so they get paid. They know who you are and what you are trying to do. Unless you sign, this one is toast is well and they have a dollar amount for damages. Plus you’ll get 1099′d by the IRS. Remember them? They ain’t gonna want to hear it from you. Either way, you’re toast with this one.
Why did you hang up on Nacho last night? That was kind of rude dont you think?
And how come no mention of the Economist article? You do realize that everyone with anything remotely connected to the business world is gonna read that don’t you? I wonder what the CEO of CashCall is gonna do when he reads the article?
March 22nd, 2007 at 8:35 pm
Well, you will be 4 times as screwed but go ahead if it makes you feel better. Sucks for you. You do realize that the more you let go to foreclosure makes you more toxic than a Ch. 7 Bankruptcy in the eyes of future partners, employers, creditors, et al?
March 22nd, 2007 at 8:46 pm
I want to see how much the lender is netting and what’s going on here.
Yeah, get on the horn Casey! This is ridiculous!
I think they are trying to get money out of this deal! >:(
March 22nd, 2007 at 8:49 pm
Hooray! Glad to finally see an update on that property. What about the other ones?
March 22nd, 2007 at 8:52 pm
In the end, forclosures aren’t gonna repo the car and the computer. Cashcall’s gonna do that. And I’ll kinda miss you.
March 22nd, 2007 at 9:10 pm
Don’t be worrying about the FBI. All you need is a good attorney. Hey, if I can beat the rap, anyone can!
March 22nd, 2007 at 9:18 pm
What a mess. This isn’t looking good no matter how you slice it.
(spam script=juicy)
March 22nd, 2007 at 10:37 pm
You astound me.
No mention of the $65k 2nd? You know they have to approve it also, right? You also know that the property doesn’t fit in the area, it’s something like 1800 sq ft, all the comps are 1100-1200 sq ft. A stupid buy, but you probably used a dollar cost per sq ft valuation estimate.
1910 Muncy is scheduled for 4-27-07, that’s over a month away. Do you have the slightest clue about anything you are doing?
It’s really not too difficult to keep track of things like this, you take an index card and fill out the address, what you owe and when the sale is scheduled. If you put the contact info for the foreclosure auctioneer, you can then check the status of the properties once a week. You won’t sound quite so lame with stupid posts, and since there are only two properties left it won’t take but a couple of minutes a week.
I realize you’re trolling to divert attention from your unusual audio presentation, maybe someday you’ll decide to get a little self-repect.
March 22nd, 2007 at 11:00 pm
>I don’t get why the first even wants the promissory note.
Casey, why am I not surprised that you do not understand their request? Their intent should be clear to you.
asm=juicy
March 22nd, 2007 at 11:04 pm
who cares about your credit at this point. Short sale is all about controlling the amount of the debt forgiveness.
But at the same time those realtor commissions are eating into it.
Also, in a foreclosure, I heard you are forced to fill out a loan app all over again, then they compare it to your original loan app and if there is any discrepency… well…
Saw you in the Economist.
March 22nd, 2007 at 11:59 pm
“I don’t get why the first even wants the promissory note. I don’t think they are losing much if anything at all. The offer is $300,000 and the principal amount on the first is about $258,000.”
Hmmmmm… maybe the bank is trying to get some sweet cashback out of this deal. Those bastards! The nerve!!!
March 23rd, 2007 at 2:43 am
What real estate agent in his or her right mind is going to not only offer to eat his or her commission for your sorry @$$ but also convince the buyer’s agent to do the same? I call b#!!s#!^ on that. I can see the conversation now:
Your agent : “It’s for Casey. You know, that stand-up, reputable, honest guy who takes responsibility for everything he does and in the end works everything out for the benefit of those he screwed.”
Buyer’s agent: “Yeah, whatever. I saw his good for nothing @$$ on TV and read about him in the papers and check out the crap he spews online. I’m not giving him a penny of mine.”
ASW: sweet (of course)
March 23rd, 2007 at 2:50 am
Serin:
I don’t get why the first even wants the promissory note. I don’t think they are losing much if anything at all.
Uh … well gee whiz, I can’t figure it out either! There must just be no explanation in the whole world for why the first lender would even want you to agree to cover them for losses on the loan they made to you.
Stop the insanity!
ASW: juicy
March 23rd, 2007 at 3:10 am
@ Casey: “I don’t think they are losing much if anything at all.”
No harm, no foul, right? I mean, it’s almost like you’re doing them a favor by stealing their money, devaluating a property, and making them do all this extra work in hopes of maybe recouping a bit of THEIR money.
They should be happy you’re doing them this big favor, right?
March 23rd, 2007 at 3:31 am
Casey still doesn’t “get it”
But then, it appears that he is far
from alone: apparently a whole lot
of Americans could not figure out
that “buying” a house is not the same
thing as “keeping” a house.
I guess I should not be surprised that
there are a LOT of DUMB people out
there; after all, Bush was elected.
March 23rd, 2007 at 3:34 am
The bank wants the difference in a promissory note because fees, taxes, closing costs are all in addition to the sale value of the house. the bank doesn’t want to eat that.
The bank wants to make money. And they will, by hook or by crook. if you want to get out of this mortgage by short sale, you’ll have to do it on their terms. that or they foreclose.
Simple enough?
March 23rd, 2007 at 3:34 am
Have you considered ‘deed-in-lieu-of-foreclosure’?
March 23rd, 2007 at 4:06 am
Caset Serin, circa December 2006: “I am going to pay back every dirty penny”
Casey Serin, circa March 2007: “I don’t get why the first even wants the promissory note. I don’t think they are losing much if anything at all.”
Ahhhh, the hypocrisy. You went from declaring that you’ll pay it all back to whining that the bank wants paid. You won’t even sign a promissory for what you legally owe.
Wait. Since you sold this site and you don’t own it anymore, I guess this is one big troll move to increase traffic and get comments for the new owner, right? Now I see how you operate. You never planned to pay back ANY of the money. Never.
Hypocrit.
March 23rd, 2007 at 4:23 am
Casey
Do I detect a smiggen of reality& logic in this post?
What happened? Did the wheat shot buzz wear off?
Let’s see you continue on this road to enlightenment grasshopper. Spring is the time of renewal. You still have a couple at bats before the game is over. Remember, any hit will get your average out of .000
Nice article in the Economist. You really should have given them the photo with homeless guy in the yard for the story. It would have been a nice inside joke for all us followers…
March 23rd, 2007 at 4:30 am
Still the same arrogant Casey. How dare they try to get the best deal for them! dont they know who you are? You dont loose, they do!! You’re just an innocent victim of a system gone mad!! Give me a break!!!!!
March 23rd, 2007 at 4:36 am
“The agent knows I can’t afford to do that so he offered to eat that cost from his commission and the buyer’s agents commission.”
You’ve got yourself a great agent there.
March 23rd, 2007 at 4:46 am
L’il Casey, you have bigger things to worry about than your dismal credit rating. Why do you keep acting like your FICO score is your biggest problem?
I agree with el_hombre that it was very rude of you to hang up on Nacho. She’s a really nice lady, and I think you couldn’t handle the pressure she was giving you. None of us buy the “technical difficulties” excuse.
March 23rd, 2007 at 4:59 am
89. walt
March 22nd, 2007 at 9:15 am ABLE BUYER
FINCH PROPERTIES Residential Property Managers
Care to explain this?
This post was from yesterday. Casey never explains anything. Have you noticed. I arrested a guy on mortgage fraud and he was the exact same way. Never answer anything. Wait until the indictment, get a lawyer, and never say a word.
It appears ABLE BUYER FINCH PROPERTIES Residential Property Managers is either Casey’s business or former employer/business partner.
I’m just curious to see who else is involved with this thief.
March 23rd, 2007 at 5:24 am
As you yourself put it Casey “Its just Business”
Maybe if you had an education in this area you would understand. But oh wait… that is for looooosers.
asm - sweet
March 23rd, 2007 at 5:27 am
” I’m resigned to let this one go into foreclosure since I couldn’t make good on an additional debt payment at this time. ”
You haven’t made good on any debt at any time. Nobody has been paid in full since you started this blog. You do have some balloon loans coming due next month. What are their terms? Also, you will be sharing the pain of April 15 with the rest of us cube-w***** , wage slaves, working stiffs etc. etc.
“I asked the agent to get me the net sheet that was sent with the short sale package. I want to see how much the lender is netting and what’s going on here.”
Typical CS BS. Here it is March 23rd and you are asking to see the documentation for a foreclosure scheduled in 5 days. “…I want to see what is going on here.” What is going on is that you are clueless to the reality of your situation. You have no ability to deal with details. If your life were relatively simple and unencumbered by massive debts, then being clueless wouldn’t be a big deal. But you keep promoting yourself as a business person. You claim your fix and flip “strategy” was and is a business. Hoo boy, it’s all been said to you before. It goes in one ear and out the other, a fact that forces me to conclude that there ain’t nothin’ for it to stick to.
keep bloggin’ it,
coyote
March 23rd, 2007 at 5:34 am
“I wonder what the CEO of CashCall is gonna do when he reads the article? ”
Paul Redamm, CashCall AND DiTech.com founder, probably knows all about folks like Casey. And probably doesn’t much care, since he’s lining up outfits in South Dakota and Delaware as partners who can take the reaming for him.
Then again, South Dakota is the home state of First Premier Bank, so they have experience in reaming people:)
Real question of 2007: Is Casey Serin as real as presented on this blog?
March 23rd, 2007 at 5:44 am
The screwer getting screwed? SWEET.
aws: winwin
March 23rd, 2007 at 5:47 am
Casey, I listened to your podcast. I tried to login on Wed night but it wouldn’t let me, so I listened to the podcast today.
Can you take a picture or a video of what your “broadcast booth” looks like? Do you have headphones on and a microphone, or are you talking into a phone? Or are you sitting on the couch in front of your laptop in your jammies?
Thanks…
March 23rd, 2007 at 6:06 am
Casey, do check the net sheet. Based on the numbers you are reporting the lender in 1st likely has no need for an unsecured note from you.
John Corey- Real estate investor, 20+ years - multiple states and countries.
Check my blog - http://johncorey.wordpress.com/ - advice for real estate investors.
March 23rd, 2007 at 6:07 am
“..but No Promissory!”
Thank you for making clear that you are a man not merely of great integrity, but also of clearly defined personal boundaries. You tell ‘em.
March 23rd, 2007 at 6:11 am
Why can’t you afford $4k? You told us all that you are making an income, apparently enough that you don’t feel you need a “w2 job”.
Since you claim to be making an income, why don’t you tell us how much you’re making.
I’ve asked several times and you have failed to answer - how much money have you made in the past month?
March 23rd, 2007 at 6:15 am
“The offer is $300,000 and the principal amount on the first is about $258,000. If you factor in the commissions, closing costs, late fees, etc, the net should come pretty close to pay-off.”
1. Fees.
2. Penalties.
3. Commission.
4. ???
5. Profit!!
March 23rd, 2007 at 6:33 am
Like your mentor Rich Dad said: pay yourself FIRST and let ‘em scream!
IRS, cashcall, lenders, etc…
My lord, are you stupid….
ASW= cashback
March 23rd, 2007 at 6:41 am
ASW: deals
SC, you are missing the point. Even paying the 4k, the agent could still make up to 5k.
Which would you rather do - make a reduced amount or hold out for another deal, and possibly lose the total commission, as this is likely the best and last shot for this house?
It really is a no-brainer when you take a step back.
March 23rd, 2007 at 6:56 am
@ 19. QUIRTY Jim
Casey sold this web site? I wasn’t aware of this. When did this occur, and what are the details of the sale?
March 23rd, 2007 at 7:18 am
Dude,
When are you going to get a JOB actually working??
Do you know the meaning of the words JOB and WORK ??
Look them up in a dictionary if you need to. And maybe some college would have taught you how to look up words in a dictionary.
March 23rd, 2007 at 7:20 am
Wow!
Just saw a generic real estate commercial telling the public this is a great time to buy real estate. “Never seen a better market! Housing is reasonable and rates are low!”
Wonder how many idiots like Casey will still buy a house which they can get a loan but can’t make payments.
P.S. Casey, the next “sweet deals” you’ll be receiving is when you have a orange jump suit around your ankles! SWEET!
March 23rd, 2007 at 7:44 am
John Corey- Real estate investor, 20+ years - multiple states and countries.
Check my blog - http://johncorey.wordpress.com/ - advice for real estate investors.
Good endorsement NOT to do business with this guy. Nobody reputable would be trolling for clients / blog hits in Casey’s blog.
March 23rd, 2007 at 7:52 am
Its Friday, the 23rd. The deadline to do something with CASHCALL. Have you done anything?
New Mexico, what is going on there?
Why won’t you at least investigate NACHO’s credentials and see what she can do about tracking down that (those) missing Utah payment(s)?
And those consulting jobs–what are they? And how much are you paid? I personally think that those jobs are as real as your intention to live in 8 different houses at the same time and as real as the stated income on your loan applications. Speaking of which, we not scan those in, so we can see what income you did state. Depending on what post one reads here, you were making either $35K or $50K at Pride (I think it was probably less than either figure)… how much did you overstate that amount? 5%? 10%? 25%? 33%? 50%? 100%? 150%?
I wanted to ask you those questions on the podcast, but by the time I was going to call NACHO was on the phone and I didn’t want to interrupt.
Now speaking of your “not a podcast” (it was a webcast, even a late 40-ish computer ignoramus like me knows the difference between a webcast and a podcast)–I am a bit surprised that you haven’t posted “PODCAST A SUCCESS!!!”
Is that because it wasn’t a success in your eyes?
Is reality starting to make itself known to you?
What’s the deal?
ASW: deals
March 23rd, 2007 at 8:12 am
Tax Time!
Good morning everyone. I’m no early riser™ today, but it’s all good™. G’s sister™ made a delicious modified vegan pot roast last night. It was so good I had seconds.
I was especially hungry because I am back on my physical fitness regimine™. I treated my body like a temple by not going out to any business meetings™ last night with my business partners™.
I had an importnant business meeting™ with my CPA yesterday. It was very inlightening™ and showed me yet again how important it is to surround yourself with competent professionals™ when undertaing entreprenurial™ endeavors. Because of changes in the tax law allowing the deductiblity of sales tax, my business expenses™ (thank goodness I read that book on getting organised™), travel, etc. (plus the earned income tax credit), I will be receiving a sweet™ refund of nearly $9,000.
I have decided that because of all of te stress I have caused that I will take G™ on a surprse second honeymoon to Hawaii. I found a really sweet™ deal on expedia and once the H&R block refund anticipation loan comes through I’ll book it.
I am still having some technical difficulties with my hosting so please be patient on relies™. It really is my intentionto keep this blog up to date but sometimes the technology hinders me.
I am thinking that if time allows, I will drive to Modesto and look at the property there to see if I can do anything to help stage it better for the shortsale. I have been reading that sometimes if you do certain things to affect™ the way a property looks then it will sell faster or for more money. At this point I am more interested in faster because I don’t think that my staging efforts will increase the price enough to fully cover the second on the property. I’ll just be happy that I helped the first deed holder get a quicker short sale (I know thta there™ “special assets” department is very busy right now).
anyway, If time allows (I have a very full day today making new and important contacts™) I will try to make the drive.
Gotta go. H&R Block opened at 8 and I don’t want to be late™
March 23rd, 2007 at 8:19 am
Yeh, that dam lender might be getting MONEY… YOUR money… in your sweet dreams.
A promissory note from you is not worth the paper it’s written on anyway… so celebrate your pyrrhic victory.
March 23rd, 2007 at 8:20 am
22. You must know my lawfirm
Duie, Cheet’m and Howe (Esq)
March 23rd, 2007 at 8:22 am
So I am the one that spoke to you on the phone about the Sheriff, Judgement, and writ of execution. Here is what you need to know.
You will be sued by your creditors, I am guessing that Cashcall will be first, although I cant believe that the others have not started. Once the Small Claims court summons you, you will have two choices. Either show up or not. If you follow your normal pattern you will not show and a Default Judgment will be awarded
“Default judgment is a binding judgment in favor of the plaintiff when the defendant has not responded to a summons or has failed to appear before a court.”
Once they have a judgment, they will then get a Writ of Execution.
This is where things get dicey for you. The sheriff will show up and start collecting things till he gets to the “magic number” of what he thinks he can sell your belongings for and satisfy the judgment. Are you prepared for this?
————————————————
Writ of execution
From Wikipedia, the free encyclopedia
A writ of execution is a common court order granted by a court in an attempt to satisfy a judgment obtained by a plaintiff. When issuing a writ of execution, a court typically will order a sheriff or other similar official to levy property owned by a judgment debtor. Such property will often then be sold in a sheriff’s sale, and the proceeds remunerated to the plaintiff in partial or full satisfaction of the judgment. It is generally considered preferable for the sheriff simply to confiscate money from the defendant’s bank account.
March 23rd, 2007 at 8:46 am
We are very kind and compassionate people, Casey, but you lied to us, and we can never forgive you for that.
Regards,
CashCall Loan Servicing Department
March 23rd, 2007 at 8:53 am
The first two words in the cover story of the current issue of The Economist: “Casey Serin.” Congratulations, Casey, on going global.
Predictions:
Much of Casey’s debt will be erased through bankruptcy, through Senator Dodd’s new plan to throw money out of helicopters, and through a general IRS tax amnesty for victims of the housing debacle.
In less than ten years, Casey will be a multi-millionaire. His wealth, his notoriety, and his contacts will grant him some influence in local and regional California politics. He may do some jail time between now and then, he may not (you and I may do some jail time between now and then, we may not).
In fifteen years, Casey will have breath-taking homes on both coasts, and in the Caribbean. He will call Senators and Congressmen in Washington DC his personal friends. Casey will throw lavish parties where Hollywood starlets meet and mate with 7-foot-tall NBA players. Casey’s wall-mounted webcams will capture (and post) all the action in real-time.
Oprah (71 years old, and looking better than ever due to the triple miracles of plastic surgery, Bob Greene workouts, and Casey Serin’s All-Natural Wheatgrass Shots ™) will have Casey on as a regular guest to tell folks about his 13 Rules for Unlimited Success.
Meanwhile, many of the haters on this site will have retired to nondescript two-bedroom condos in Scottsdale or Tampa-St. Pete. The day’s excitement will consist of catching the Early Bird Special at the all-you-can-eat buffet.
Hey, that’s America.
Atta boy, Casey! America loves you!
March 23rd, 2007 at 9:01 am
BTW - Swiss balls are good for you. I sit on one about half the time I’m at my desk (it’s purple). Great for the lower back. Great for your posture. Great for your stabilizer muscles and your equilibrium.
There are also lots of good Swiss ball exercises for the upper and lower body. Ladies, want to tighten up those buttocks? Then get on the ball!
March 23rd, 2007 at 9:08 am
WOW, they were going to Let YOU Sign a promissory note!
I may be simian and have some learning issues,
but even I know what your signature is worth!
Don’t work too hard!
March 23rd, 2007 at 9:08 am
>I want to see how much the lender is netting and what’s going on here.
Yeah, because god forbid your lender tries to get closer to breaking even after having the unfortunate experience of dealing with an underfunded shyster such as yourself.
March 23rd, 2007 at 9:10 am
I can’t believe you are still taking the time to do this blog for free. Whether you want to face up to it or not, you have TWO options.
1. Turn this into a revenue generating operation. You can’t affort to put in this amount time to “help” people. You can certainly tithe your time, but not this much. Come on now.
2. Dump it.
A much more like alternative is meander your way along until you have no more properties and little to write about.
Personally I would vote for #2 as it would free up 2-5 minutes of my time a day.
At least with a car wreck the police will eventually take it away. Who is going to take this away from me??
March 23rd, 2007 at 9:35 am
Hey Casey,
Listen bud, you plan on turing this site into a foreclosure forum…… Sorry to burst your bubble here but nobody reads this site to get advice. This blog is the only thing that you have going for you right now and the moment you turn it into a ‘resourse tool’ is the day you stop getting so many hits. People are reading here about your fianancial woes and when that ends, so does your ability to make money from the site. Best of luck..
asw: winwin
March 23rd, 2007 at 9:49 am
The link to upcoming interview with Suze Orman has been removed.
Why?
asw: sweet
March 23rd, 2007 at 9:54 am
Hey Casey,
Am in deep s**t here.
My real estate empire is collapsing. I am, would you believe, facing foreclosure. My lenders are calling me every day now.
I need your help Casey. I understand you have a lot of experience with foreclosure so I would like to get help from you and your website.
I would love to buy a course from you. I think you said you were going to have one written right ? I would love to get your course material and cd’s on how to cope with foreclosure. I need help Casey.
Let me know how you can help me. ( I only have $1000 left to pay for a course. If its more than $1000, would you consider financing ? )
I am getting real thin also, as my food supply is running low.
Sometimes I feel dizzy because I have little water to eat.
Do you have a website facinghomelessness.com since I think I will be homeless soon and I’d also like advice on this,
Loads O Debt ( formerly Loads O Money - RIP - )
March 23rd, 2007 at 10:32 am
A few months ago I said I couldn’t take this site anymore and was never coming back.
Lo and behold, I’m reading “The Economist” and there you are!
It is unbelievable to me that you made it into such a respected, professional magazine. Only they would call you “Mr. Serin”.
Well, good luck with everything and enjoy the fame while it lasts.
March 23rd, 2007 at 10:39 am
This is not an educational blog. You have nothing to teach, and you certainly never listen. What the heck is this blog for, to increase your noteriety? Notorius is not the same as famous — you are infamous. Let me explain a few things regarding altruism: help yourself first. You have nothing to offer anybody if you posess nothing. When you feign public service, instead of covering this blog with ads, it just reinforces your perception as an idiot. You have a duty to your debtors to collect top dollar from this blog. It is really degrading into a senseless hate fest.
March 23rd, 2007 at 10:49 am
http://biz.yahoo.com/ts/070322.....al-finance
10 Reasons You Aren’t Rich
Casey,
In my opinion, you flunk numbers 1,2,3,5,6,7,8 & 10. You are OK as far as 4 & 9.
Personally, I feel I score below average on 9, well above average on all the others. How would you rate yourself?
March 23rd, 2007 at 11:09 am
Casey,
All of your “flipping” experience will be helpful when you start cooking burgers.
Just a Mc-thought!
March 23rd, 2007 at 11:30 am
Dear Casey was set on some flipping,
But found he couldn’t stop tripping.
He felt he was cursed,
So dug into his murse,
Now Jamba is all that he’s sipping!
March 23rd, 2007 at 11:38 am
Mr. Serin,
How about a videocast.
March 23rd, 2007 at 11:45 am
Casey,
What you are describing with fighting for a short sale instead of foreclosure is the classic case of rearranging the deck chairs on the Titanic. The ship is going to sink no matter what you do at this point, it is just a case of whether it has a cherry on top or not.
You want to get bailed out enough so someone else can buy the house out from under you. Very simple: you have to pay your creditor to get permission to do that. At this point you are trying to jettison yourself off the boat before it sinks, so you have to pay for the life raft or you go down with the ship. Since the bank is the dealer and holding the cards, you have to deal with them.
Its very simple: They loan you money for a house. If you don’t pay, they take the house. Did we miss any part of the lecture there?
March 23rd, 2007 at 11:46 am
@31. Deon:
All of Mr. Serin’s podcasts are done only on the trampoline:
http://flickr.com/photos/sercasey/387385960/
Trampolining is a PROVEN method to help stop foreclosure.
March 23rd, 2007 at 11:46 am
Hey, what happened to the song? Remember, I warned you about deleting comments…naughty naughty..
So, are you gonna answer questions or not?
March 23rd, 2007 at 11:52 am
Casey, you approached everything completely wrong. There was a good chance you wouldn’t have foreclosed on any properties, but you went to a loan shark for cash, - cash call-
You taunted your lenders with this website. You act like you are the victim and you have absolutely no clue what you are doing. I started reading your website when you first put it up and I felt bad for you, now I think you are a crook who doesn’t hopes he doesn’t end up in jail.
My anti-spam word is cashback, which is all Casey wants, haha!
March 23rd, 2007 at 12:23 pm
NEWS FLASH, MARCH 24, 2010
(FROM THE ECONOMIST MAGAZINE, ISSUE DATED 3/24/2010)
REAL ESTATE GURU CASEY SERIN VOLUNTARILY LEAVES NEVADA; OTHER STATES WARN AGAINST ENTRY
Mr. Casey Serin, who rose to notoriety in 2006 and 2007 as the poster boy for real-estate foreclosures, has been asked by the State of Nevada to leave and not return.
This comes after Mr. Serin was asked to leave Arizona in 2009. Furthermore, in late 2008 Mr. Serin was asked by the authorities in California, his home state, to leave that state and not return.
Mr. Serin, who became infamous after posting a long-running, widely-read blog detailing his investment misadventures, was never convicted of any crime. Rather, the requests to leave each state followed a set of economic circumstances unique in American history.
It seems that wherever Mr. Serin resided, his business efforts caused such economic depression and poverty that the state authorities finally asked him to leave.
In Sacramento, California, where Mr. Serin resided for the longest period, the drop in real estate prices was found to be three times the national average, and four times the average for other areas of California. In addition, unemployment, which averaged 4.6% througout the United States, averaged 11.3% in a 100-mile radius around the residence where Mr. Serin was residing with his in-laws.
The National Assocation of Realtors put the most pressure on state authoritieis to persuade Mr. Serin to leave.
“No one will do any real estate deals within 100 miles of where he lives,” explained Patsy Linkbiz, President of the local NAR branch. “He is toxic to the local economy.” She noted that all real-estate offices within 50 miles of Mr. Serin’s residence has closed in the past two years.
In March of 2008, under pressure from California authorities, Mr. Serin, now single, moved to Phoenix, where he rented a motel room and continued blogging and investing.
By May of 2008, the economy of the greater Phoenix area was in a shambles. Real estate values had plunged over 35%, unemployment had tripled, and businesses were leaving the area.
In June, after a late-night meeting with the local Chambers of Commerce, Mr. Serin voluntarily agreed to leave the state of Arizona. He then moved to Las Vegas, Nevada, where he rented a double-wide trailer home in a mobile home park located next to the Krazy Kat Gentlemen’s Lounge.
Mr Serin announced, via a live-phone-chat show on his website, that this was “a new beginning” and that he would begin looking for large apartment complexes to purchase in the greater Las Vegas areas.
For a few months, relative calm prevailed, as the United States, and the Las Vegas area, was experiencing a new real estate boom, following the subprime shakeout of 2006-2009.
Then, on March 20, 2010, Mr Serin announced the purchase of 5 large apartment complexes in the greater Las Vegas areas, totalling over 1000 rental units.
Virtually overnight, the Las Vegas economy was now in a shambles. Real estate values plummeted 35%, unemployment tripled, and three major casinos shut down their operations.
On March 23, a group of Las Vegas business executivies, led by the female employees of the Krazy Kat Lounge, held a midnight meeting with Mr. Serin. Details of the meeting have not been released, but according to sources Mr. Serin has now agreed to leave Nevada and never return.
Stated Professor Tim J. Monterey-Bay, noted professor of business at the University of Nevada, Las Vegas,: “There has never been anything like this in economic history. Everywhere this lad went he literally brough economic poverty and chaos.”
Asked to comment, Mr. Serin told The Economist: “It’s all good. I’m just going to keep on making sweet deals.”
March 23rd, 2007 at 12:27 pm
47 Gordon
I think you have one of the major issues right there. Legal action against Casey. Either in the form of criminal (fraud, embezzelment, tax evasion) or civil (creditors suing to reclaim debt).
March 23rd, 2007 at 12:31 pm
Casey,
As a reminder, falsifying load application documents on eight homes in eight months in four states is not, as you say, an, “acceptable industry practice™.” Nor is pulling out all of that cash back at closing™. In fact, these activities are known as loan fraud. Not, “mistakes™”, loan fraud. Intent is irrelevant in the matter, so you can stop acting as if it’s pertinent. It ain’t.
Taking all that cash back at closings was not, “taking your profit up front.” Clearly there was no profit to take, and the lenders were unaware of your actions. That’s what normal people (aka haterz™) call fraud and deception.
I think that you actually do know the reality of what you did, but you do not know the correct terms to define your actions. Please allow me to pull up a Casey Translation Matrix™ for you:
Cash back at closing = Ripping off the lenders.
Sweet Deals = Opportunities to steal more money.
Fix-n-Flip = [no translation found - phrase ignored]
Modified Vegan Diet = Eat any damn thing you want.
Paying back every dirty penny = Not paying anybody a dime.
Being a real estate investor = Current fraud vehicle of choice.
It’s all good = No charges filed yet.
Greetings to the commenters and readers from,
NotoriusPIA
Award Winning Poster Wannabe, who did NOT do this tribute to Wednesday’s call in show:
March 23rd, 2007 at 12:36 pm
61. Tibetan Monk
That was sweet. I needed a good laugh.
March 23rd, 2007 at 12:40 pm
Only a few more to go then you can file BK
http://www.icantsellmyhouse.blogspot.com/
March 23rd, 2007 at 1:38 pm
Just wait till the IRS gets done with you Casey,you will be in a financial hole for the rest of your life unfortunately.There isnt any “I just will avoid them and not answer the phone” with those boys thats for sure.You are going to get slammed with a tax bill the size of……your unpaid debt!!!!
March 23rd, 2007 at 1:51 pm
Casey check this out
From:
The Subprime Sky Hasn’t Fallen, Yet: Dire predictions of subprime lender woes haven’t turned into reality. Better scoring and planning may be the reasons.
Source: Collections & Credit Risk
Publication Date: 12/01/2006
Author: Berkley, Cherie
… One thing changing in the subprime market is the use of lawsuits for collections.
“More and more of our clients are saying we want to see lawsuits because the trend and the belief is that lawsuits are probably the most powerful tool to collect a debt,” says Weinberg.
This was not always the case. Previously, subprime lenders had large in-house credit departments to work the accounts, Weinberg recalls. And if that didn’t work, they were more apt to charge off and sell bad debt, he says. …
March 23rd, 2007 at 3:00 pm
@41: Recruiters were looking for job leads on f—edcompany.com, although I do agree with you that the commenter needs a better and more credible approach to advertising in a popular blog dedicated to trainwrecks and financial meltdowns.
March 23rd, 2007 at 3:16 pm
Wow, you got pwned by T on the ‘podcast’, eh? That was very ‘non-organic’ of you to hang up on her.
March 23rd, 2007 at 3:20 pm
So what did you decide re Cashcall today? What did you tell them when you called them?
You didn’t call them? You intended to try to remember to attempt to maybe call them?
OK, that’s cool - I’m sure they’ll understand!
(Make sure to tell your sister-in-law to start collecting receipts for anything valuable and easy to carry in her house)
March 23rd, 2007 at 3:31 pm
Google:
‘foreclosure cash back’ — #1 !!!!
‘foreclosure jail’ — #1 !!!
‘foreclosure looser’ — #3 !!!
‘foreclosure liar’ — #3 !!!
March 23rd, 2007 at 3:44 pm
#43 totally agree. My sister-in-law had a business that went belly-up while it owed a lot to the IRS. She ran it as her personal piggy bank like CS here. Man the IRS doesn’t F*** around. They made her life hell for a few years until she was forced into BK, that only ended the random checking account clean outs and massive penalties the IRS was hitting her and my brother with, they still owe money now several years out.
CS you are completely deluded if you think your big worry is your FICO score, assuming you avoid jail time the IRS is going to be hounding you for years, and you will be paying them back every dirty penny, and they are not going to play fair, and your not answering the phone is not going to keep them at bay.
March 23rd, 2007 at 4:15 pm
Casey! Yo, check out this song!
http://tucc.us/dat/callincasey.mp3
You don’t post this, I’ll post it so far and wide, you’ll hear it on the radio from coast to coast. Stern will have it withn the hour. SWEET! Trust me..
March 23rd, 2007 at 6:22 pm
Not signing promissory note == smartest thing you have done year to date. Only sign loan agreements when you are getting cash back. Remember the first rule of accounting which is cash == income.
ASW: millions
March 23rd, 2007 at 7:16 pm
My god, why do I do this? Every night I come home from my job (Casey, please note: JOB…look it up, you might find it interesting!), drink a couple glasses of wine, eat some red meat, check what’s on the Tee-Vee, boot up the laptop, and somehow end up on www.iamfacingforeclosure.com.
Why, oh why?
Have I become a stereotypical retarded American couch potato, like “Damn, American Idol is a ree-peet, oh well, I can always get the same thrill from www.iamfacingforeclosure.com”???
Humor me, people. Doing a lot of soul searching here. Trying to figure out the attraction to this human train wreck.
I think I just figured it out! I have two kids, aged 16 and 14. Before I know it, they’ll be out there “on their own”, just like Casey (cough). Now I realize why I keep coming back to this web site like a horse fly to a pile of fresh sh*t.
BECAUSE I DON’T WANT MY KIDS TO GROW UP LIKE CASEY.
Suh-weeeettttt!!!!!
ASW: dumba**
P.S. Casey, get a real job. “Consulting” projects that pay less in a year than a fry cook…that’s not a real job.
March 23rd, 2007 at 7:17 pm
With that article in The Economist your dubious notoriety has hit a new high, and now on a global level. I’m sure the publication even reaches your little village back in Uzbekistan.
Your fellow villagers back home must be overjoyed with pride - may even be throwing a little celebration in your honor. Maybe you should take a trip back there, drop in on the little folk as the big time RE investor that you are. Maybe give a speech (on avoiding foreclosure), accept a key to the city from the mayor, and sign a few autographs.
asw: “sweet” — indeed
March 23rd, 2007 at 7:32 pm
What are you going to do about your tax bill? You are going to be in the top tax bracket, state and federal. You are going to get 1099 for each short and repo. Even the CC write offs. You cannot BK the IRS. They can charge 4% interest AND 4% penalty each month. It is just amazing how fast it adds up. Owing the IRS will make you look back on your CashCall collection chats with fondness. The IRS can put you in jail over back taxes — the only way you can be jailed for a debt in this country is a debt owed the government. The IRS likes to make frequent house calls, which might cramp the style of your household.
But look at the bright side: you are going to have to make major, major bucks to get ahead of those guys. Congratulations on you six-figure salary — that you will be giving to the IRS, while you subsist on Top Ramen.
March 23rd, 2007 at 7:32 pm
Why did you cut off Nacho?? She was the best part of your lame webcast. Was it because you couldn’t handle her? You couldn’t at least say goodbye like a civilized person? That was downright rude, though a perfect mirror of how you handle pressure in all aspects of your life. Not surprised.
March 23rd, 2007 at 7:35 pm
You didn’t want to sign a promissary note? Why not? You have no intention of paying on the other one, so what difference does it make? Did you ask them for cash back?
ASW: sweet!!!!!!!!!!!!!!!!!
March 23rd, 2007 at 7:42 pm
@76. It’s All Good:
“(Make sure to tell your sister-in-law to start collecting receipts for anything valuable and easy to carry in her house)”
Casey, listen to this advice. It is very real. At least have some regard for your sister-in-law’s residence and property. Once CashCall gets that judgement - and they will - they will come in and clean out the house. And I’m not talking about the carpeting. CashCall don’t f#%k around.
March 23rd, 2007 at 8:00 pm
I want to see how much the lender is netting and what’s going on here.
Good idea to check that. You can’t trust lenders, you know. Remember how Wells Fargo stole $1000 out of your checking account.
I don’t think they are losing much if anything at all. The offer is $300,000 and the principal amount on the first is about $258,000. If you factor in the commissions, closing costs, late fees, etc, the net should come pretty close to pay-off.
Well, except that the amount on the notice of sale is $274,239.73 not $258K. You know, banks like to charge interest, late fees, attorneys fees, trustee fees, etc. Not to mention that the notice of sale was several months ago, so that adds another few thousand to the debt. I don’t blame them for wanting a promissory note from you. They can at least look longingly at it until the day you go BK. Which I hope is soon, mostly because I’m really curious as to how many of these fraudulent debts really get discharged.
asw: itsallgood. Well, for me at least, but then again I don’t owe millions and ain’t looking at a Federal DA breathing down my neck.
March 23rd, 2007 at 8:58 pm
Casey did a bad thing by buying all those houses by embellishing his loan apps. He’s not a good character in all of this.
But I am shocked by all of you losers.. pretty much everyone of you who are apparent shills for the banking lobby. You dimwits seem to have no idea what’s been going on for the last several years that would enable a guy like Casey to buy all these houses in the first place.
You’re all eventually going to pay for being dumb asses who rode the low interest rate wave like everyone else either by losing your jobs in a massive recession or through higher taxes, or both because the financial industry has to be bailed out the way the S&L industry was bailed out back the 80’s.
Everyone who mocks this guy Casey is a moron for not grasping the danger that the unraveling of subprime. This isn’t a joke and its not merely a case of borrowers sleazy, banks good.
You think Casey doesn’t get it? Look in the mirror dummy, yeah you who is reading this. Up until the Fed started lifting interest rates no one had to answer for the performance of shaky housing loans. The rising housing market disguised the loose guidelines (potential defaults were prevented by refinancings) and everyone made their golden crumbs as the vansihing loaf was bured deep in the bread box. After banking deregulation in 1999, that wiped out protections that were developed during the Great Depression, incentuous relationships developed between lenders and securities firms - they would buy each other up - and make any potential problems go away and perpetuate funding mechanisms to feed the housing industry and feed the need to develop more exotic loans to drive yields.
Everything was great until interest rates starting going up. That’s what flumoxed our boy Casey… he couldn’t go back and refinance his loans because real estate price stopped rising and suddenly banks had to start acting like banks. What a concept.
So while I don’t have much sympathy for Casey, the notion that the lender deserves something is total BULLSHIT. These lenders should have looked at Casey’s app and asked questions.. they never should have done NO DOC to begin with with such a young guy. They’re reaping what they sowed and we’re all going to get stuck with the bill.
As for criminality… Yes, laws were broken, but given lax regulatory oversight and the culture of “control fraud” that existed in the industry itself that perpetuated abuses in both directions, it will not be easy to successfully proesecute Casey, IMO.
March 23rd, 2007 at 9:20 pm
You do realize that every month that you hold on to the keys instead of turning them into the bank, the property gets even more upside down — just look at it like $10,000 per month per property, and realize the taxes are about half (and that will easily become 2X or more with fees) …wow, quite a burn rate champ, for doing NOTHING!
I expected that it could take 3 month to close the door on this chapter. But you have your foot in the door in a major way. What do you do all day, really? The day of reckoning is going to come, if you are lucky. Right now the meter is running!
But you are jazzed because of the media exposure, and google position, and podcasts, trips to Utah. What a delusional person you are!
I think I was like you when I was 20…people would talk to me like I am talking to you now, and I totally ignored them. I even forget now what they said, but certain things do come back to me. But when I was 23 I found out the hard way, and I did not even have a family left that would give me an orange. I was lucky that I did not leave a larger hole in people’s lives. There is definitely pain in those people’s lives.
I prayed to God for $1 so that I could buy a loaf of bread and cans of beans — food for half a week. That’s what you do when you MUST be honest, after being what I was. No stealing or begging. (Sadly, I grew up having to steal out of grocery stores in order to eat. Yes, that stuff really happens. It was not that long ago, and not that far from here.) That I never forgot.
March 23rd, 2007 at 9:38 pm
83. Lost Cause
What are you going to do about your tax bill? You are going to be in the top tax bracket, state and federal. You are going to get 1099 for each short and repo. Even the CC write offs. You cannot BK the IRS. They can charge 4% interest AND 4% penalty each month. It is just amazing how fast it adds up. Owing the IRS will make you look back on your CashCall collection chats with fondness. The IRS can put you in jail over back taxes — the only way you can be jailed for a debt in this country is a debt owed the government. The IRS likes to make frequent house calls, which might cramp the style of your household.
Probably no tax bill from any 1099-C “income.”
As Casey will see on the 1099 instructions:
““Do not report a canceled debt as income if you did not deduct it but would have been able to do so on your tax return if you had paid it. Also, do not include canceled debts in your income to the extent you were insolvent. If you exclude a canceled debt from your income because it was canceled in a bankruptcy case or during insolvency, or because the debt is qualified farm debt or qualified real property business debt, or debt canceled due to Hurricane Katrina, file Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment).”
See section 108 of the tax code for further details.
March 23rd, 2007 at 9:42 pm
I want to see how much the lender is netting and what’s going on here.
Casey, why the hell do you care what the lender is “netting?” Any funds that are left over go directly to you.
Oh wait. There’s a second mortgage…
Casey, why the hell do you care what the lender is “netting?” Any funds that are left over go directly to the second lender.
March 24th, 2007 at 1:01 am
Casey, listen to this advice. It is very real. At least have some regard for your sister-in-law’s residence and property. Once CashCall gets that judgement - and they will - they will come in and clean out the house.
Casey, for once in your life you have got to take this seriously and take proactive measures to minimize the likely damage. Talk to your sister-in-law and make sure she’s aware of the situation and what might happen. Make sure that she has receipts for everything of value in her name. If she doesn’t, make sure they’re transported somewhere else until you’ve got CashCall off your back.
And do it NOW. CashCall will have no difficulty securing a judgement against you (it’s something of an open and shut case, especially given your public admission that you’ve stopped paying them and don’t plan to start again any time soon), and if their track record is any guide they’ll strike sooner rather than later.
Personally, I think this is the wake-up call you’ve been needing for months - I’ve yet to see any sign that you really understand what you’ve done, and maybe the enforced (and legal) confiscation of most of your possessions might help ram it home. But I really don’t want anyone else to suffer because of your negligence.
If you haven’t warned everyone you currently share a home with about what might happen, do it now. Otherwise, they’ll find out the hard way.
March 24th, 2007 at 5:36 am
#79
That song was “sweet”
March 24th, 2007 at 6:33 am
Gawd damn Patrick (#49. Patrick Quinlan). . . you might be right! I left the states a few years ago. . .I think I might stay away a while longer. . .
March 24th, 2007 at 6:43 am
Damn, #79. el_hombre great music!!!!
March 24th, 2007 at 11:52 am
#88, JimK
Where did you get this idea? The lenders cut Casey off because they read his blog and got hip to his fraud. If he hadn’t LIED on his apps, they wouldn’t have lent him a dime, and as soon as they found out he LIED, they cut him off.
March 24th, 2007 at 7:38 pm
CAN SOME PLEASE ANSWER FOR WHY CASEY WOULD RECIEVE A 1099 FORM THE FEDS AFTER THE HOME HAS BEEN FORCLOSED UPON?
March 25th, 2007 at 6:42 am
People aren’t coming here for advice/education.
People come here for the train wreck.
March 25th, 2007 at 5:34 pm
Casey, I guess the short sale is most likely not going to get done due to this promissory note issue. Do you plan to go to the Modesto courthouse on Wednesday for this auction? Do you have somebody lined up to go to the auction in Rio Rancho (I can’t make it, I’m on the East Coast)? How about an update on these properties?
March 26th, 2007 at 2:01 pm
97. RED AS A ROSE
These are charge offs. Casey will be liable for this money one way or another. Perhaps in many ways. The IRS will not screw around and say, “Oh, we are sorry you signed papers that were stating your income at higher than it was. We’ll give you a free walk here on this one since you didn’t know.” Truth is, any legal document you sign you are held liable for. This is considered ‘income’ for Casey and they’ll charge him as such.
I’m interested to know what the tax bill will be…
March 27th, 2007 at 10:52 am
Casey,
You should have just kept your gob shut, and worked with your creditors to liquidate and sell the properties as quickly and efficiently as possible, and then worked at paying off your debt to them.
By going global, and getting quoted in The Economist (which is how I learned of you) you’ve opened a Pandora’s box.
You see, America loves heroes, America hates villains, and America loves turning heroes into villains and burning them at the stake.
Whatever small chance you had of just going out with the subprime bathwater has just vanished.
You will be made an example of. The IRS, the banks, the newspapers, the investigators, the credit cards, the collection agencies and finally, the politicians will be coming for you, and they will rip you to shreds like a pack of wild dogs.
“Never again” will be the familiar cry as America tries to right a perceived wrong. The “Casey Serin” case will be quoted in financial and legal circles as subprime flipper-debtors will be held to account for their stupendously soured loans. In one foul swoop, you will become synonymous with fraud.
You will be led to the bonfire. They will drag you out and burn you crucified at the stake, after which they will feed your morsels to the baying wolves outside. You don’t seem to be afraid; that lack of fear is maybe not so surprising, given that you know so little about the seriousness of the hole that you’ve dug yourself into.
Be afraid, son, be very afraid.