March 28th, 2007 10:08 am
No word on Short Sale… Remaining Homes Going to Foreclosure Today?
Just spoke this morning to the realtor in Rio Ranch, New Mexico. He has been unable to get a hold of the lender to get a status on the short sale package we sent in a long time ago.
The real estate agent said this particular lender (Aurora) is known for being very hard to deal with. Especially since they are now having financial problems as they are one of the sub-prime lenders that have been affected by massive foreclosures. So we’re assuming the short sale package has not been approved and the house is going to be up at the foreclosure auction shortly.
No word on the Modesto, California house either. I spoke with the short sale realtor a couple of days ago. He said he will let me know if he hears something. He is usually very prompt in delivering news to me. That house is schedule to go to the foreclosure sale today too.
Wow, this might be it.. the end of my property ownership… for now. I should know for sure at the end of the day what happened at the foreclosure sales.
Update: Looks like the Modesto property got rescheduled to 4/27/2007 at 12 PM according to ReconTrust website. Maybe that means they are going to take the short sale offer… That would be s-w-e-e-t!
124 Comments
March 28th, 2007 at 10:15 am
Not only will the 2 remaining home foreclose, but your web site page hits is going down faster.
http://www.sitemeter.com/?a=st.....m&r=33
Sweet
March 28th, 2007 at 10:19 am
4 foreclosures, massive debt, fraud mention in the economist…Success!
March 28th, 2007 at 10:20 am
Dude, quit wasting your time. Your houses are history. You wanna make some money? The only short sales you should be considering right now are the stocks of mortgage lenders. Buy puts for more LEVERAGE. Sweet.
I posted on Nigel Swaby’s blog that contrary everone does NOT lose when mortgage lenders tighten their standards. In fact, the bears are really happy about what’s happening in the market right now. A HOUSING CRASH is mostly just a zero some game. For every loser, you can find a winner. Just like if oil was to crash to $5.00/barrel (not that it will, but just hypothetically speaking). Most people would be thrilled - but Conoco Phillips & Exxon may go BK, and all the employees lose their pensions and 401K, and Saudi Arabia would become like Afganistan.
BTW, Nigel Swaby deleted my post. What does that tell you?
March 28th, 2007 at 10:23 am
What the…?
You mean, you don’t KNOW for sure whether you own two homes?
Dude, you know anyone with some common sense would know whether he still owns a home or not?
That’s what happens when you buy stuff with stolen money, Casey. If you had worked for that money, you’d give a bit more of your attention to it.
March 28th, 2007 at 10:25 am
What are your plans with your life after all of the houses are gone?Get a real job?Sink even more?
http://www.icantsellmyhouse.blogspot.com/
March 28th, 2007 at 10:29 am
Last call.
Closing time.
Turn out the lights….the party’s over.
Move along now, nothing to see here.
asw: deals
Bartender, Jobu Needs a Refill
March 28th, 2007 at 10:37 am
Casey,
Stop with the maybe’s. Find out when and where and if the shortsale was approved. Take your head out of the sand!! Cmon buddy, we’re rooting for you, but you got to give us something more!!
OK, let me stop! We already know what you are going to do. Sit right there and watch life whoop your arse!!
March 28th, 2007 at 10:43 am
I don’t understand what would be sweet about getting a short sale in place of a foreclosure at this point.
Either way you lose the house.
Either way you end up with another 1099 tax burden from the bank.
Did I miss something in how a short sale would improve your life in some immeasurable way over a foreclosure? All I see is rearranging of the deck chairs on the Titanic.
Also, from what you are writing you are attempting to imply that you will become a property owner again at some point in the future. Truthfully though I don’t see you becoming a property owner for 5-10 years at the minimum because the lending standards are being rapidly tightened up-100% financing is going the way of the dodo. Also, I would guess that most lenders are going to look at you, your record and say “Don’t call us, we’ll call you” and never call you back.
Now on to the real question that I have been asking for a while:
All of your houses are gone and you owe (at least) $150,000 in unsecured debt. What is your estimated time-frame for paying this debt off and what is your plan of attack to fulfill this time-frame? You have been dancing around that particular question with no real answers.
March 28th, 2007 at 10:54 am
Just a reminder. Even if you don’t get a 1099 you are still required to report the debt forgiveness to the IRS. The 1099 is a courtesy, nothing more. Your 1040A does asks not only how much debt was forgiven but also asks how much debt forgiveness was reported on 1099s. This is not a case of don’t tell don’t pay.
Let me make this extra clear. You’ve attracted so much attention that anything less than full disclosure to the IRS and FTB will most certainly result in someone snitching with the goal of collecting the finders’ fee. Please, please, please don’t say you’ll look into it or ask your tax accountant or some such. Do it now, burn it in, you owe income taxes on these foreclosures just as surely as if you sold these properties for a profit.
March 28th, 2007 at 10:58 am
It’s been a great blog, but IAMFACINGFORECLOSURE is entering the past tense. What does that mean?
March 28th, 2007 at 11:00 am
Mr. Serin!
You are now #10 on Google for “jamba juice enema”!
Congrats!
—
Law School Blog
March 28th, 2007 at 11:06 am
The Casey Serin dictionary…
Sweet = wow, I dont have to work today!!!!
Loose = Wow, where did the air in my blue ball go, I will look for it later, after I take time off.
Lets do it = Wow, where did my blue ball go, I need to take time off to look for it.
Millions = What money???? I need a day off.
Its all good = I have worked very hard today, I think I will take the week off.
Jamba juice = I am thirsty, I think I will take today off.
Modified Vegan = I am hungry, I think I will take today off.
Forclosure Sale = I think I will take today off to buy a new manpurse.
Guru = I wish I had some money to take some more R/E classes. I believe I will borrow money from my sister in law to attend. I will need to take time off.
Dirty penny = Wow, I found some money in the trash. I will take some time off to reflect on what has been given to me.
Short Sale = Wow, that reminds me that I am short on Jamba Juice. I will need to take time off to get some more.
Consulting = I think I will take some time off from R/E investing
Blogging = I need time off to consult my blog.
Early Riser = Anytime before noon.I will have to take time off to rest so I can wake up earlier tomorrow
Sweet deal = I need to take a nap before I check the mail.
Wrapped = I wonder if Big Kahuna Burger has a modified vegan wrap. I think I will take some time off to find out.
Fico score = I think I will take the day off to watch World Cup Soccer.
Credit Score = I didnt know cash call had a soccer team.
Flipping = There is no need for bad language at my blog. My felings are hurt. I think I will have to take time off and reflect.
Goals = Did someone score??? I will take a day off and look for my soccer ball.
Have a great day!!!!!!
Julian
March 28th, 2007 at 11:12 am
You’re a little late there Robert. The IRS has already been notified.
Oops
March 28th, 2007 at 11:29 am
Hi, Casey
I have a suggestion. How about uploading the updated version of your financial statement spreadsheet. It has been three months since you uploaded the last one. Quarterly reviews are good ways to assess your status and progress toward your goal.
It will provide some concrete and common ground on which you and the readers can build the discussion.
What do you think?
March 28th, 2007 at 11:33 am
Oh Casey -
You sweet, dear, confused little boy.
What is going on with the Utah property? How can the Utah “owners” sell the property when you didn’t handle the transaction honestly?
Could it be the reason you’ve delayed in “finding” the missing payment is that you want a “cut” of the deal when they find a seller? I could see how you could make the current “owners” life very difficult…. perhaps you want the “owners” to come up with the “missing payment” from the closing settlement costs, not to mention some “cash back” to you?
March 28th, 2007 at 11:52 am
Now perhaps you’ll get a job. Though I’m not holding my breath.
I’m not working particularly hard at my job today. You make me feel ok with that.
March 28th, 2007 at 11:58 am
It just strikes me as odd (and disturbing) that Our Boy considered the $30K cash back from closing that he got ont one house as income (and then multiplied it several times over to report it as income on his next loan), but will claim insolvency for 2006 at tax time, so as not to have to pay tax on all his 1099″s.
You know, Casey - you don’t get to have it both ways - either you had income (and thus didn’t lie and commit multiple counts of mortgage fraud), or you did not have income (and thus won’t owe tax on the forgiven debt).
The fun part, of course, is that you don’t get to choose - the laws are fairly clear on what defines “income” and the prosecutors and IRS agents will interpret the law for you, if you need assistance understanding it.
March 28th, 2007 at 11:59 am
Casey - Really at a loss here… please explain:
> Maybe that means they are going to take the
> short sale offer… That would be s-w-e-e-t!
I’m simply at a loss to see why this is a positive. You obviously see this as a good thing, could you please give a quick answer (here in comments or in a post) as to why? I may be missing something, but I just don’t see it.
Your FICO is already sub 500 (quite an achievement since 450 is the lowest it can go), so it isn’t saving that. The bank can still come after you for the difference between what you owe and the sale - not a positive thing. Perhaps it’s less of a loss through the short sale? I’m just not seeing why this is viewed as a good thing.
Serious question here, please respond… I’d love to know why this is a happy thing.
March 28th, 2007 at 12:57 pm
Everyone knows that Casey took the first Utah payment when it was sent to him in error. That’s why he isn’t looking for it and he isn’t discussing it.
What did you buy with the missing Utah payment Casey ?
I just hope it was S W E E T
March 28th, 2007 at 1:07 pm
Casey,
Do you have any plan for how you are going to pay your TAX BILL with the short sale / foreclosures? You will have a lot of 1099 income.
Thank you,
Chris
March 28th, 2007 at 1:23 pm
There is no finder’s fee for Mr. Serin due to his current non-payment on his taxable income. First off, the IRS is already aware of the problem, and secondly the amount due the IRS is less than $2 million.
However, Mr. Serin would be well advised to speak with an attorney with expertise in these matters who can send him into the offices of the IRS to make payment arrangements. If he does not, there may be very serious consequences.
March 28th, 2007 at 1:30 pm
No word on this.
No word on that.
Have to look into that.
Why do you think this is interesting anymore?
Do let us know how you make out with penny stocks and metals trading, those do seem right up your alley.
You haven’t been bombarded by opportunites, you have been assaulted by con artists that spot a mark.
No one comes here for foreclosure advice, so that idea won’t work worth a flip (tee hee). Anyone seeking help on the internet is already dead when they get there, like you were.
They come here to see the train wreck.
You are dumb as a post.
March 28th, 2007 at 1:32 pm
I think it’s a fair question asking what your parents think of you. Also what your siblings think of you ruining their name. But I guess if it’s not all sunshine you won’t let a post through.
I tell you if you were my son I’d take you on a hunting trip, Dick Cheney style.
March 28th, 2007 at 1:33 pm
Wow - The yucks are over, no more Casey to laugh at. Casey is done - who knows and who cares where he goes.
What have we learned? Casey started on his misadventure in 1/05 - the pinnacle of the bubble. Casey’s adventure ends 3/07 - 2.2 years later all his houses will enter the market via auction. Casey was stupid and had absolutely no capital to stay alive and it took him 2.2 years to puke all his houses to auction. I suspect most speculators were smarter than Casey - but not much. I think what we’ve learned is that the slow trickle of inventory coming on the market now will soon become a steady flow. The lag effect can not be underestimated. Banks will be whacking bids lower and lower. If your selling, beat the rush and put your house out down 10% vs all of your neighbors. If you’re a buyer - stick it to them - no bid is too low. There will be no ’07 recovery…there will be no ’08 recovery. This is what happens when you lend the likes of Casey Serin a couple of million dollars. Sweet deals for everyone who was smart enough to hold out.
March 28th, 2007 at 1:34 pm
“I think…”
“maybe…
“kinda snuck on me…”
“need to research more…”
“thinking about planning to think about…”
“might have to..”
“I wonder…”
“need to think about ways to get better…”
Casey, life is not a stage rehersal. You act like every action in life comes with some mythical owners manual that you have all the time in the world to sit down and figure out while in reality your debt is multiplying faster than rabbits in springtime.
March 28th, 2007 at 1:41 pm
Bye bye Casey, this blog is becoming painfully dull. Now that you’ve faced foreclosure and lost, you’re just poor and therefore not very interesting. Good luck staying out of jail.
March 28th, 2007 at 1:44 pm
Hey Casey
Maybe I’m a bit slow here, but why is the short sale sweet?
What are you going to do after the foreclosures?
What’s your game in real estate after that?
March 28th, 2007 at 1:50 pm
Welp, Rio Rancho went back to the bank today. That’s four foreclosures, Casey. There were no offers at $407k, and you bought it 10 months ago for $500k, took cash back at closing and never made a payment on your 100% financed mortgage.
You know, to the untrained eye this might appear to not exactly be an above-board transaction. Or, to put it another way, it appears that your involvement in the transaction was one that had an ulterior motive, shall we say.
Just sayin.
March 28th, 2007 at 1:55 pm
Casey,
Please buy more houses. PLEASE!!! I am looking for something in Utah area, and when you go into foreclosure on it, I can sweep in and buy it on the cheap.
SWEET!!!
March 28th, 2007 at 2:01 pm
9. Robert Coté
Just a reminder. Even if you don’t get a 1099 you are still required to report the debt forgiveness to the IRS. The 1099 is a courtesy, nothing more. Your 1040A does asks not only how much debt was forgiven but also asks how much debt forgiveness was reported on 1099s. This is not a case of don’t tell don’t pay.
Casey, while you’re filling out your 1040A, don’t forget to review Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness.
Just a courtesy reminder, nothing more
March 28th, 2007 at 2:04 pm
Hey Casey, I just bought Natural Wheat Grass Conditioner for my cat. Now every time I apply it to the festering sores leeching off of its back, I will think about you.
March 28th, 2007 at 2:06 pm
@8 Doug:
I would guess that most lenders are going to look at you, your record and say “Don’t call us, we’ll call you” and never call you back.
My own guess, Casey, is that given your record most lenders are going to look at you and say “Get the he11 out of my office! Now! Hey, SECURITY!!!”
You will not be owning property for many years to come, Snowflake, and that’s no doubt a Good Thing for all involved.
asw: leverage, something nonexistent in his future
March 28th, 2007 at 2:10 pm
Almost the end of the line for you.
Once the blog sputters out (or implodes when you get tossed into prison), all you’ll have left is the mess you made. I’m guessing it won’t seem so sweet when you aren’t getting the attention anymore.
March 28th, 2007 at 2:25 pm
Everyone who keeps claiming that these foreclosures will result in taxes due needs to understand that if Casey is insolvent, which he is (-$150K net worth), then the losses do not count as income. He has no tax liability.
Regarding why it is better to have a short sale than a foreclosure, it really isn’t a great deal different but in Casey’s warped mind if the bank voluntarily accepts a short sale then it is not a failure of his, THEY (the bank) have voluntarily taken less because they realize the collateral they have is not worth what they are owed, and since it is their choice, it makes the whole thing less his fault. Also, because the f/c would not be on his credit report, but only the hugely delinquent mortgage as a “write off”, he thinks that is better. It isn’t much different really.
Regarding all the creditors coming after him for deficiency judgments after f/c, you need to understand that in CA where 3 of the houses are located, if the lender chooses to do a trustee sale (much faster and cheaper for them than a judicial foreclosure for which they would have to hire attorneys), by law they cannot then follow that with a suit to get a judgment. Normally in >99% of cases, the lenders know the deadbeat has nothing worth collecting. The deadbeat can’t pay. There is no point hiring attorneys to try to squeeze blood from a stone, and it makes no business sense. Therefore the lender takes the cheap and fast method of having the “crier” (the guy with the funny hat at the garbage can) sell the house. That guy is cheap and fast and they don’t have to hire an attorney. And by doing so, they get title, all junior liens are wiped out, but they give up the chance to claim deficiency judgments (which they know they wouldn’t collect on anyway.)
In NM, all foreclosures are judicial because the laws don’t allow for power of sale clauses in a trust deed. OK, so there they could get a deficiency judgment. Question is, will they? Is is worth them hiring attorneys and filing in court to do so? Depends on what they think the chance of collecting from Casey is. Not much. So most likely they will take the order of sale from the judge, sell the thing, take what they get from it, and move on.
Yes Casey’s credit will be dirt for perhaps 10 years, although it is less dirty after about 3 years. However, as we can all see he is already thinking along the lines of either using an entity (corp, LLC), or another person (relative, straw buyer) to process transactions in the shadows for him in the future.
Regarding getting credit issued to him fresh by a lender in his own name, you are correct, he won’t get it, or he will have to pay extreme hard money rates to get it. But he is working another angle already. He will find some idiot who bought a house and has no equity and needs to sell. And he will offer to buy that house from the idiot and just take over the payments in the idiot’s name. No new mortgage will be required. Thus, he can essentially buy a house without any credit, if he wants.
The system is really screwed up. I don’t like this any more than you, and I would like to see someone punished for abusing it. But these are the realities.
March 28th, 2007 at 2:44 pm
“…for now”
Ti seriyozna?
You are honestly considering going into real estate again, when you get out of this debt?
Wow.
March 28th, 2007 at 3:08 pm
“Everyone who keeps claiming that these foreclosures will result in taxes due needs to understand that if Casey is insolvent, which he is (-$150K net worth), then the losses do not count as income. He has no tax liability.”
He’s right, the IRS will not rule against you if you are insolvent. They also will not garner future wages if you are insolvent.
Looks like you are off the hook Casey!
March 28th, 2007 at 3:11 pm
Game over, thank you for playing. Now all that’s left is the morbid curiosity of what game Casey will turn to in some pathetic attempt to rekindle his dreams of riches.
I still am curious about UT, I am pretty sure those buyers are hosed which is why Casey never talks about it.
I am still amazed so many visit this site, I do much less frequently now because nothing is happening, everything is going to forclosure as was destined to happen the instant Casey signed the loan papers, no deals are magically appearing. Casey is as insolvent as when I first started visiting this site months ago. He has learned nothing nor have we, it’s just driving by a car wreck.
March 28th, 2007 at 3:33 pm
I am the short sale buyer on the muncy house. I offered 80% of the banks asking price and added an addendum stating that I will pay 10% more if the bank finds a way to put casey in jail. Casey will be a lot looser after a few months in jail.
March 28th, 2007 at 3:36 pm
Let me tell you about some exciting opportunities available in the trucking industry…..
March 28th, 2007 at 3:53 pm
People who offer tax advice without a clue are just as foolish as Casey with some of his deals(sorry Casey).
His tax liabilities from this will be ZERO…His gains from the loans will be offset by his losses or no taxed when he files BK(Sorry again Casey, but it is a longshot that you will avoid the bk).
Keep going Casey, start making deals and money again as soon as you can get this mess over with(bk, sorrry)
March 28th, 2007 at 4:13 pm
Since the foreclosures are occurring during the 2007 calendar year, aren’t the 1099s applicable for next year’s taxes, not this year’s?
I’m wondering if taxes are currently being paid for on your contract jobs. Heck, you might even get to claim home office deductions. That’s a WIN-WIN! Sweeeet! And don’t forget SS taxes and whatnot since not all firms that hire contract employees pays these. Next year’s taxes is going to be a bear to figure out.
March 28th, 2007 at 4:15 pm
I agree with the common sentiment: the fork is hanging out of this blog.
While the idea of Casey turning this place into a “repository of foreclosure information” perplexes and bores me to no end, I suppose I’ll continue to stop back from time to time just to see if - as I suspect - a boatload of sh*tty karma drydocks in Casey’s harbor.
I’d wish you good luck, but that’s something we make for ourselves via hard work and determination. Two things you lack.
March 28th, 2007 at 4:34 pm
This realtor must be related to Casey
http://hudsonvalley.craigslist.....26195.html
March 28th, 2007 at 4:38 pm
#12:
Post of the day!
March 28th, 2007 at 4:41 pm
Casey will not stop here nor anytime in his life working in Real State.
So long as it’s not Casey’s money, he has nothing to lose and everything to gain. It’s only a matter of time if you try long enough. In business, 1 out of every 7 tries usually works.
Casey has no intention of feeling guilty nor paying for his loans. There will always be another bank ready to lend him money.
No stopping Casey except for the FBI.
March 28th, 2007 at 4:56 pm
35. Mak,
“He will find some idiot who bought a house and has no equity and needs to sell. And he will offer to buy that house from the idiot and just take over the payments in the idiot’s name. No new mortgage will be required. Thus, he can essentially buy a house without any credit, if he wants.”
This isn’t going to happen because for it to work Casey will actually have to make payments. The only thing that Casey has less of than credit is actual income. Corporate credit is not going to work out either. If it would, he would already have it. He started talking about this angle months ago and it has been completely debunked. His only chance is to scam someone.
March 28th, 2007 at 5:20 pm
ifacedforeclosureanddidnothing.com (coming soon)
March 28th, 2007 at 5:31 pm
I mean this with respect guy. If you want to do real estate again, go ahead. But at least do some math. Your New Mexico purchase really suprised me. I live in California and own properties in Albuquerque, but I didn’t do the following:
1.) Buy a property that didn’t cash flow. I did the math. I figured out PITI, how much I needed to put down to make sure the renter paid my mortgage (20%), what the property expenses would be, what the repairs would reasonably cost.
And guess what. The property stays afloat. Vacancy is costly enough, but no cash flow and vacancy is a disaster. You leaped at a really expensive home for the market. 500K on Guadalajara! And put nothing down, with a huge payment that would NEVER cover any rent you could get out there if you could even find a renter in the boondocks anyway. (Did I mention that I’m at a 5.875% NOO for my P & I loan? And the rent actually covers my mortgage and then some?)
2.) Didn’t buy on the edge of town in no man’s land where there weren’t renters and only yuppie homebuyers. I bought close in and I bought an average home, one that would appeal to a renter with a small to medium size income. I asked my property manager, who has a vested interest in me finding a home she can rent out easily so she can get paid, where the good areas were; where renters would come. Kind of important.
3. I didn’t turn a blind eye to comparables. I looked at days homes were spending on the market; made sure that things were moving within 30-60 days in the area I was investing in. I had an exit strategy if things went wrong. Before you bought this 500K monstrosity, did you even look at that? Maybe you wanted to flip it–which was insane because you didn’t have enough margin–but how many people were buying at that time? What was the demand?
If there is a next time, I’d try a conservative investing strategy rather than a reckless one. You bought real estate for the sake of prestige and image, rather than making money. It’s a business and it has to make financial profits, or it doesn’t make sense to do.
Try to find a house that cash flows, where you can get a renter, and stay there for awhile. AND DON’T DRAW ON YOUR EQUITY TO BUY ANOTHER ONE UNTIL YOU SELL IT. Get a FIXED P&I loan. Put at least 10% of your own money into it, maybe more.
March 28th, 2007 at 5:42 pm
It’s not called real estate…it’s called gambling.
I never met anyone with a real estate problem. I have, however, met people who have a gambling problem.
In the parlance of 12-step, our friend, Mr. Snowflake, hasn’t hit rock bottom yet (hard to believe when he’s 2M down, multiply-foreclosed and on the fast track to prison byatchdom). He’s still dreaming of making one more score, even after one of the most spectacular personal crash-and-burns in American history.
Makes you wonder what the cataclysmic event will be that finally makes Junior see the light.
March 28th, 2007 at 5:46 pm
@TaxFools, remember that the 1099 gains from discharge of debt are classed as “ordinary income” just like salary. You are correct that he will have enormous capital losses, but he can only use those to offset capital gains (he has none) and up to $3K additional against ordinary income.
So you are incorrect only in the way he owes no tax, not that he owes none. The 1099 “ordinary income” only is taxable income to the extent of his solvency. If he is totally insolvent, then:
a. the 1099 income goes away as a problem
b. the tax attributes (carry forward capital losses) also go away
In other words, he doesn’t pay tax because he is insolvent, but he is blocked from using the carry forward losses to offset profits in future years if he ever has any. He has no IRS problem. IRS problems are for people who MAKE MONEY and pay no tax on it. He has done ANYTHING BUT make money in all this.
As you said if he files BK, both the income and carry forward losses go away just the same as I described. But he does not really have to file BK formally for the tax problem to be resolved. The BK would just get the collections off his back, and let him get a job without having wages garnished, and start the 10 year clock ticking to when all of it would disappear from his credit report.
Regarding the Utah house, as I understand it one $700 payment is unaccounted for as passing from the escrow agent collecting on the wrap, to the lender. We can all speculate what happened to it, but in the big picture it is not really that enormous an issue. Apart from that, apparently all other payments are being received. The house is listed for sale by the current owners, at a profit to them. When/if they sell, this issue will be resolved, either by the owners locating the payment and fixing it, or by them reluctantly paying it and any late fees/penalties out of their closing proceeds and reserving the right to squeeze Casey for that money later (hopeless). In any event all the histrionics here make it seem like the owners are being screwed out of the entire house. It is a $700 problem, and with late fees/penalties let’s say it becomes a $1500 problem. It will get resolved one way or another.
As to the concerns that the lender will foreclose and take the house back in UT over the $700, or accelerate the loan due to the wrap and force them to refinance, that could happen, but if there is as much equity in it now after repair as indicated here, they would have many options (refi, quick sale at a lower price, sale as listed before a foreclosure could be completed—takes many months) to deal with the problem. They are not really going to lose the entire house over this.
March 28th, 2007 at 5:59 pm
Its all over …i can see the finish line and up close it doesnt look so sweet anymore.
Antispam: Awesome
March 28th, 2007 at 6:08 pm
THE SEVEN MONTH CHALLENGE TO CASEY-
In my post of 3/27 I noted that, for seven months, Casey has held himself out as a hard working entrepreneur, and yet has accomplished……NOTHING. No deals, no job, no income….And I asked posters to write in what they have done in the same seven month period.
Casey, look at all the posts that came in describing what people have accomplished, with work and family, in the past seven months:
62, Aaron: Was seriously in debt to pay for his university education. Worked hard on the side, produced enough to pay for his education, start a savings account, while at the same time improved his GPA.
67, John–borrowed to fund his 401(k), has worked and paid most of it off (John that was the right thing to do!)
68, Nika–paid of $10,000 in credit card debt, funded her 401(k), saved money to do these things by carpooling to work and by relandscaping and reseeding her front and back yard herself (Nika are you a lady? If so you are in very good shape!), helped her grandmother at Christmas, helped a friend through a traumatic time, and on top of all this applied for a second job to pay off her car!
73, DC Economist–completed two complicated and demanding legal cases, made what sound like significant technological improvements to his profeesion, made plans for an addition to his home, and,, oh yes, increased his net worth by 40k!!
76, JTR–expanded his family by bringing a new baby into the world (Congatulations JTR, having been there, that is a whole seven months of time just by itself), redid his house, decided to sell his house, DID sell his house, and bought a new, larger house, in addition to work and family social gatherings.
81, early retirement–funded her 401k, BOUGHT an investment property in Nevada, SOLD a house, continued with construction of NEW CUSTOM HOUSE, received employer match on her 401k, received performance bonuses for hard work and productivity AND moved in with her mother to take care of her and keep the overhead down while the new home is under construction!! (You go girl!)
82 Chris Johnson–BOUGHT a new house, WORKED at the company he apparently owns with his partner and RAISED the profits by $750,000, and after six years of hard work is now considering a VACATION…
83, New Poster–BUILT and SOLD two investment properties, paid off his credit card debts, increased his income by 50%, paid off the rest of his debt, and now has an offer in on what sounds like his DREAM HOME!!
85, Cube Farmer–funded her 401(k), SAVED an additional $24,000, doing so by WORKING FULL-TIME AND finishing her COLLEGE DEGREE
(technically, almost finishing–Cube Farmer, you get special credit just for knowing the word “penultimate”)
while looking into MBA graduate school and contemplating a move to Italy with her (no doubt handsome and dashing) Italian husband!
88, SayWhat–used a ton of sweat equity restoring his hundred year old house, doing himself what would normally take a construction crew—and has only NINE PAYMENTS left!
89, UnREal, sold his house, moved in with parents to save money, then BOUGHT a new house with $120,000 down, received a raise, received a bonus, AND got ENGAGED
(Congratulations, it must be spring!)
Casey, do you see a pattern here?
Compare these hard-working folks to your past seven months. What do you have to show for it ….other than words? Evasions, vague promises of good things to come,
it has been commented on over and over.
Casey, you should cut these posts out and hang them up where you can read them every day. It may be your last chance for reality to sink in.
And, readers, please send more posts about what you have done in the past seven months!!
March 28th, 2007 at 6:12 pm
Casey, do I have the property for you. Three family house in rustic area. $100 down, $1 cash back and the rest financed via land contract. Contact me if interested…
March 28th, 2007 at 6:28 pm
When you make the pages of “The Economist,” you must be doing something interesting. And what is certainly interesting about your story is — that lenders were willing to loan you millions of (FDIC-insured) dollars, throwing every bit of caution and procedure to the wind. They “knew or should have known” but they didn’t care. Not then, anyway.
What makes your story interesting is, not that it was unique, but precisely because it isn’t. And nobody — nobody but a schmoo from Ubek who simply talked and apparently just couldn’t stop talking — talked about it.
I’m not saying that you were right for lying … yet, could any sentinent lender ever have supposed that it was anything else? No. To them, your doomed portfolio was simply another part of a “mortgage-backed security” which, actually, they sold. The banks who loaned you the millions actually didn’t wind up losing them. But they, like you, couldn’t stop.
Your story, today, is worth far more millions than the millions that you lost — because you spoke from your heart even if you usually did not stop to speak with your head. A book written from this experience could sell very, very well indeed and I hope that you get to write it.
March 28th, 2007 at 6:39 pm
Aurora is gone. Kaput. All the workers cleaned out their desks. Needless to say why. They had their own trainwreck.
R.I.P. AURORA. So how can they approve a shortsale?
They no longer exist. They can’t even press charges because they are non existing. If your lenders have closed their doors. Who’s there to press charges?
Perhaps they are blaming theirselves for giving loans to deadbeats. At least they have the dignity to feel shame to the point where they are hiding until this whole crash blows over.
Have you beat this thing by the skin of your teeth?
I still like to know where all that money went that you got from cash back and Credit cards? How much did you get? Upwards of 300k? Also, a straw buyer would be insane to purchase property for you. They’d be signing their Fico off to credit hell.
It is the end of this farce. The curtain will soon close after this brief intermission
apw=letsnotdoit
March 28th, 2007 at 7:04 pm
Looks like you’ve changed your RSS feed to not show the entire post to score a few more sweet clicks. You’re a winner!
ASW: JUICY
March 28th, 2007 at 7:12 pm
Hey Casey,
Sweet.
I spent last night shuttling between Home Depot and a garage trying to get a key to work. Ended up with the HD guy manually filing down the length of the key. Spent two hours on this ! Isn’t real estate fun hey Casey !!
Loads O Debt
March 28th, 2007 at 7:39 pm
Casey — Don’t worry about Cote, he’s a major hater and a drunk! I think he’s jealous of the success of your blog.
asq=itallgood
March 28th, 2007 at 7:43 pm
When I woke up today, I had another wheat grass shot. It was kind of hard to make, having to pull the grass myself and strain it through an old sock.
My next door neighbor tried to steal if from me. After I threw my blue ball at him, he finally gave up and went back to his corner of the alley.
Maybe if I got a job, I’d be able to buy a Jamba Juice again. No…I’m too busy to get a job. I have too many sweet deals to make.
At least the neighborhood dog didn’t pee on my box last night. Sweet!
March 28th, 2007 at 8:40 pm
Hi Casey,
When all the houses have gone, you’ll just have a ton of cc debt and judgements against you.
Why don’t you just declare BK ? Have you spoke with a laywer ? It’ll take years to pay this debt back.
Why don’t you have a link on your website that first contains your plan for each day, then what you actually did each day,
Loads O Debt
March 28th, 2007 at 8:44 pm
If and when you file BK don’t forget to claim all your assets. The feds don’t mess with bankruptcy fraud.
P.S. your ownership of this site is an asset.
March 28th, 2007 at 8:54 pm
Casey,
Do you have health insurance?
March 28th, 2007 at 9:02 pm
Casey:
I’ve got a great idea after all the homes are gone…
The Casey (America’s Favorite Forclosure Kid) live 24 hour web cam.
Check this out:
http://www.justin.tv/
You will have to send Timeline guy home but the web cam will be cool. See if you can set it up before the last homes are gone.
I can’t wait to open a window and watch you “Bird Dog with the Mailmanan” while I work (something you would not understand)…
March 28th, 2007 at 9:04 pm
60. BS meter - said:
“Casey — Don’t worry about Cote, he’s a major hater and a drunk! I think he’s jealous of the success of your blog.”
That guy does not even have a funny hat and a blue ball…
Your Blog is better than his (but you should answer more questions)…
March 28th, 2007 at 9:44 pm
That Justin.tv thing is pretty interesting… it’s giving me some ideas. I’ve thought of doing something along the lines of a web-cam or a more detailed daily blog of everything I do. Especially now as I transition into the next chapter in my business and life. If I DO do that, I will have to find a way to convince the Mrs. to allow such a thing. She is a pretty private person, you know. And I want to respect her desires. A marriage is a team. It’s teaching me to be less selfish. On the other hand, I don’t want any of my current deals or jobs to be compromised by the “haters” who love to see me fail. I also want to protect the identity of people that I’m working with. We have seen what can happen on this blog. So I don’t know if I’m going to do a “a day in the life of casey” type of blog, but I sure get tempted. We’ll see… we’ll see. Make sure to signup for my mailing list for any major announcements.
March 28th, 2007 at 9:58 pm
Turn out the lights
The party’s over
They say that
All good things must end
Call it tonight
The party’s over
And tomorrow starts
The same old thing again
March 28th, 2007 at 10:36 pm
Why the hell would anyone sign up for your special little mailing list when they can just see your “announcements” here?
Oh that’s right - you can’t sell spammers their addresses if you do that.
Worthless security word: cashback
March 28th, 2007 at 10:45 pm
@ding dong — “Aurora is gone. Kaput. All the workers cleaned out their desks. Needless to say why. They had their own trainwreck.
R.I.P. AURORA. So how can they approve a shortsale?”
Excellent report, ding. So the now foreclosed house will just sit there and crumble? Speak about a buying opportunity (but from whom)!
asw=winwin
March 28th, 2007 at 11:00 pm
don’t you have better things to do than create more blogs?
just a thought…
March 28th, 2007 at 11:27 pm
#38
but isn’t that the point? everyone slows down passing a wreck, if not merely to avoid hitting the car in front of him.
March 29th, 2007 at 2:13 am
Crap,
Another month to wait for this slow train wreck.
It’s too slow, hurried it up a bit dude.
March 29th, 2007 at 3:18 am
Here’s what I’ve done in the past seven months:
I decided that it’s time to begin doing things for my community. So I joined my local Rotary and was immediately involved in all sorts of neat things…from literacy programs, to helping bring meals to shut-ins, to chairing a project to raise $85,000 for a plasmapharesis machine for the local hospital/cancer center.
Making money is fun; seeing the look one someone’s face when you’ve helped them is 100x beyond that.
March 29th, 2007 at 4:06 am
RIP
bye bye the dumb blog….
March 29th, 2007 at 4:26 am
Why are you going through a real-estate agent to talk to the lender? You are the borrower. You should talk to the lender, not some agent who really has not connection to the lender.
As a serious business person you should be working directly with the lenders maintaining valuable personal contact.
March 29th, 2007 at 4:37 am
“Everyone who keeps claiming that these foreclosures will result in taxes due needs to understand that if Casey is insolvent, which he is (-$150K net worth), then the losses do not count as income. He has no tax liability.”
If only it were that simple. check out Rev. Rul. 92-53.
i think casey’s tax liability all depends on the timing of all the discharges.
March 29th, 2007 at 4:44 am
17. John said “I’m not working particularly hard at my job today. You make me feel ok with that.”
ROFLMAO!!!
March 29th, 2007 at 4:55 am
53. moe, larry and…
You made my day - thanks!
March 29th, 2007 at 5:12 am
Casey is probably not going to write much more after this cause he just doesn’t feel like it. We all hurt his feelings. We want an explanation.
March 29th, 2007 at 5:51 am
My idea is that Casey will start living like Carter Hayes in Pacific Heights. Awarded house by default. MY guess is he will be too lazy to look for an apt though.
March 29th, 2007 at 5:52 am
Casey said ‘Do do’. Ha ha ha.
asw: success
March 29th, 2007 at 6:08 am
“Especially now as I transition into the next chapter in my business and life.”
Casey, repeat after me.
You don’t have a business.
If the justice system does its job, you won’t have a business in the near future.
You never had a business.
All you had was stolen money from liar loans.
That’s all.
March 29th, 2007 at 6:10 am
dude,
Take your next $25.00 and buy a clue!
Soon hardly no one will be visting let along posting on this site.
sweet
March 29th, 2007 at 6:23 am
Hey Casey,
In England in 2000, there was a guy who quit his job in March and became a Day Trader. He had previously taken one week of vacation and had made several thousand pounds around December 1999 time.
He wrote a dairy each week in the Sunday Times in England. He gave up his job, sold his house and moved into a smaller house to have 90,000 pounds of day trading money. Then from March each week he had his weekly dairy in the Business section.
Well guess what - his day trading scheme didnt quite work out. Each week he basically lost more and more money. Anyway - this went on just less than a year - then he disappeared. There was no more diary in the paper and that was the end of that. Unfortunately, he timed it completely wrong - little did he know that we were at the peak of the bubble in 2000.
Your story reminds me of that Casey,
Well - good luck,
Loads O Debt
March 29th, 2007 at 6:35 am
Cote:
how is the foreclosed mortgagor to know the debt has been forgiven? The statute for filing a deficiency action goes way beyond the current tax year (In Mass, for example, it is two years). I am not a tax specialist, but without notice or lapsing of the statute of limitations, this income looks contingent, at best, and may well be a large tax loss should suit be filed.
March 29th, 2007 at 7:07 am
Casey the *last* thing you need to do is set up a TV website.
In fact you and TV need to part ways like *yesterday* already. It has really screwed you up but good.
Consider this: Your ‘RE mogul’ ideas came from TV, your business ‘gurus’ (Trump & Kiyosaki & Orman) come from TV, your sketchy home lenders (Countrywide) are all over the TV, and ditto for your sleazy lender of last resort (CashCall), your overpriced juicer (Jack LaLanne), and even your choice of mediocre dining establishments (Macaroni Grill).
TV rots your brain Casey, even the oompa-loompas know that.
But that’s the only thing you seem to respond to (look at how long it’s been since you’ve posted a comment to anyone) is someone suggesting anything having to do with the boob-tube. There’s a reason why it’s called ‘The Plug-In Drug’, it can be as addictive and damaging as any other substance. If Jerry Mander were writing his book ‘Four Arguments For The Elimination of Television’ today, he’d have to add a fifth argument: TV creates morons like Casey Serin who remain moronic due to their fascination with TV and their inability and lack of desire to interact with reality (the way the rest of us do).
We’re not haters, Casey, we just refuse to live in a fantasy world and believe everything we’ve seen on television (which I also believe is a major reason why you come off as extremely dull whenever you appear in front of a camera or a microphone because you can only ape what you see on the tee-vee).
I am praying that the first thing CashCall seizes from your home is the TV (and believe me if I knew of a way to make that happen already, I would be taking the steps to make it so).
March 29th, 2007 at 7:12 am
@59
Agree wholeheartedly, and that’s why Casey has his head lodged in his …. What you are describing is not exactly “passive” income. Casey thinks RE rental income is like receiving and depositing your a dividend check from Pacific Gas & Electric. My brother, a recovering residential landlord, told me of having to respond 11 PM to calls that the toilet was overflowing in one of his units.
Our lil’ buddy-boy deserves everything that’s coming at him.
March 29th, 2007 at 7:18 am
about cancellation of indebtedness income, some of you need to read section 108 of the internal revenue code.
to the extent casey serin is insolvent immediately prior to the cancellation, he does not have to report any income.
and if ANYONE is insolvent, it’s casey, the guy’s net worth is hugely negative, he’s a black hole of insolvency.
March 29th, 2007 at 7:19 am
Dear ALL Representatives,
Please do not support the efforts to bail out subprime borrowers with
my tax dollars. As a responsible citizen, I do not feel it is right
for you to ask me to pay for other peoples’ financial mistakes.
I appreciate the intention of helping people to have access to
housing. However, the money would be much better spent in creating
more affordable housing for everyone, including renters, the elderly,
minorities. The proposed subprime bailout will only reward people who
acted irresponsibly, and punishes people who carefully manage their
finances by not buying houses they can’t afford.
The housing market has begun a process of correction. This is
necessary in order to keep housing affordable in the long-term. Let
the market correct so we can achieve stability again, and people are
able to save and afford the house of their dreams over time. That’s the
way it has always been.
Sincerely,
ALL CITIZENS OF THE USA
www.ELTOROENERGY.com
March 29th, 2007 at 7:32 am
I don’t want any of my current deals or jobs to be compromised by the “haters” who love to see me fail.
Did Tyler Durden tell you that you have deals and jobs? I think this is all in your head and there is nothing to worry about compromising.
March 29th, 2007 at 8:22 am
“That Justin.tv thing is pretty interesting… it’s giving me some ideas.”
Dude, you don’t need some shiny new object to distract you from your mess. YOU. NEED. A. JOB. And NO, vague mumblings about ‘consulting’ contracts and “helpin’ other people out with their websites” are not JOBS. You need a regular full-time employer who gives you W2, benefits, structure, milestones, asigns deliverables and generally kicks your sorry a** on an hourly basis in an attempt to get some kind of production out of you.
You’re infuriating, beyond belief.
March 29th, 2007 at 8:26 am
Casey,
Free gold?
There are many who do not want you to succeed. Granted you have made enough mistakes for a whole group of people so maybe they feel like they should take shots while they can. You still have a lot to learn but at least you are still searching for a model that will work for you.
Nothing Down works in the right situation. My first two deals were nothing down (in CA, a long time ago). I have done many deals since using different techniques depending on the market and the deal. No lies on any loan applications.
So what was the ‘Free Gold?’ statement all about?
Here is a Nothing Down deal that anyone can take advantage of. Even the folks who are less than positive about real estate at this stage.
There is a promotion being run where a company is giving away GOLD FOR FREE They will even store it in Switzerland for you if you do not want to sell immediately. They are trying to create a buzz for their new service. Spending money on PR but letting the public benefit rather than just a PR firm.
The details are on the blog.
http://johncorey.wordpress.com.....itzerland/
Consider it a gift so there is a bit more positive in your life. A Nothing Down deal without a loan application or a credit check.
Feel free to pass this on to friends and family if it makes sense to you. I am not sure how long the promotion will run so check it out ASAP.
Do Your Own Research - DYOR. Then make a decision and act. Or sit in the stands and offer commentary on how others are getting on with it.
March 29th, 2007 at 9:01 am
67-video blog? No interest here.
I would rather read it. Then I can read it at my own pace, reread as needed.
I would suggest a more detailed daily report. Skip daily sundries-get up, make breakfast, shower, walk the dog, do the dishes etc etc etc. We don’t care about that.
For the log: Make each entry a one line item. Action item, action taken and follow up needed. Limit 10-15 words. Short simple, easy to review. Then you can easily note what you got done that day.
Examples:
Cashcall-Spoke to them. Trying to negotiate alternate payment strategy. Will call back tomorrow.
Mastercard-Reviewed collections letter and called their lawyer. Will have to make 6 regular payments inorder to avoid legal action.
Utah-Spoke to lender about missing money, he can’t find it. Have requested confirmation numbers of all payments during that time.
Potential rental property in San Remo-Will have to evaluate for work needed, demographics and monthly costing.
Job Recruiter-Have lead on regular part time work 20-30 hrs/week at $20/hour for programming.
You need to stop chasing every ‘good’ idea that comes your way. Last week it was making this website a forum for people in financial distress, this week its a video blog.
Pick one thing and follow through with it. There are plenty of unrealized dreamers, unfulfilled geniuses and undeveloped plans. Only those that persist in the face of adversity will succeed. Ask any successful writer how many rejection letters they got before getting a good break, some of them have hundreds. You are not seen as out there, pounding the pavement everyday, pestering people, looking for work, trying to find some way to sell yourself over the next guy down the line.
Clearly state your long term goals and short term goals (financial and personal).
Hopefully the two should coincide.
Example:
Long Term- $5,000 month rental income (gross)
Long Term- Business owner
Medium Term -Pay off all outstanding debt.
Short Term - Pay off lowest value credit card.
Short term - Put food on the table for tonight.
Then state your method of achieving each of those goals. Then this leads back to your daily log. As you log your actions, you can see which actions are affecting which goals you have, what is being effective for helping each goal. Then adjust your daily actions to reflect what needs more attention.
March 29th, 2007 at 9:20 am
90. ERIC J HERRHOLZ LIVES
Now that is a good landlord.
I had a similar issue in the building I live in: We had a serious cold snap where I live about a month ago (Upstate NY). The cold water line froze and split on the fourth floor (11pm-doesn’t it always happen then). The main stairwell was a water fountain all the way down. The land lord was there in half an hour, had the water shut off within half an hour. Then he had a crew to work on the water within an hour. By 4am they had the water fixed and running again in the building.
That is responsive.
Casey: As a rental owner are you willing to do that or are you planning on running a retread of Cabrini Green?
March 29th, 2007 at 9:23 am
Hey Casey, I clicked from the link you gave in these comments to your mailing list and then clicked through to “ablebuyer.com” - You need to do some sweet site maintenance. ablebuyer.com indicates there are “12 (positive) Comments” but I just get a HostGator error when I click…
March 29th, 2007 at 10:08 am
91. rob
about cancellation of indebtedness income, some of you need to read section 108 of the internal revenue code.
to the extent casey serin is insolvent immediately prior to the cancellation, he does not have to report any income.
Not quite true. If you get a 1099 form, you should report it. While the amount the 1099 form may or may not represent taxable income, the IRS will surely receive a copy of it — and they might follow up.
Remember, the IRS or CA FTB has no idea if someone is solvent or insolvent. Neither does the issuer of the 1099 form.
Casey would need to file a return claiming any exemption he may qualify for. He may even need to create a balance sheet. In that case, he should consult with a tax professional because this could be a fairly complex return. I hope he can afford it.
March 29th, 2007 at 10:09 am
#89 - You’ve nailed it right on the head. Very well written.
I’m done here. Watched the train wreck unfold. At first I routed for Casey, then, as the stupidty piled up I hoped for a good smackdown. Finally, I became convinced he really does not understand. Advice has been offered by many and ignored every time.
What is going to happen will happen, I just don’t need to watch anymore. The posts lost their edge a while back, the comments are now even fairly routine… I may check back every few weeks / months to see if anything has happened, but the train wreck is past the interesting phase.
March 29th, 2007 at 10:12 am
When you were sitting on your but with your sweet PHP job, I was eating Ramen and PB&J sandwiches trying to pay rent with a 7 dollar an hour job filing medical records in a warehouse without air conditioning. A few years later I have ZERO debt, a fully funded retirement account, and live in a SWEET brownstone apartment and work in the Chicago loop. And where are you? Negative 600 grand net wealth with no degree or job to speak of. You need to START FROM SCRATCH. Declare bankruptcy, give ALL YOUR KEYS to the bank. Pay of CashCall ASAP before they call the sheriff on you and take your sis-in-law’s stuff. You need 3 jobs filing medical records and eating ramen until you can get your PHP job back. No more starbucks and jamba juice until you get a job! “if I save so much to where I’m eating ramen every day, or never give myself an ability to go out and buy a Starbucks, then life is not going to be worth living at that point.” LOL wow, then I sure should have jumped off a bridge a long time ago.
March 29th, 2007 at 10:32 am
“Excellent report, ding. So the now foreclosed house will just sit there and crumble? Speak about a buying opportunity (but from whom)!”………………..
The house is still part of Aurora’s holdings that will be liquidated to the creditors (Aurora’s lenders) in bankruptcy proceedings. The Lawyers for Aurora will oversee it along with the guy in the stocking cap at the trash can. The proceeds go to the investors and or lenders that loaned the money to Aurora. It wasn’t Aurora’s money either. So that’s what the crash is about.> The investor who loaned it to Aurora’s lender. Get it? Complicated.
When the dust settles, Casey may still get the knock on the door years later. But the victims have to press charges and the victims (Aurora in this case) turned their head and allowed the loans to be underwritten, and in turn, victimized the borrower (Casey) by allowing the loan to be approved and ignoring the red flags of deceit, all the while knowing this loan would be in default by the parameters involved, thus, harming the borrowers credit while hoping the value would be higher so they get the gains from the foreclosed house. Whew!
So who’s fault is it? Who’s left to press charges is the lenders lender and investors, but they are only the victim indirectly. They may not have the authority to press charges.
It’s long and complicted. It wasn’t Aurora’s money to begin with and they wanted a fast return so they could loan it out again for profit. What they didn’t anticipate was the market prices dropping. They didn’t want to see that. They were hoping they were going to rise so they could unload the foreclosed house in a hurry for a nice profit. This all means the house would have foreclosed regardless of the market because it was a bogus loan and designed to fail.
If a kid says, “MOM, can I put my hand on this hot stove burner”, and she says yes, he’ll get burned.
No one was guarding the gate to protect borrowers from their own self. Unlicensed Loan Officers went unchecked during the housing fever, as they were only caring about the Lexus they would buy from the commission and not caring that the borrower would fail. There is over 2mm borrowers who will default because of this. They were unqualified for loans but greedy stupid base lenders and unlicensed loan officers were seeking to line their pockets which is contrar to the ethics that are supposed to be upheld. In other words if the loan will be harmful to the borrower, if they can’t make a payment, but can only get the loan because everyone is lieing to get approval, then they should be denied so they will be protected. Hard to understand I know.
The curtain is closing, the story comes to an end.
If Casey heeds his own story, the part that comes to mind that is most important is “I was over-leveraged” says Casey.
So that is key to failure. That’s how to fail.
No cushion, no exit strategy, no foresight. Just total impulse. How do you over-leverage? Borrow from Peter to Pay Paul. That’s how to fail.
Hmmm- Bet you never knew who’s money is really involved here.
ASW=Integrity matters. The crowd is hard on sinners.
ASW=Integrity matters. The crowd is hard on sinners.
March 29th, 2007 at 10:36 am
You don’t need all these words. You just need one: GREED. Everybody who falls into this kind of trap suffers from it. The same thing happened to the idiots at Enron who kept all their money in the company stock. “It’s going up so fast! How can I lose?” GREED. My fellow software developers jumped on the dot coms and took stock instead of decent pay because they all thought they would be Bill Gates. GREED. The doctor down the street makes 200K and is a few short months from utter financial ruin. GREED. That’s how Ponzi made money for awhile and that is why stated income loans got perverted into liar’s loans. It happened with Tulips in the 18th century. GREED.
Hopefully, you’ve learned to stop being so greedy.
March 29th, 2007 at 10:47 am
Casey, I’m surprised that you wouldn’t post my comment. I thought that you would enthusiastically embrace my portrayl of you as a victim. That’s the role that you were born for, old man.
ASW: winwin (should be looseloose)
March 29th, 2007 at 11:02 am
dude,
The other posters have the real reason why you are not getting it:
#88. TV is *not* your friend Casey
“In fact you and TV need to part ways like *yesterday* already. It has really screwed you up but good.”
“We’re not haters, Casey, we just refuse to live in a fantasy world and believe everything we’ve seen on television (which I also believe is a major reason why you come off as extremely dull whenever you appear in front …”
#89. Honestly Wondering
“You really do either misread or misrepresent your critics, man. Most wouldn’t begrudge your success. They’re just awfully annoyed that you seem to believe that you’re somehow owed it without the work, dedication and patience that it requires. Deep down, what you want is a magic genie - you want to make a wish and get rich in a flash, without any real sacrifice on your part. Because sacrifice is for suckers. And you’re convinced that somewhere, somehow, you can get that genie at a discount.”
That and the remainder of both post #88 & #89 summarize the problem this dude has.
Casey or whatever your real name is, you are not entitled to anything but can earn whatever you desire, if your willing to put in the dedication, WORK, time, effort, sacrifice, etc. But no genie is going to pop out of a bottle like on TV and grant your ever wish.
Get real. Get a JOB or two.
sweet or sour
March 29th, 2007 at 11:10 am
Well Casey, we didnt win the lottery after all. Looks like Ricky used the Casey Serin Dictionary of Words and mispelled a number and we didn’t win squat. Ricky is a dumba$$. Bubbles started calling him “Casey Jr” today and he cried!
Ricky has now been banished from the trailer park and is sleeping in a car next to his dad’s camper at the dump. He said they are saving a lot for you and “G” so you will have a place to live when you finally go broke. Ricky is a good guy and all, but I was looking forward to that Virgin Island trip.
I have decided to market that blue ball thing and see if we can get enough money to go on a cruise or something. If ony you would have made some big money in one of those sweet deals, we could all be going together.
We are all taking the day off to reflect on the past week. I have bought a gallon of rum and made a stop at the “farming” trailer for tonight and tomorrow. I would ask you to join us, but I know money is kinda tight for you right now.
Have a great weekend,
Julian-The Original Trailer Park Boy
Born Again Hater
ASW-letsdoit-Bet I score with Lucy tonight!!!!
March 29th, 2007 at 11:10 am
My past 7 months have been traumatic and I still managed to look better than Casey. Working in healthcare management, I was downsized from 2 different jobs. I spent in between time, however, working at the neighborhood grocery store as a cashier…..it took some convincing to get them to hire me, they kept telling me how ‘overqualified’ I was. But my mindspeak at the time was 9 bucks an hour is better than 0 bucks an hour. (The job market is extremely tight in my area, with the recent closing of several large manufacturers and a huge pharmaceutical division that moved overseas. The people that didn’t move to find jobs elsewhere are all clamoring for any income, and therefore it is very hard to find work, even at minimum wage jobs. But I didn’t sit home and whine about it. Any job where you put your time in and aren’t doing something illegal is a decent job. At least you are contributing to society in some way instead of being a leech).
With that 9 bucks an hour wage job, I managed to keep up my bills (I don’t have outstanding credit card debt, always paying off the entire bill before the 30 days is up and never carrying a balance), keep my growing teenage son in clothes and pay for all his school and sporting events, feed us in a healthier manner by cutting out restaurants and instead carefully scanning the paper for on-sale items at the grocery AND using coupons…
I also managed to sock away almost 600 bucks in my son’s college fund by carefully counting pennies and telling myself that this was a priority after bills. Normally I put about that much PER MONTH into this account, but taking a huge cut in pay prevented that. I did, still, contribute to that fund what I could and I am proud of that.
I just had a very promising interiew back in my current field and have a second interview scheduled. I do believe I have a very good shot at this position. Because the market in this area is testy right now as far as managing goes, I decided to swallow my pride and give up my managerial aspirations and go back to being a worker bee instead of a Queen. Sure, I would be taking a cut in pay but as I said before, any money per hour is far better than sitting on my a** at home.
A concept Casey hasn’t figured out yet, despite all his readers’ suggestions.
That is what irks me and all your other readers, Casey. You call us haters but you just don’t get it. We all would love to be rich. But we are sane enough to know that the bucks don’t fall from heaven. You have to go out and work.
As far as tv goes, forget it. No one wants to follow you around on your day, watching you sleep til noon and beyond, making juice, ignoring your phone calls and your mail and then finishing it all up with a trip to Jamba.
Just swallow your pride and go out and work at Target. They will pay you an hourly wage with benefits and G. can look at you and know you LOVE her because you are putting your big-time hotshot dreams aside for now while you WORK to do the RIGHT THING and take care of this HUMONGOUS debt.
I don’t even know how you sleep at night.
March 29th, 2007 at 11:29 am
Casey,
please do the justin.tv thing, so we can beg you to get ur lazy arse out of the bed before noon, u early riser!!
just joking, but it would be kind of funny!
March 29th, 2007 at 12:00 pm
of some fem riding a blue ball while shuffling some mail?
March 29th, 2007 at 12:23 pm
@89 (Honestly Wondering)
” Deep down, what you want is a magic genie - you want to make a wish and get rich in a flash, without any real sacrifice on your part. Because sacrifice is for suckers. And you’re convinced that somewhere, somehow, you can get that genie …”
“… Not for lack of taking risks, mind you - he’s far too good at that - but for lack of prudent intelligence in choosing the right ones.”
Man you nailed it. I wonder if Casey sees himself like this when he reads this description? I know that I, for one, was nodding right along and thinking “yep, that’s it … that’s totally Casey!”.
ASW: Success
March 29th, 2007 at 2:00 pm
Thank you to all the realists here.
I’ve learned to work even harder than now to pay off all my debts.
I’m going to get another job on top of two jobs temporarily to pay off my credit card debts and car loan. I’m going to take the advice given from the realists and save more efficiently.
Oh and Casey? Do what you do best… whatever that is.
Don’t try the justin.tv thing… it’ll be pointless watching you open mail, moderating comments, making phone calls to money man and such, and taking naps all day.
March 29th, 2007 at 2:07 pm
After reading all of the negative comments, I feel someone ought to say something in your favor:
I really do think you will be a great success as a prisoner! Maybe you could build a web site for the prison, or perhaps fix up a few cells and flip ‘em. I bet solitary could use a makeover.
Are you going to get any sweet jailhouse tats?
March 29th, 2007 at 2:14 pm
Casey you should have bought the house on my website from iowa for $40,000 a few years back then you would have a place to live.Its cheap there and safe too.It might not be a bad idea to start looking in areas like that to hide.I bet if you looked for a job there you would find one.Let me know if i can help you out in areas like this.I know others who have cashed out and love it.You cant cash out but you can move and start over regroup and start over and learn from your mistakes. Think about it!!!!
March 29th, 2007 at 2:27 pm
I just found out about your site, late to the party…I know. I’m an LO at well, take a guess. I read some of the other posts and I didn’t see anybody mention (although, I didn’t read every post) that its all about BEHAVIOR.
I don’t blame myself or any LO like myself for you and your foolishness because I can’t change you. Only you can change you and you still don’t get it.
So I will continue to lend (at my next job) to people like you, although now people like you will pay higher rates, I will make money, and you will continue to lose your homes. And its all because you still don’t get it.
Thank god for people like you, please make more.
March 29th, 2007 at 2:44 pm
Casey, how about an update on the status of these properties? Your Wikipedia entry has been updated with the information that NotoriusPIA has provided about the Rio Rancho foreclosure. You haven’t updated your property listing to confirm this. You haven’t made any comments about it either. Is the short-sale of Modesto imminent?
ASW: letsdoit
March 29th, 2007 at 2:49 pm
#98 Random Dude:
Yeah, I know I need to do some site maintenance. I had made a note to do that right after the first of the year when I was spending all of my time bird dogging™ some really sweet™ deals on passive income™ from apartments. I have decided that passive income™ is probably the best way for me too™ …. Oh, wait. You were asking about the ablebuyer website.
Sorry, I got distracted™.
Like I was sauing, I fully intended™ to do the maintenance, but then I read somewhere that there were something like tens of milions of website, with hundreds of millions of pages and they were being added at something like 1.2 million new pages a day. That seemed like such a daunting task that I made an executive decision™ and lowered the priority™ of getting right to the maintenance. In all honesty, it made me feel good to look how the server accidently tagged it with a “12 (positive) comments” label.
I’ll make a note™ to get that updated as soon as I can find some free time to do it.
March 29th, 2007 at 3:55 pm
Hi Casey, the person who said you need to be making calls and negotiating your credit credit card and other cash debts is right on. Hopefully you’ll be able to re-focus after the last house forecloses and go file BK the day after. I know why you’re waiting until they all f/c and that’s okay, but just file BK immediately thereafter.
In the meantime, call the creditors and show them you’re willing to step up to the plate and do something. File BK, then get a job, even if you know it’s just for a year or so before you go off into crazy entrepreneurship again. You need to ground yourself for a year so you can do your strategic thinking while paying your bills.
April 4th, 2007 at 1:10 pm
Go to http://www.FreeShortSaleSecrets.com
April 5th, 2007 at 12:36 pm
Hello,
My name is Parou and I just wanted to let everyone know that I have recently begun to work with a team of people who specialize in short sales and who have extensive experience and knowledge on the subject. Like I said, I am fairly new but it would be my pleasure to help shed the light on the subject or to point anyone in the right direction. If I can’t answer your questions, I will find someone that can.
Parou26@aol.com
April 5th, 2007 at 11:14 pm
I buy foreclosures to fund my regular business ventures, but the real profits come from the businesses. I don’t make that much fixing places up and selling these days and may quit. 9 of 10 people trash the home in anger before they leave. I personally think this guy is quite smart because he’s becoming famous and he and his wire are a nice looking couple. I bet Trump hires him for the publicity as the current foreclosure situation gets worse and worse, as it surely will as property values go down and down in the coming years. Those who do not see this coming are in denial. Subprime was a trap that is now playing itself out. Some will cry and others like the guy who owns this blog will become famous and make money (write a book, movie deal, etc) out of it. I’m a capitalist so I say SWEET DUDE! Stick it to the lenders and edomite types in their brown eye; they asked for it!
April 6th, 2007 at 9:53 pm
hi casey,
I am having almost the same problem I bought 4 houses and never took money out and was able to pay on them for almost 1 yr. I just bought them 100% loan
and now Iam going foreclosure on all of them and I still have my first house I bought like 4 yrs. ago and I am still paying my motgage but I am scare the banks or Irs are going take my 1st home or garnish wages… I hope you know your not the only one…..P.S.anyone knows what happens next????
April 13th, 2007 at 8:59 pm
I work as a loan officer for a mortgage bank and I do agree that the mortgage industry needs improvement; however, during each closing the closer of the title company explains the structure of your loan. All the information you need is right in front of you. It is your responsibility to ask question if you do not understand what your are signing. Stated loans are mainly for people who file 1099 such as small business owners, truck drivers, commission jobs, etc. If you did not file a 1099 then it is highly likely you your income were not enough to acquire the mortgage loan. Now that you are upset that your homes are foreclosing, you are “letting the cat out of the bag”. What is even more troubling is the fact you appeared on TV admitting mortgage fraud. Sub-prime and stated loans were developed for people who may not fit into the prime category; however, it is borrowers like you that are causing many problems within the industry.
April 14th, 2007 at 5:52 pm
I am also a 24 year old entreprenuer/ investor from Northeast OH, currently in my last year of college majoring in finance. I saw your story on ABC’s Dateline and was highly impressed by you. Sure you made a mistake which currently has you in the hole $2.2 million, but you did the one thing which the individuals who criticize you and love you will never have the balls to do and that is take action. Instead of sitting around and wishing you had a better life, you took action to make it happen. The ability you had to take action to make your dreams a reality is the same reason Robert Kioyasaki said that 5 years from now you will be well ahead of all critics. And I agree with this 100%.
I also have read people saying that you should get a job and pay off your debt that way, not realizing that you have a 24/ 7 job as an entreprenuer. I’ve learned this lesson myself once I got out of the military as I am also a disabled american veteran who served in Iraq. Great men and women do not think the same way the rest of the world thinks which is why they are great men and women. Most people will never understand your thought process no matter their education or income level. It’s a certain mindset that the true entreprenuer has that cannot be explained, yet it can be witnessed.
I do not want to wish you much success because that is a given. What I would like to wish is that one day we have the chance to meet because as someone who was also born with the entreprenuerial spirit and is the same age I have realized how rare it is to communicate with someone who actually gets it and the few that get it are the ones who started Microsoft, the ones who started Ebay, the ones who started American Apparel. There is no way someone can become financially independent solely working for someone else, yet most people will never understand this. At the same time this is better for individuals such as ourselves because it means decreased competition. Someone once told me, “Everyone has their place”. And it is a very true statement; everyone cannot be millionaires or billionaires. You need people at every level of society in order to make it work efficiently. I just plan on being the one at the top.
Hope we cross paths one day and feel free to email me as I believe our minds and thought processes could come up with a venture that could be very financially beneficial to both of us. See you at the top.