April 4th, 2007 12:10 am
Facing Foreclosure in The Economist and Scotsman Guide
FYI, if you missed it, my facing foreclosure story was mentioned in The Economist the other day:
Cracks in the façade
Mar 22nd 2007America’s riskiest mortgages are crumbling. How far will the damage spread?
CASEY SERIN knows all about the excesses of America’s housing bubble. In 2006 the 24-year old web designer from Sacramento bought seven houses in five months. He lied about his income on “no document” loans and was not asked for anything so old-fashioned as a deposit. Today Mr Serin has debts of $2.2m. Three of his houses have been repossessed; others could share that fate. His website, Iamfacingforeclosure.com, has become a magnet for those whose mortgages are in trouble.
…
Also, my foreclosure story was mentioned in Scotsman Guide guide again (see first mention) :
…
Could someone have stopped him?
“Well, the advice was already there,” Serin said to Tony Stasiek, Scotsman Guide’s editor, in late February. “All the seminars I went to and people I talked to said to take these investments one step at a time. I didn’t, and it was my own fault.”
Although Serin said numerous brokers questioned his “exit strategy” during his shopping spree, only once was he turned down for a loan — which occurred, he said, only after the lender discovered his blog.
…
Also, I will be a call-in guest on Suze Orman this Saturday, April 7th at 9pm and midnight ET.
76 Comments
April 4th, 2007 at 12:22 am
Hello,
What is the financial consequence with foreclosures ? Do you still owe money once houses go back to the banks ?
April 4th, 2007 at 4:10 am
The Economist article was noticed by some of the folks who are active property investors in the UK. The Economist is a well know UK newspaper (they do not call it a magazine). There is a strong fascination with the US sub-prime mortgage meltdown given the UK has not had any problems. The UK tends to only have discounted ARMs and floating ARMs as the public does not like long term fixed products. Sub-prime vs. ARMs? Is there all that much difference other than a credit score?
Tangent: It was only 10+ years ago that private individuals could effectively buy property as an investment in the UK. Prior to that point you could not take out an investment mortgage in your own name.
In the UK rental property investing is called Buy-To-Let (BTL). The BTL investors have never seen a down year so it should be interesting if the UK property market hits some speed bumps. Hence the fascination with the Casey Serin story.
John Corey Real estate investor, 20+ years - multiple states and countries http://johncorey.wordpress.com/ - advice for real estate investors
April 4th, 2007 at 4:18 am
Casey, you are quoted in the Scotsman Guide as saying:
“One thing I did not have was someone who was experienced in investing, someone who could hold my hand,” Serin said. “If you don’t have a mentor, you can get into a lot of trouble.”
Question.
Would you really have listened or otherwise taken the advice of a mortgage broker if they were trying to mentor you?
Most people think of mortgage brokers as service providers and not as sources of sage advice. If a seasoned RE investor was your mortgage broker do you really think you would have operated differently?
Note I am assuming that if the mortgage broker was direct about what is legal or illegal you would have listed to that advice. I am more interested in hearing just how far a new investors will go when it comes to accepting advice advice in terms of tactics or strategy. My take is recent graduates from a guru seminar really do not want to listen that much to those who have already had success.
John Corey Real estate investor, 20+ years - multiple states and countries http://johncorey.wordpress.com/ - advice for real estate investors
April 4th, 2007 at 4:40 am
All these media stories talk about how people are flocking to ask you advice. Other than the woman from Detroit who called in, I can’t recall anyone ever asking for advice that wasn’t tongue in cheek. Point me to a post.
And please, e-mails don’t count. I know you claim to get lots of supportive e-mails and e-mails asking for advice, but spare me.
What you claim is irrelevant — after all you claimed to have been making $300K when you were making, at most $50K and claimed you were going to use eight (8) different houses in six (6) different states as your primary residence.
What you claim is at best irrelevant with out hard data to back it up.
UTAH payment? Where is it?
ASW: letsdoit
April 4th, 2007 at 4:49 am
Two Points
1) You sure do really on the Haterz to let you know where you’ve been written about
2) Or did you get those from the wikipedia entry that I’ve pretty much taken over editing? Yeah, I think its doing pretty good, and hope it helps alot of people realize that they shouldn’t deal with you
Get.A.Job.
April 4th, 2007 at 5:45 am
Casey. I saw you on Suze Orman’s website preview. I have to ask althought I suspect I know the answer. Will you take her advice? She has been around a long time, and she is one of the few GURUS that I respect. Please, for the love of god, take her advice- even if it is contrary to everything that we have been suggesting. I followed her story very closely, and I know that she has dealt with issues a lot bigger than yours, and has seen a lot worse situations.
April 4th, 2007 at 5:48 am
What are your goals?
You said back in December that you would post your goals here but you never got around to it. We are into the second quarter now and I was wondering if you forgot to update us or if your goals keep changing (which is okay).
April 4th, 2007 at 6:01 am
It’s been some time since I’ve posted but I now feel compelled to speak. Although I’ve had sympathy for Casey at times, I now realize that he simply never intended to pay back a dime on any of these houses once real estate started to tank. He has no intention of paying back any banks and/or creditors. Casey is looking for the easy way out and wants to start out “fresh” through his business corporation. That simply isn’t fair Casey - you have no right to start out fresh. If you don’t intend to pay your debts back, you should be without credit for at least seven years. If you do the crime you must be prepared to do the time, and it was a crime that you’ve committed whether you think so or not. In essence, you stole that money and there are victims despite what you claim or even think. People are now being turned away from mortgages (and their dream homes) because of lenders tightening their standards and that’s all thanks to people like you! People are losing their jobs due to the fraud that people like you have committed and it is fraud if you make NO attempt to pay it back.
I work 13 hour days to provide well for my family (with two additional hours commuting). I can easily afford the jamba juice and macaroni meals but I don’t indulge because I want to provide extras for my children. You say you want to eat healthy - what a joke that is. Eating healthy doesn’t have to involve eating out - what’s that all about? I do without and still manage to eat healthy. I make a nice living and could eat out several times a week but I prefer to pay all my bills and pay them on time and invest in the future for my children and my retirement. It’s called sacrifice Casey - try it sometime.
The fact that you had to beg for money to pay Cash Call is just pathetic. Get a job, pay your bills and then, down the line, figure out a business on the side. In the meantime, please admit that you have no intention of paying anyone back and stop dancing around the issue like you actually feel any guilt. I no longer have any sympathy for you. A marriage license doesn’t make you an adult. Grow up Casey and stop taking advantage of people.
April 4th, 2007 at 6:04 am
I betcha the folks at EN would pay $500 for an interview with Galin
April 4th, 2007 at 6:19 am
looks like your fifteen minutes are continuing… heh good luck with the call casey
April 4th, 2007 at 6:21 am
Dude, this publicity is not a good thing. All it does is bring attention to the fact that your fraud is not being prosecuted and turns up the heat. Law abiding citizens read these publications and wonder why you are prancing around with a murse, drinking over priced juice, and writing a blog. It irritates them. People are emailing and calling law enforcement and DA’s. You can bet that even though nothing appears to be happening, you are being looked at heavily by authorities. Again, it’s not a good thing.
Cotton Swaby
Award Winning Commentor
asw: thingy
April 4th, 2007 at 6:46 am
Suzie Orman, eh? Wow, this is getting big time. Maybe you will be able to pull this one out of the fire yet!
April 4th, 2007 at 7:51 am
Casey
Do you hear it?
Well, do you hear it?
Me neither. It seems like the music has stopped. The negative articles are starting to flow. Some like you link to.
Some like this in the Boston Globe
http://www.boston.com/business.....ch/?page=1
As you see, the brokers and subprime lenders are running for cover like roaches when the lights come on. A matter of time before they point to you as their problem in order to get out of the spotlight.
Best get a lawyer warmed up in the bullpen, else the next 3 year anniverary photo you will be with some tatooed skinhead convict named Rocky…
April 4th, 2007 at 7:58 am
“…His website, Iamfacingforeclosure.com, has become a magnet for those whose mortgages are in trouble…”
Oh, really ?
My mortgage aint “in trouble.”
Anyone elses?
I come here as a reminder that, although I may
not be the smartest person in the world, I
sure as hell aint the dumbest.
April 4th, 2007 at 8:13 am
“Also, I will be a call-in guest on Suze Orman this Saturday, April 7th at 9pm and midnight ET.”
That should be comedy gold.
April 4th, 2007 at 8:17 am
Casey,
Do you track the web traffic after these big news releases? What kind of traffic spikes do you get after these stories are published?
FT
http://www.milliondollarjourney.com
April 4th, 2007 at 8:28 am
Now that you are “back at work” after your big day off, what exactly are you doing?
Opening mail?
Calling lenders?
Working on your last short sale?
Tracking down UT payment?
Getting a job?
Consulting?
Seriously, what do you do?!?!?
April 4th, 2007 at 8:50 am
Happy Anniversary, Casey.
G’s hot! LOL
April 4th, 2007 at 9:04 am
Tell her the easy of making hella money in real estate:
1.) lie on mortgage applications to get approved for millions in mortgages
2.) fraudulently inflate the home price to get 100s of 1000s in under the table cashback from sellers/brokers
3.) stop paying mortgages and let them go into foreclosure
4.) keep cashback money somewhere offshore and say you spent it all.
5.) blog
there you have it - 5 EASY steps to becoming a real estate tycoon.
April 4th, 2007 at 9:36 am
@6
Suze Orman is a talking head that does not even follow her own advice. She has less than 2% of her portfolio invested in the volatile securities markets she recommends to people. Most decent financial advisors refer to her advice as reckless.
The simple fact is that if an individual were to actually do what she does with her own money it is highly unlikely they could retire before the reach the ripe old age of 250. 90% of her own portfolio is invested in tax free municipal bonds and tresury certificates. She has NEVER made any money following her own investing advice. All of her money comes from licensing deals, endorsements, and publicity. She is an airhead who feeds off of stupid people who think she is smart.
People who idolize this idiot and others like her amaze me.
April 4th, 2007 at 9:52 am
Cracks?
I hope it “cracks” soon. A realtor in Oregon just sent me a listing for a “manufactured home” aka trailer - 25 miles from the coast in the middle of nowhere for $229,000.00.
$229,000.00. For what is essentially a trailer. This is absolutely outrageous. W the F is this market going to revert back to the funda-mentals of economics?
This is insane. It’s 2007. Prices have not fallen fast enough. I don’t care what any “realtor” thinks.
April 4th, 2007 at 10:17 am
His website, Iamfacingforeclosure.com, has become a magnet for those whose mortgages are in trouble…
Funny thing, SubPrime Nation, but I don’t think my mortgage isn’t in trouble, either, even though I do visit this site.
In fact, just to make sure, I checked my mortage payment versus just what I’ve squirreled away in a bank savings account (which is earning over 1% more than my mortgage interest rate — sweet, as Casey would say), and there’s enough “cushion” there to make over 6 years of mortgage payments. Stoopid me, with my W-2 cubicle looser job, I should be doing sooo much better.
Anyway, I’m pretty sure my mortgage isn’t in trouble. And if it were, this site is definitely NOT where I’d be turning for advice!
April 4th, 2007 at 10:32 am
2. John Corey
The UK tends to only have discounted ARMs and floating ARMs as the public does not like long term fixed products. Sub-prime vs. ARMs? Is there all that much difference other than a credit score?
John, while the press doesn’t present an accurate view of this, you can’t compare the two. Subprime refers to the borrower and the collateral, not whether the rate is fixed or adjustable.
A prime borrower can (or could) get a 100% loan and make every single payment without fail, while a subprime borrower might not.
And the collateral, of course, makes a big difference. A subprime borrower who puts up a 30% downpayment is a far more secure risk than zero percenter, whether the rate is adjustable, fixed, or some sort of hybrid.
April 4th, 2007 at 10:41 am
I dont think Suze Orman will be easy on you.she might even ask questions that you wont want to answer.Good luck with it.
http://www.icantsellmyhouse.blogspot.com/
April 4th, 2007 at 10:41 am
8. gbarney04
People are now being turned away from mortgages (and their dream homes) because of lenders tightening their standards and that’s all thanks to people like you!
This is bad news? Hardly. Lenders SHOULD be tightening their standards. That should be plain to anyone.
All you have to do to get a mortgage is put up enough of a downpayment and provide a demonstrated ability to repay the note. Then, lenders will be lining up to get your business.
Many lenders took on too much risk in the past few years. Now they won’t be. This is “a good thing.”
April 4th, 2007 at 11:25 am
You must be very, very proud of yourself.
The only other way you could get this much press without doing anything worthwhile for society is by being a mass-murderer.
Are you going to frame all of the articles for your office - just like (normal) people do with good stories about themselves?
April 4th, 2007 at 11:57 am
Casey:
On your anniversary post #71 you said you were waiting for money to come in.
What money????
Didn’t you get paid for your “consulting” job last week? Didn’t you also have in almost $400 remaining in donations from last Friday’s beg-a-thon. (Remember, you got $368 on Friday plus another $240 on Saturday from the phone call. After paying CashCall, you should have had $380 remaining).
Where did the money go? What did you spend it on?
Show us you know how to manage money (this is business 101).
April 4th, 2007 at 12:16 pm
“His website, Iamfacingforeclosure.com, has become a magnet for those whose mortgages are in trouble.”
Two other posters had the same idea as me when I read that line of BS.
What do you offer on this blog that anyone facing foreclosure could use.
You sir, are a dolt.
(asw: whatdebt. The debts you will have for probably the rest of your entire life, fool. )
April 4th, 2007 at 12:23 pm
Doing some rough estimates from all the cash back Casey took out plus all the credit cards debts, I think Casey has a minimum of 200k stashed away from all the illegal cash back he took out.
He probably used his credit cards to finance the “repairs” to the homes so that it will apear as if he spent the cash-back money fixing them. Pretty smart and slick move for Casey.
For most of us honest folks, it probably takes a good 15 years to save up $200,000.00 bucks.
So folks, now that we can look back, I think it is very clear what Casey’s plan was and why so many people (even supporters like Nigel) are so upset that Casey will NOT get a job no matter what.
For all of you frustrated people telling Casey to get a job, now you know why he wont.
Think about it. If Casey got a job, or jobs and *not* pay his debts (he has no intention of paying back the loans), the banks and law enforcement agencies would go after him like a hot potatoe.
This way, by Casey not having a job, nobody can go after him.
Like I said before and watch how the following will come true:
1) Casey *WILL* file for Bankruptcy once his last house forecloses.
2) Casey *WILL* find a job (or jobs) once his Bankruptcy is approved.
Just sit back and watch how these two things will come true.
April 4th, 2007 at 1:14 pm
Hey Casey,
You don’t feed steak to a baby. You are just getting started. Even I had to live in my car for a while. Write a book!
Oh, thanks for the pic of G-. I’d make you an offer, but that’s whole other blog…
BTW, bring Suze a gift basket, she loves presents.
Adios,
Roberto Culosaki
April 4th, 2007 at 1:52 pm
It is going to be interesting to see what Suze Orman thinks about your sweet deal making.
You rock casey- keep up your optimism- even though it will probably just land you into a wall like your optimism has alway brought you- cheers!
April 4th, 2007 at 2:04 pm
FYI—QUICK SALE NEEDED:
North Fort Myers, FL - 3 bedroom 2 bath per side /duplex at end of street / need quick sale/ roof less than 2 yrs old. large backyard / needs some work/
For more info on this property, visit:
http://www.propbot.com/0UHXUMT
April 4th, 2007 at 2:27 pm
asw: failforward
Casey,
Why not invest in MH’s, the gulf coast and fema will provide you with a steady source of used ones.
imagine the possibilities……..
http://www.drbukk.com/gmhom/park.html
http://www.drbukk.com/gmhom/other.html
Enjoy,
Thought perhaps you and the folks reading could use a decent giggle.
April 4th, 2007 at 2:39 pm
Mr. Serin:
Thank you for your recent payment. We hope we can continue to be of service to you in the future.
Best regards,
CashCall
April 4th, 2007 at 2:55 pm
Casey,
You are reminding me now of that guy on MSNBC.
He was on MSNBC a few days ago. Its a french geezer who can barely speak English. He scammed people here out of millions of dollars and was put in jail for 5 years. He is somewhat of a folk hero back home in France.
He said the people he scammed were fools. That they thought at the time they were scamming him - because of his poor English etc…
He had to pay $1M restitution but, he scammed much more than this - many people did not come forward for the embarassement.
Loads O Money
April 4th, 2007 at 3:00 pm
@#3
The problem is Casey DID have mentors all along the way giving him advice. The real problem was they are all filthy scummy lenders, appraisers, and realtors.
NO one in their right mind would have been a part of any of these transactions knowing what they HAD to know.
Mortgage bankers KNEW he lied on his loan applications.
Realtors knew they were over inflating values so they could get him cash back after closing.
Appraisers are REQUIRED to report any financial concessions as part of the transaction.
All of these people were out for their own pockets and not one stood up and said Casey .. this is not a good deal for you. And IF they did we have never heard about them.
I pray there were some along the way and THOSE are the heros. Casey is to blame but so are a whole lot of other people. And the flock is about to come home to roost. I am in the Real Estate profession and I have walked away from many of these deals because I like to sleep at night. And I dont go to bed hungry from doing honest deals either. The whole lot of them should go to jail for a while.
April 4th, 2007 at 3:55 pm
Casey,
Your life is a train wreck; I like 99% of the rest of us visit your site out of morbid curiosity and to ‘boo’ or ‘cheer’ you on. No one, not even your supporters believe you provide any real advice; at best you get a blow by blow of a foreclosure and a view into the worst case scenario (that would be you).
Think like a marketer, the value of this blog in not just web hits but it is also why these people are drawn to this site. They are NOT coming for advice, they are coming for entertainment. Casey when people visit they are not expecting the Wizard of OZ, a great oracle that can provide wisdom and guidance to their lives. The people are expecting Willey Coyote, a well meaning but always falling flat on his face failure that try as he might he will never get that road runner. We get amusement in watching you fail and in busting your balls about it. Also like Willey Coyote you are the villain, the antagonist, the crook, we are rooting against you. Without a hero to step in and save the day by locking you up before you do more damage we must instead hope that karma will finish you off when your latest scheme backfires.
That being the case you need to cater to that reality and sell T-Shirts that say “Casey Financial Planning Alumni: Dude can you spare a buck?” You are entertainment, the @ss of a joke. That’s not entirely bad look a Borat. What is really sad Casey is that you are too dense to realize that, another failing which makes all this more enjoyable. Think about it the most money he can get from this web site is in the form of DONATIONS, people will give you money out of pity but it will be a cold day in hell before even one of them invests into one of your “Investment opportunities”.
–Keep Living the Dream
Roger
April 4th, 2007 at 4:07 pm
Casey, congratulations on the wedding anniversary. I’m guessing the picture you posted was shot at the reception 3 years ago am I right? Anyway I bet your glad you didn’t really buy GSPG last Friday, clearly this was a pump and dump and the pump is over now.
ASW: credit
April 4th, 2007 at 4:52 pm
Nope, my 5.875% fixed-rate mortgage that I pay extra on isn’t in trouble either, SubPrime. You and I are here for the same thing… and it’s not investment advice. So… SubPrime… shall we start a dead pool for the last day of this website? Anyone else want in?
April 4th, 2007 at 6:08 pm
Only the lonely write blogs, prof says:
http://tinyurl.com/3ex8ah
April 4th, 2007 at 6:15 pm
Casey, maybe you’d like to comment on this paragraph in the first Scotsman Guide article:
On six of the properties, he received cash back at closing. The largest check he received was for $50,000. The cash was paid to a bogus company, controlled by a third party. It was then funneled back to Serin. In all other escrows, cash was paid to the seller, then back to Serin after closing.
This is Larchmont, right?
What do they mean by “bogus company”?
Who was the “third party”?
April 4th, 2007 at 6:15 pm
This world is full of shadow-chasers,
Most easily deceived.
Should I enumerate these racers,
I should not be believed.
I send them all to Aesop’s dog,
Which, crossing water on a log,
Espied the meat he bore, below;
To seize its image, let it go;
Plunged in; to reach the shore was glad,
With neither what he hoped, nor what he’d had.
—La Fontaine, The Substance and the Shadow
April 4th, 2007 at 6:51 pm
Hey John Corey (#2),
You are so clever man. Reason there are only arms in UK is because there is no fannie mae equivalent there.
Hey Casey - your the real estate expert, you tell him,
Loads O Money
April 4th, 2007 at 6:52 pm
Casey, you don’t need a mentor. You’ve ignore all suggestions, you don’t follow your gurus’ lessons. So what makes you think you’ll can be a good apprentice? What you need is actually spend a year in jail for you to actually think about what you did.
April 4th, 2007 at 6:54 pm
Suze Creemcheese is going to hand you your blue ball back to you on a silver tray. She does not care for people of your gender.
April 4th, 2007 at 6:59 pm
#23- michael cooke, the real estate up here in oregon is still selling. When the appreciation slowed down (now stopped or reversing) in california, the smart money knew it was time to leave. We are going to see the day when oregon will be unaffordable for those fleeing california.
April 4th, 2007 at 7:01 pm
My my, is it me or did that GSPG go down to 0.0029 from 0.0037?
ASW: itsallgood
April 4th, 2007 at 7:02 pm
God I can’t wait until this train-wreck finally occurs, the vaporous nothing wisps of vague promises and marketing schlick are making me quesy. Come on, I need to vomit it out and get some closure on this foreclosure. Please declare BK, win the lottery or go to jail… SOON! I don’t care which any more.
April 4th, 2007 at 7:03 pm
Hey Casey, how about an update on your one remaining property - Modesto?
ASW: manbag
April 4th, 2007 at 7:25 pm
His website, Iamfacingforeclosure.com, has become a magnet for those whose mortgages are in trouble…
Nope. Paid it off years ago. Guess that makes me a looser. (Less financially constricted = loose.)
April 4th, 2007 at 8:05 pm
My mortgage was in trouble for about 6 months of non-payment. After I was served with the supoena I took a forebarence plan. I paid 2900 to save the house from foreclosure. My principle was 35k and payments of 350. It’s not much but I still have a 2600 sq ft house to live in and it’s pretty on the inside too….
Casey, did you even ask what you could do? Did you know if you file bankruptcy in some states then they cannot take the home you live in, esp chapter 13!
April 4th, 2007 at 8:28 pm
Ask Suze about lying on her resume.
http://www.forbes.com//forbes/.....4118a.html
April 4th, 2007 at 8:38 pm
15. SubPrime Nation
Oh, really ?
My mortgage aint “in trouble.”
Anyone elses?
My mortgage is in trouble. Big trouble. Over Christmas, it went down to Daytona, got drunk — and, well — now it’s pregnant.
Understandably, the lender doesn’t believe in aborting the note. So in a few months time, I’m going to have a second mortgage.
Damn. Doesn’t anyone use risk control anymore?
April 4th, 2007 at 9:48 pm
I love how these articles make Casey out to be the victim of bad loans. Never questioning his investment decisions to begin with or what he bought with the money.
It’s like blaming the clerk who sold you a loaded gun, and then blaming the loaded gun itself, for you going out and shooting someone and complaining that you have to spend some time behind bars. What gives?
April 4th, 2007 at 10:42 pm
nothing to be proud of
April 5th, 2007 at 1:24 am
I’ve watched Suzie Orman for a long time, and suffice it to say, she told you to file bankruptcy, right? I’ll betcha $10 that’s what she said. But Casey, will you listen to what she says? As soon as Modesto f/c’s, you need to file.
Also, what happened with your new corporation and your lines of credit? You’ve switched the subject, but I do believe you got the lines of credit and bought that penny stock. Reason being, I’ve been asking you for 2 weeks if you got those lines of credit, but you never replied. So what gives?
April 5th, 2007 at 6:12 am
Casey, your train is running out of steam.
April 5th, 2007 at 7:57 am
My vote for the Casey Deadpool is: June 17th.
April 5th, 2007 at 8:01 am
Casey,
Do you think you’d be better off going to the FBI yourself or waiting for them to come to you?
Personally, I’d think that the BK judge would give you a better deal if you could say that you were cooperating with the FBI.
TIA.
April 5th, 2007 at 8:05 am
hey Casey you better not live outside my foreclosed house when your homeless or I will beat you with my bat.
April 5th, 2007 at 8:18 am
Your famous for being a loser.
Just one question: Why aren’t you in prison yet?
April 5th, 2007 at 8:40 am
“His website, Iamfacingforeclosure.com, has become a magnet for those whose mortgages are in trouble.”
I don’t think this is really true. Seems like its more like comic entertainment ans Sweet jokes for people in finance & investments.
There are other sites with less traffic that receive more posts from foreclosees (is that a word?). If I needed help, I would not come here for it. Anyone asking for help here risks ridicule.
But hey, it’s all good.
April 5th, 2007 at 8:46 am
Hey Casey,
When Suze asks you “WHAT WERE YOU THINKING?!?!?!”, I hope you answer her with “It’s all good… I was just out to make some sweet deals, and end up win-win with everyone”.
That would be pure gold.
April 5th, 2007 at 9:39 am
This site has not taught me much about foreclosure. I already knew I’d lose my house if I didn’t pay the mortgage.
However it has taught me a lot about how to commit mortgage fraud, how to get sweet cash back at closing (I didn’t even know you could do that!!!), how to take out loans far beyond your income (get as many as possible before the loans get reported), and how to cheat banks and lenders out of $200,000 with only some mail and a few annoying phone calls to deal with.
We all thought Casey was going to jail but every sign at this point indicates that he’s going to get away with it. He’s even taunted prosecutors to come after him but apparently they’re too busy with other things to investigate Casey much less prosecute him. He’s a guru with a system that actually works!
This site should become a magnet for deadbeat criminals like Casey who want to beat the system. If Casey can brag to the world about his crimes then anyone with more sense than he has should have no problem pulling this off. Throw in a few fake identities and a good criminal could steal millions from the loan system in a matter of months. They’ll recognize his “pay back every dirty penny” lies for what they are.
If the meth addicts who robbed my house last year would have followed Casey’s plan instead, I’d have $10,000 more stuff and they’d have $200,000 more than what they got for pawning my property.
Be like Casey!
April 5th, 2007 at 2:56 pm
>Suze Orman is a talking head that does not even follow her
>own advice. She has less than 2% of her portfolio invested
>in the volatile securities markets she recommends to
>people. Most decent financial advisors refer to her advice as
>reckless.
I understand the sentiment but I think it’s a little unfair.
Suze has a net worth estimated in the 20-25M range. With that high of a net worth there’s no need to take extra risk so Suze chooses to invest very conservatively.
Nothing wrong with that, IMHO.
Suze emphasizes saving and the value of owning your own home by paying off the mortgage as soon as possible. Those are very conservative perspectives.
OTOH, she recognizes that most of us with lower incomes — to achieve a comfortable retirement — will need to invest more in the market to try and achieve higher, 6-8%+ returns.
Not that I think Suze is the end-all-and-be-all, but I think most of her advice is solid.
April 5th, 2007 at 6:08 pm
>Suze Orman is a talking head that does not even follow her
>own advice. She has less than 2% of her portfolio invested
>in the volatile securities markets she recommends to
>people. Most decent financial advisors refer to her advice as
>reckless.
She also gives out very, very BAD estate planning advice to most of her audience, apparently based on the misconception that the other 49 states all share California’s screwed-up probate system.
My attorney in New York spends half her time explaining to clients why they DON’T need expensive revocable trusts and other documents that Orman finds essential, and why many of the things she recommends will only be seen as red flags that are likely to cause delays and audits.
Of course, as the Forbes article notes, Orman is mostly in the insurance business. So life insurance policies, trusts, etc. tend to be the stuff she knows.
-btc