Have You Been Foreclosed Upon?

Have you been foreclosed upon?

The reality is finally setting in. I have actually been foreclosed upon!

I was talking with my wife this morning. I told her the reality of the situation. Upto this point she was under the impression that even though there may be a foreclosure, her credit will be preserved, since the hard money lender agreed not to report. You guys are right though. The public records will most likely make it on our credit report eventually. I’m not exactly sure how the FICO is going to be affected. We’ll see.

If we are going to be honest on any future loan applications, we’ll have to check YES on the question about foreclosure.

Foreclosure is for LIFE!

She is VERY disappointed with me. She told me to take care of the deed in lieu right away. I had a chance to do it last Monday before the Phoenix trip. I waited. That’s because I was talking to the East Coast Mentor at that time and he recommended I wait until we can start recording our mentoring calls. He was going to give me some advice about it. He said, that I can always overnight it to the lender. And then I went to Phoenix and had the fallout.

I don’t blame the East Coast Mentor though. I should have sent that deed in right away no matter what. I should have listened to my wife. Of course, there is no guarantee the lender was going to accept it a week before the foreclosure auction. But it would have still been the best thing to do.

Now we’ll both have to live with a foreclosure in our past. Yes, I know, the foreclosure mark will come off the record in 7 years. But still, there is no way to erase the event from the past. It happened. Foreclosure is for life!

Filed under uncategorized, still, deals, sweet photos, foreclosure, Dallas
Dallas House Now an REO
Man, I Need a Real Job Or Something
78 Comments

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1. Fred Fry
November 8th, 2006 at 6:24 pm

And you wasted how much time figuring out the picture for today?

Dude, get off your a** and clean up your mess. I am not sure how hard it will be for you to find a job. Most employers will probably google your name and find…..
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2. To much info
November 8th, 2006 at 6:33 pm

I do not believe all of this story way way to much information given here. Casey is making money off this website just look at all the adds. There are alot more then there was 3 weeks ago yeah ive been gulity of hitting the site to bring the count up.I do not have any idea how much an advertiser would pay to be here though. Anyone know this answer if so post it here. It also seems strange that almost everything gets posted here good or bad.But Casey is smart by using his web skills and making money from that since the housing market crashed.I think a house or two will be salvaged out of this mess thanks to this website and the adds.One of two things will happen either this site goes away completly or a house or two is salvaged from the cash from here we might not ever know which one though.
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3. lhcbrad
November 8th, 2006 at 6:36 pm

Why would you start telling the truth on any future loans now? You never did in the past!!
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4. linda
November 8th, 2006 at 6:36 pm

I am just entering int a foreclosure as of Nov. 7th,2006.I don’t know what to expect. This is so traumatic.
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5. Jos
November 8th, 2006 at 6:46 pm

Another one of your stylized photographs!
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6. Woolie
November 8th, 2006 at 6:47 pm

Here are some stats for today
VISITS

Total 187,629
Average Per Day 3,782
Average Visit Length 5:10
Last Hour 231
Today 3,167
This Week 26,474

PAGE VIEWS

Total 502,331
Average Per Day 10,092
Average Per Visit 2.7
Last Hour 724
Today 9,082
This Week 70,646
this means $$$$$$$$$$$$$$$$$$
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7. gozar
November 8th, 2006 at 6:51 pm

does she also realize that she probably won’t get an accounting job with a foreclosure on her record? is she still studying to become a CPA?
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8. Unbelievable
November 8th, 2006 at 6:53 pm

Heehee

Pretty soon, you’ll be able to check “yes” to more of those questions…………………..what a DF you are !
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9. Brandon
November 8th, 2006 at 7:09 pm

Now we’ll both have to live with a foreclosure in our past.

Try five!
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10. edward allen
November 8th, 2006 at 7:16 pm

Aw, diddy wittle boy make boo-boo?
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11. Nigel Swaby
November 8th, 2006 at 7:21 pm

Casey,

Now can you understand how grave the situation you are in is? Move into one of your homes, otherwise you’ll just end up giving it away. Plus, you won’t see the interest rates you have now again any time soon.

Get a steady source of income, i.e. a job. I know you don’t think it will help, but trust me it will. Your mentoring opportunity hasn’t helped you very much that we know of. “Rich Dad” should have counseled you on the deed in lieu and your other “opportunities.” Did he help you, or did you ignore his advice? Either way, this opportunity isn’t working right now. Secure some income.

Look at filing bankruptcy. It will buy you more time to sell the houses. I’ve been following this blog for a month and a half. If you haven’t sold the homes yet, it’s going to be very unlikely you will at the current prices. (Unless you’re not disclosing something.) Meanwhile, the markets you have homes in have turned sour. If the market improves, it won’t be until April and May of next year. Bankruptcy will buy you time and protect you from foreclosure.

Casey, you told me and I quote, “I believe I’ll get to my goal eventually. I may just have to take a different path.” Now is the time to take a different path. I don’t doubt for a minute you won’t be successful one day. This particular venture didn’t work for you. Choose a different path for now and come back later stronger and smarter.

Nigel
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12. Vague Guru
November 8th, 2006 at 7:23 pm

You might as well start marking yes to all those other checkboxes (i.e. the bankruptcy, lawsuit, delinquent debt to the government etc) it’s a slippery slope downhill from here my friend. Better lawyer up ASAP.
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13. Chet Hummel
November 8th, 2006 at 7:24 pm

Casey,

Long-time lurker, first-time poster here.

You might make a good businessman someday. But you’re clearly far too immature right now. I suggest you write out a tangible plan RIGHT NOW and stick to it. Disregard any option that deviates from the THE PLAN. You’ll get through this.

Oh, and another thing, quit being a f#cking idiot.
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14. Mr. Flipper
November 8th, 2006 at 7:24 pm

” Ode to DIL’s ”

Oh, somewhere on this favored forum is Prlinkbiz’ shining spite;

There’s Legions, Anons, and haters all — elsewhere blogs are light,

And everywhere a blogger’s laughing, others’ in a pout;

For there’s no joy in webville now, since Casey’s luck run out.

(Just kidding Casey!) I’m your wingman!

————————–
Copyright 1937, 1938, 1939, and why not ‘40, ‘51, and any year ’til Moses’ comes back?
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15. moom
November 8th, 2006 at 7:26 pm

That form in the photo doesn’t differentiate between a foreclosure and a deed in lieu. I’m new to all this stuff so am just trying to learn from the comments here. I hope that guy in Dallas can at least sell the house for a good price so that it will reduce your potential tax bill. I guess that’s why you were asking people if they still wanted to buy the house.
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16. Free advice
November 8th, 2006 at 7:28 pm

Well, it’s never happened to me, but if it did, I wouldn’t consider the “Big F” to be a scarlet letter.

It doesn’t mean you can’t get a loan. But it DOES mean you’re going to have to save up for at least 20-25% for a downpayment if you want a house.

But this is actually GOOD for you. You’ve demonstrated that you can’t handle leverage. This means high leverage “investment” can’t cause you any more harm than it already has.

You’re probably going to sub-subprime for a while, but in a couple of years, you could be subprime — if you start paying your bills. Subprime people aren’t rare. Plenty of people are subprime and they don’t even know it. They get loans from places like Ditech and Countrywide all the time. They just have to pay a bit more.

What’s NOT good is that in my opinion, your surging credit card debt could harm you well more than your mortgages.

Your credit card debt is completely unsecured, and if you read your agreement, you’ll see that they can raise your rates at any time for any reason — maybe up to the “penalty rate,” which can be over 30%. Maybe you’re there now. Have you been opening your mail?
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17. Jeff
November 8th, 2006 at 7:29 pm

The reality is finally setting in. I have actually been foreclosed upon!

Casey, this should read:

The reality is finally settling in. I have actually ignored and refused everyone’s attempts at helping me because I’m completely self-absorbed!

How many people have tried to help you, and how many times have you refused other peoples’ help?

Someday you’ll be sitting in jail, with liens on everything you have and own, wondering “Hmm, maybe I should have actually gone with (East Coast Mentor / Robert Kiyosaki / PRLinkBiz)’s suggestion”.

Good lord.
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18. Ben There
November 8th, 2006 at 7:37 pm

It happened. Foreclosure is for life!

So is 4 more. I hope you have nine lives.
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19. Ray-Ray
November 8th, 2006 at 7:45 pm

boom goes the dynamite!
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20. SubKommander Dred
November 8th, 2006 at 7:47 pm

What a complete buffoon. Someone needs to put you out of our misery…
Subkommander Dred
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21. Falconer
November 8th, 2006 at 8:16 pm

Another very pretty, professional photo - the spin and manipulation continues!!

“If we are going to be honest on any future loan applications…”

===> IF ???? What’s happened to your “integrity”
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22. Jackoff
November 8th, 2006 at 8:28 pm

Why aren’t you in prison yet? You’ll be real popular there pretty boy!
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23. 6-4-3
November 8th, 2006 at 8:38 pm

“What a complete buffoon. Someone needs to put you out of our misery…”

I’m curious who Loser Boy’s “hard money lender” is. Remember the Sopranos episode where Artie borrows money from Tony to lend to a Frenchman, who loses it all and kicks the crap out of Artie when he tries to collect? Then Artie tries to kill himself and winds up turning the loan over to Tony. Last scene of the episode is the Frenchman opening the door to his hotel room to the site of Furio.

Hopefully Loser Boy loaned the money from some thugs from the old country. I’d love to watch the brass knuckles knocking out some teeth. BTW, you won’t get any non-emergency care from any hospital given your hideous credit, so hope you like cheap dentures. Welcome to America, Loser Boy.
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24. T.White
November 8th, 2006 at 8:43 pm

My feeling on the housing market is that those who listed late summer/early fall 2006 and didn’t get many ‘bites’, pulled their houses from the market with the hope of re-listing in the spring during the ‘peak’ season.
A good strategy in any other year but in this one…err…not so good.
I am not a doom & gloomer, but I feel because of the easy money and the caseys of the world next spring it will become devastatingly obvious that the music stopped NOW, and there will be too many chairs left, then.
We don’t want too many chairs, folks.
The lenders (now the dems have control) will ensure less chairs via tighter practices.
Hot button issue coming to a legislator near you.
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25. NLG
November 8th, 2006 at 8:49 pm

Too bad about that Casey… procrastination is the devil.

A wise man once told me:

“Procrastination is like masturbation…
In the end, you’re only f*cking yourself.”

Or in this case, yourself and your partner, I suppose…

What are you going to do?

Please… in your next post, please formulate a plan… it would be a much better use of your time than lamenting about the fact that your credit score is going down the drain! Use this forum to dig yourself out by making a plan, and see how people critique it!
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26. Legion
November 8th, 2006 at 9:03 pm

I do not have any idea how much an advertiser would pay to be here though.

Most don’t pay to advertise on blogs anymore….Casey would get a commision for click thru’s or links like to amazon that he puts up for his hero RK.

AdSense to bring you between 2 cents and a dollar per click

also, to avoid certain scumbags from clicking their own ads repeatedly, rest assured that they can find out who is clicking thru the ads…they will also be keeping track of how many sales actually come from a website.

I can guarantee you that Casey is not making a mint off of this website.

“But still, there is no way to erase the event from the past. It happened.”

Keep that in mind for all the stuff that you will go thru in jail.
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27. HungryBear
November 8th, 2006 at 9:19 pm

I almost bought an REO shopping center in Illinois a few years ago. At the last minute somthing wierd happened. The lender rejected my offer (which had a 45 day inspection period) and instead sold it back - at a huge loss - to the guy who they had just foreclosed on - who knew everything about the property and therefore was willing to offer the same price I was paying but without an inspection contingency. What I am saying is foreclosure, contrary to what the doomsayers are telling you, is not that big a deal unless a deficiency judgment is involved. On the other hand having no cash and no cash flow would really suck so I hope you are working on that problem.
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28. Jill
November 8th, 2006 at 9:21 pm

You act as if there’s someone that will show up in the end and work everything out for you. It’s not going to happen. The only one you can ever really depend on is yourself.

Get off the blue ball and get a real job!
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29. Good-News
November 8th, 2006 at 9:22 pm

You are ok!!

You will have a free home very soon, do not worry!! It will a little small (1 room), but not expenses at all! Although it does not have good light, you may get 15 min a day for a walk.

Don’t give up! Buy more!!!!
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30. yneone
November 8th, 2006 at 9:45 pm

Dear Casey,

Know that you have been in my thoughts allday. I made the mistake of filing bankruptcy well into my 20’s and I absolutely regret it. Imagine paying cash for everything and high interest rates on every purchase…it is burdensome to say the least. Bankruptcy is not the worst thing when you are older and already established, but when you’re young, you want it all…and you want it all now, it can be a serious detriment. The upside, is that I was able to start over. We own our home but only by the grace of God have we been able to survive. These day’s you’re nothing without credit. This is why i’ve been rooting for you so hard (here), because I wished for you to not have to endure the pain of bankruptcy and all that it entails. I’m still praying for a miracle for you.
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31. John
November 8th, 2006 at 9:50 pm

She likes the shady wheeler-dealer type. The sex is probably hot.
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32. Merced Going Quickly
November 8th, 2006 at 9:56 pm

Hey, maybe if this catches on quick enough, an illegal immigrant can buy your house.

Illegal Immigrants to Save California Housing Market
From Hispanic Trending. Latino group calls immigrants an untapped home buyers market: The slumping housing market could get a $200 billion boost from new immigrant home buyers if mainstream lenders start using alternative methods to score credit
….lack Social Security numbers or legal status in the U.S.
…Should the new reporting methods gain wider acceptance
…No law requires that buyers be in the country legally to buy real estate
…generates a credit score using nontraditional data

posted at http://mercedgoingquickly.blogspot.com/
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33. Getaclue.com
November 8th, 2006 at 10:04 pm

Hey, why don’t you grow up for a start? the good news is that you won’t have to split up “your real estate empire” in the divorce…
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34. Free advice
November 8th, 2006 at 11:34 pm

Legion:

Lots of Google Adsense ads go for pennies.

But the home loan companies, foreclosure advisors, etc. that appear HERE pay big bucks for leads. These types of ads are regularly bid up as high as $25 or even $50 per click.

Casey may not have his campaign set up on a per-click basis. It may be CPM (cost per thousand impressions), but advertisers bid up that traffic, too.

At one time Adsense had a rule that webmasters are not allowed to publish their revenues. I’m not sure it still holds. If so, Casey would not be allowed to discuss his revenues.
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35. Mr. Flipper
November 8th, 2006 at 11:57 pm

OK, Casey, I’m serious for two secs…

Foreclosures and/or BK’s are not for life. Yes, they mess your credit up for a while, but certainly not for life.

These ignorant doomsayers are parroting what they saw on Suzie Orman, Matlock (or something), to actually think that you’re out of business because of all of this. No you’re not. Not even close. Unless you decide that at some point. Use your hunting skills. You’ve got training.

You know more than anyone that money is still and always available for a price somewhere without ever having your history, or your credit checked. It’s just finding the deal.

John T. Reed recommends finding the “leper”, urine-soaked crap (my paraphrase). Well, I’ve seen the leper-urine, hell-holes in outlying areas of the Sacto metroplex. And your own Roseville, or outlying areas of North Highlands, Rio Linda even, or east of downtown Sacto certainly have deals buried there waiting for a guy like you to cut them in half and juice them!

I’ve driven these areas over the last 36 months just for giggles while baby-sitting my nearby rentals. Nothing’s changed. Pick a farm! You’re living in/near a gold mine!

Consider Stockton? That’s within 50 miles of you isn’t it? Arrggh! The money.cnn article! Gulp! Forget that. Just show that article to all your prospective sellers and work’em over with it!

Those adept enough to deeply cultivate leper properties on these farms will retire early. There are other hidden leper colonies, too. In case you don’t know, just ask a couple of scroungy people where the last place THEY would ever consider living is. That’s one more farm, dude!

Over and out my soon-to-be-into-constructive-debt buddy!
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36. goZar
November 9th, 2006 at 12:07 am

adsense estimate:

Today 3,167 unique hits

assume a 10% CTR

that’s 31 clicks

assume $2.00 a click

that’s $62.00

hardly a king’s ransom
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37. Legion
November 9th, 2006 at 12:11 am

Free advice

that’s fine

this guy is starting to bore me (Casey not you).
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38. CM SE
November 9th, 2006 at 5:23 am

goZar:

adsense estimate:

Today 3,167 unique hits

assume a 10% CTR

that’s 317 clicks

assume $2.00 a click

that’s $634.00

hardly a king’s ransom
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39. star
November 9th, 2006 at 6:21 am

“just look at all the adds.”

What ads? I use Firefox+Adblock and see none at all.
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40. Kevin
November 9th, 2006 at 7:41 am

Casey -

Again, get a lawyer to protect yourself & declare BK. At least your young; the BK will be gone when you are still in your 30’s - plenty of time to save for retirement.

Quit relying on your own gut feeling & research - they have failed you & the people you deal with are taking advantage of your ignorance. Get a lawyer.
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41. Kevin
November 9th, 2006 at 8:53 am

Sir Corn -

He went to a BK atty & what happened? Casey never said. Yes, BK IS an option. The papers will not be walked over anywhere other than to a judge to file BK.

By the way, I said to get an ATTY to protect himself, not a BK atty - I also said to file BK.
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42. goZar
November 9th, 2006 at 11:18 am

#
CM SE
November 9th, 2006 at 5:23 am

goZar:

adsense estimate:

Today 3,167 unique hits

assume a 10% CTR

that’s 317 clicks

assume $2.00 a click

that’s $634.00

hardly a king’s ransom
…

crap, that was supposed to read “1%” CTR. that’s what he’s probably getting. 1-3% CTR which is average.

and i doubt he’s getting even 2 dollars a click. goog has a million ways of bringing down the cpc for the publisher even for high paying words.
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43. BelowTheCrowd
November 9th, 2006 at 12:59 pm

One of my sidelines is as a photographer.

In looking at the other photos, they appeared well posed, but it could have been just sheer luck.

No way this one was.

At least five different lightsources, all of them located just above and slightly behind the subject (the red pen) in a manner that would throw perfect shadows. The center lightsource is strongest, throwing the most obvious shadow right in the middle, the others of varying intensity to throw incidental secondary shadows around the pen.

And the sharpness across the image suggests professional equipment. At the very least careful focusing and a tight aperture with equipment that works well close up. Quite probably a view camera or tilt/shift lens that can be used to pull the plane of focus in.

I’m no longer sure what this blog is about, but it’s way too slick.

That said, I’ve noticed that the email address I have been using on this blog is suddenly being deluged with investment-related spam.

-btc
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44. Des
November 9th, 2006 at 1:11 pm

check out www.prosper.com

might be the best way to get a little money together to cover your most immediate expenses.
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45. Free advice
November 9th, 2006 at 1:18 pm

Cornholeo:

So let me get this straight. I file a bankruptcy petition and someone immediately walks it over to the DA?

Who carries it there? Is it the clerk? How does the clerk know to do that? Or do they walk all bankruptcy petitions to the DA — just in case?

That must keep the DAs pretty darned busy.
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46. Jobu
November 9th, 2006 at 2:45 pm

Foreclosure is MUCH worse than BK. It all but guarantees you will never get the best loan rates, regardless of how you clean up everything else.

I would love to see Casey’s credit report. I know of people whose scores have dropped off the cliff with a SINGLE 30 day late on a consumer account (credit card, car loan, etc). You get ONE 30 day late on a mortgage, you are quickly into the 8-9% interest rate range and much lower loan to value ratios. Throw in a 60 day or 90 day and you are pretty much screwed. Throw in multiple lates. Double digit interest rates. I think at this point Casey would be happy with a few 90 day lates.

Get ready for the perp walk on the cover of usa today.
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47. Bubble Watcher
November 10th, 2006 at 2:28 pm

By the way, if your FICO score isn’t severly impacted, I’m pissed. Your FICO SHOULD be impacted severly–to differentiate your credit risk from, say, mine (no debt, CC paid to zero each month, car and school loans paid off, and currently renting).

And one more thing…if you need steady income, get a job. If you don’t need steady income and want to take risk for the hope of greater reward, be an entrepreneur.
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48. everySecondPaycheck.com » Facing Foreclosure Blog
November 12th, 2006 at 8:45 am

[…] I stumbled upon a blog a few months ago about a young real estate ‘flipper’ called Casey Serin from Sacramento, California. His blog tells the story, in great detail, of his downfall as the property market turns in the US and he’s unable to offload the properties that he has invested in. Initially I didn’t pay too much attention to this blog despite it getting plenty of media attention and traffic. But now he has actually been foreclosed upon! He’s also video blogging (see his first video below or on YouTube). […]
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49. Pete CA
November 26th, 2006 at 5:13 am

HAHAHAHAHHAHAHAHAHAHAHAHHA………..AHAAAAAHAHHAHAHAHAHAHAHAHHAHAHAH!!!!!!!!!!

…….BAAHAHAHAHAHAHAHHAHAHHHA! READING YOUR CRAPPY “BLOG” MAKES ME FEEL SOOOOO MUCH BETTER ABOUT MYSELF……

NICE ATTEMPT AT ‘INVESTING’ DORKWAD.

IT WAS WARREN BUFFETT WHO SAID, “YOU ONLY NOTICE THE ONES WHO WERE SWIMMING NAKED WHEN THE TIDE GOES OUT.”

YOU SIR WERE SWIMMING NAKED AND NOW YOU ARE DROWNING AND BEING EATEN BY SHARKS. CONGRATS AND GOOD LUCK.
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50. lynn gustafson
March 1st, 2007 at 11:00 am

our house has been forclosed upon. we have seven days to find someone to help us or move out. could you please try to help us. sincerely lynn gustafson
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51. Dallas Real Estate
March 16th, 2007 at 8:09 am

Lynn I’m not entirely sure this is the best place to ask. I mean, it’s a blog post about his own foreclosure.. the entire site is about his multiple properties in danger of forclosure. I don’t think he can help you, really.
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52. LAF
March 16th, 2007 at 3:49 pm

Much luck to you tracy! I don’t care how big and messed up this situation is. If you truly believe in your heart and picture yourself not only coming out of this ( Even though it might take a long time )and becoming a more successful real estate mogul than you were before when you got into the messy situation,then it will definitely happen for you. Have faith bro. God bless.
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53. I am Facing Foreclosure .com Whoa! This is an error page!
March 18th, 2007 at 8:51 pm

s now stuck in my head). “That’s it” he said and abruptly turned to walk back inside the building. The crowd quickly dissipated. Larchmont property no more. This is my second foreclosure, after the Dallas house got foreclosed several months ago by the hard money lender. This was my first experienced visiting a foreclosure auction. I feel a slight sense of relief. One less house to worry about. Now just memories. This was my biggest cash-back at close and the worst deal as