On Wednesday I heard from the Zack, the investor with Landmark Property Solutions, that his buyer for the Burdett house dropped out of escrow. After marketing the Burdett property for a while to his list of buyers/investors and at real estate investor clubs, this was their only serious buyer.
I thanked Zack for his efforts on the short sale and attempting to help me sell the house and asked to be released from the contract. He agreed and let me off the hook.
So I am now back to facing foreclosure and the time is ticking because the Notice of Default has already been filed. At least I know the bank is willing to short the property at 248.
I just have to come up with a different strategy to find a buyer and avoid another foreclosure. It’s not so much to save my credit at this point, but to avoid taxes on the forgiven debt and to do the right thing and minimize the losses to my lender.
Maybe I will list it on the MLS with my flat fee broker for $250 and offer 3% to the buyers’ agent plus a $3,000 bonus if buyer closes in under 30 days. I can ask the bank to pay all the costs.
Maybe I will also do some marketing for credit-challenged buyers to catch-up my loan and take over my payments. Or I can try a service like YourEasySale.com to finance the buyer with a private loan.
I am Thankful for Facing Foreclosure
Renting a House in Foreclosure
87 Comments
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UncleC
November 24th, 2006 at 2:03 am
Casey, wouldn’t you get the most vigorous results by listing it with a full-fee broker who has short sale experience?
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UncleC
November 24th, 2006 at 2:26 am
From zillow:
Sale History
01/04/2006: $295,000
06/26/2002: $145,000
11/30/2001: $91,00
The zillow chart shows the estimated value at about $150k for 2004. This means the house price doubled to over $300k in 18 months or so and began to decline just when Casey bought it.
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Casey Serin
November 24th, 2006 at 2:43 am
@UncleC: Yeah I may talk to Amy, the realtor who is doing the other sacramento shortsale about listing this one too… we’ll see
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SidFinster
November 24th, 2006 at 2:56 am
What kind of timeframe are we looking at before foreclosure, Young Casey?
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stan
November 24th, 2006 at 4:46 am
Why do you even care?
Seriously what difference is it going to make if one, two or all of ‘your’ houses are foreclosed upon, or if you’ll end up with 400k, 500k or 600k in debt.
Your real priorities should be staying out of jail, your wife getting a divorce, and avoiding becoming a homeless person.
But what do I care, your continuing belief that you can keep jugling 10 balls at the same time without dropping them is what got you into trouble. A guy like you needs to hit rock bottom to get some sence knocked into him.
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dumb da dum dumb
November 24th, 2006 at 5:28 am
Casey, you really should NOT have given this low budget outfit with the corny website any kind of promotion, it would have been better to use the ‘deux ex bloggina’ approach if they actually managed to sell
casey your a head case…
please tell us what phone you and your wife have…
i bet its an expensive one with fancy features sure to impress all those EE types you hang around with.
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Cow_tipping
November 24th, 2006 at 6:56 am
Investor clubs - gee that is so hilarious in itself.
Let me touch upon somehting that seemingly is lost on you and your “investor club friends”
Its a 0 sum game. You gain, someone else loses, and the agents make out like bandits with the 6% commission.
The standard agent schpeel is - “Real estate is not like stock” it has intrinsic value - Yea it does, except when it doesn’t. The run down POS’es you own in over saturated markets, worthless cos they cant be sold for what they cost you and bank wont take to being shorted, its costing you interest (people usually dont buy stock with borrowed money BTW) maintenance (which you have really let go to the dogs) property taxes and utilities to name just a couple. real estate isn’t like stock, its much much much worse. It does have intrinsic value when you’re living in it, but if its sitting its costing you a lot more than stock is. relatively … sotck is a safer bet, options is a even better bet if you know what you’re doing (which you clearly dont - so dont venture there) - you can lose your shirt in stock, but ironically that limits what you can lose. You can lose your shirt, plus your whole future with houses.
Cool.
Cow_tipping.
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BFFChucky
November 24th, 2006 at 7:09 am
How is this “Zack” an investor? From what what Casey and others have written, he sounds like a “looser” with a poorly edited website hoping for some free publicity and some easy money. He didn’t “invest” anything beyond a couple minutes typing up the entry - not even the investment of proofreading!
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john
November 24th, 2006 at 7:59 am
Catch you up, and take over the payments on your goosed mortgage, when we know the bank will gladly dump it at 240???? You’re joking around, right?????
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Train Wreck Watcher
November 24th, 2006 at 9:02 am
Casey,
Below are comps pulled this morning for a one mile radius around this property. Seems like you should be able to get it sold.
Status Date Price Address Sq Ft (aprx)
——————————————————————
Active 09/14/06 330,000 4904 Dingman Cir 1427
Active 06/25/06 290,000 6213 Vista Ave 1458
Active 09/16/06 325,000 5 Malahide Way 1367
Sold 07/23/06 330,000 7240 Circle Pkwy 1360
Sold 10/24/06 319,900 7081 Dylan Ave 1386
Sold 09/22/06 329,900 7061 Dylan Ave 1442
Sold 08/30/06 333,000 5 Lopis Ct 1435
Expired 10/14/06 299,000 6913 5th Pkwy 1406
Expired 07/24/06 300,000 6718 53rd St 1365
Expired 08/04/06 319,900 7025 5th Pkwy 1418
Expired 11/21/06 345,000 7313 East Parkway 1431
Expired 11/22/06 325,000 6975 Mesa Grande Ct 1493
Expired 07/31/06 339,000 5 Lopis Ct Sacramento 1435
Expired 11/08/06 309,999 4541 Green Tree Dr 1412
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dumb da dum dumb
November 24th, 2006 at 9:16 am
surprise news, they saved the day heres a link to their site….
*******
i would hope in the future you realize that giving people credit before its due is not cool…
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MrReality
November 24th, 2006 at 10:13 am
Casey,
Your mistake is that you try to invest in Real Estate at or near the peak of this housing bubble—bad timing. End your misery asap with BK, DIL, or foreclosures, so you can start fresh when the next investment opportunity comes around. Otherwise, you will still be tied down by your current financial problems and be forced to just watch other people have fun. It will probably take you a couple decades to pay off your existing debts, if not the reminder of your lifetime.
As for the taxes on the deficient amounts, you may not have to pay taxes to the IRS if you declare insolvency.
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hammawi
November 24th, 2006 at 10:29 am
Hello,
You are worrying about minimizing losses for your lendor? You should worry about your losses! Mortgage lendors, banks, any financial institution, has reinsursance against its losses. The bank or whoever lent you the money probably doesnt even own the loan anymore. They probably already sold the loan to some other suckers and are just servicing the loans.
I would not worry about them.
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arizonadude
November 24th, 2006 at 10:39 am
Hey bird dogger,
Well I’m glad to see you are doing great and got a job doing real estate.That sucks the person backed out on you with the investor sale. Try to unload that bad boy quick via short sale. I think you should go with an experienced realtor for the short sale. You get what you pay for my friend.
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Fraud
November 24th, 2006 at 10:59 am
Casey,
Is there any way you can refi that house and pull more money out?
Take out another 30k for X-mas. You need to think of yourself and your family. Why stop FRAUD now?
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Rodent
November 24th, 2006 at 11:08 am
Did that guy drop out of escrow, or was the whole thing a manipulation of you to get coverage on your web site? You do have a lot of exposure, you know.
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Hmm
November 24th, 2006 at 11:20 am
Why did the buyer back out?
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Dodger
November 24th, 2006 at 11:24 am
I’ve been trying to find info on “easy private mortgage”, and the only info I can find is marketting / referral sites. What’s the deal? Why would people “fight to pay top dollar” for your property just because its offering an easy private mortgage?
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Chuckles
November 24th, 2006 at 11:44 am
OMG - maybe you should ask those flipper nation guys what to do next!
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DrifterBee
November 24th, 2006 at 12:20 pm
I know the area.. Don’t like it.. I think low 200s isn’t all that far from what is reasonable, especially if you MUST move it. This is not Carmichael, Lincoln, Arden Park, Laguna, or someplace people WANT to live.
I’d say let bank auction it and let the chips fall where they may.
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Voice of Reason
November 24th, 2006 at 12:25 pm
To “yneone” who wrote:
“Continue to pray and seek Him.”
Seek whom? Robert Kiyosaki? That’s who got him in this mess to begin with. I hope you don’t mean some kind of a supernatural god. No amount of mumbo jumbo, praying or voodoo will get him out of this mess (not that it helps anyone else with anything else). He need real solutions not opiates and not platitudes.
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speechless
November 24th, 2006 at 12:38 pm
What if someone gave Casey $50,000? Here’s how Casey would “budget” with that windfall:
$5,000 spending money for himself (Jamba juice, sweet mags, exercise balls)
$5,000 spending money for the wife (because a girl deserves to go shopping)
$10,000 for additional real estate guru classes
$30,000 for sweet deals gone sour
Casey (scratching frosted head): “I don’t know how the 50-thou got away from me. I haven’t even bought groceries or paid the rent yet.”
Casey, you would even lose money in an *up* market. It takes special skill, but you’ve got it.
All you people who say these kinds of comments are mean-spirited - they are not. I am simply illustrating Casey’s problem with handling money. He has no financial skills at all. I am trying to rub his nose in the problem. It’s frustrating to see someone this obtuse to the point of ruining his own life, someone who otherwise seems to be of normal intelligence, young, and healthy.
And he hasn’t learned a thing. I hope he will, but frankly I doubt it.
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train wreck
November 24th, 2006 at 12:47 pm
Are you getting some expert financial help here?
Isn’t it the case that debt foregiven is not taxable income when the debtor is insolvent (what you owe is more than what you have)?
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GET A JOB!!!!
November 24th, 2006 at 12:49 pm
Well I haven’t been to your blog in about over a month now because it seemed like your blog turned into a big marketing ploy. And of course you haven’t disappointed. Not that I’m discouraging it. With this many readers, you would be foolish not to. But as much as I got bored of this blog. I had to come back to see how my good ol boy Casey is doing. So excuse me if I’m misinformed on some of the things because I didn’t go through the last month of blogging very thoroughly.
And as much as things have changed. It’s all still the same. Well as if most of you guys haven’t figured out by now, Casey is a big time Real Estate Flopper, but a marketing Genius. He’s got everyone coming back for more on his blog. We all know the ending to this story. People have been giving Casey the same advice as in September and it finally took him this long to get a job…Uhhhhhhh DUH right. All his properties are gonna get foreclosed and he should be living off top ramen right? But by the looks of it I’m guessing he’s just eating out all the time without even a single charge to the grocery store right??? This keeps all you guys on the edge of your seats as you are in amazement on how someone could be so stupid. Well guess what. You have been Punked. And you keep coming back for some more right? This has been going on since day one. Since I’ve been gone, Casey has ruined 2 golden opportunities for him to get out of this mess, scamming people to feed his real estate business, couldn’t even complete the DIL on his Dallas property after it was approved, loses $650(Money borrowed from a friend) that he paid a realtor to take off the listing of his Dallas property so the NYC buyer would close, which never happened. I believe the list goes on and on. You guys see an idiot. I see a marketing Genius. So I must commend you Casey.
This is the same reason why sports fan support a crappy team. You see the New York Knicks right…Isaiah Thomas ranks up there as one of the crappiest GMs as it looks like he’s playing Fantasy Basketball and just trying to load up his roster with the same position players. And you Knicks fans still come back for more after your horrid year last season. And for you non-sport followers. Here’s a better analogy. It’s like you have a 1 bedroom apt. You’re living off of credit cards. And you recently purchased two 42 inch plasma TVs to put in each room(Living room & bedroom). Well now Best Buy is having a Black Friday sale for a nice 42inch plasma worth $1600 on sale for $999. Well how are you gonna pass that up so you go get another TV.
Well my point is we all know that we could do a better job of running the team, which is the reason why as a fan we get upset and keep coming back for some more as we keep coming to watch the game which helps support the team. So whose the idiot now? The guy sending the team into years of years of suffering or the people coming to watch the team.
So my final point is to all you people who think Casey is the biggest idiot in the world. The bigger laugh is on you. Casey has found a way to bring out all the critics(”haters”) and keep you coming back for more.
And I love how you took my idea and used it as one of your questions Casey. “Do I have to pay property taxes?” Well here’s another idea for your next topic. You have 3 california homes with property taxes totalling around $5K is my guess that will be due on 12/10. How you gonna pay that off? Let’s see that next topic work for you.
Casey keeps bringing a good song and dance how he’s gonna pay every dirty penny and he repeats this constantly like his jingle, but does anyone out there actually believe that. Seriously!!! Who in their right minds believes that??? But that is the stuff I’m talking about that keeps us entranced to this blog.
But I just can’t wait to see some of the future topics: I quit my job to take advantage of my new real estate opportunity. And invested 10K to start. Was that smart? Or what about this one: I just bought my wife a $1000 necklace for her birthday. Should I have not done that?? Or this is the best one: I’m sooo SAD =( My wife left me. I can’t believe it…Why???? That is pure GOLD!!! You’ll have the audience just eating from the palm of your hand. And again I commend you Casey and keep up the good work. And maybe I’ll check again in on you again in the New Year.
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Cow_tipping
November 24th, 2006 at 1:22 pm
@Train Wreck Watcher
The neighborhood sales might have under the table deals. Like $100K cash back to buyer type deal. Or Casey’s huge purchase bumped up their comp $$ into the stratosphere and they promptly dropped theirs on the market and let casey’s best friend from his ” real estate investment club” buy it.
I can guarantee you, 330K will net you a nice new house built by Beazer or DR Horton. matter of fact Horton is selling 2301 sqft in elk grove for 399K - ready to move into, or 2 in lincoln for 350-360K for 2100-2200 sqft. Walk in there into any of the 3, or all of the 3 and offer $330K and see if they throw you out. I’ll bet they’d buy you dinner …
Cash is king, or in this case qualified buyer buying overpriced crap is king.
Cool.
Cow_tipping.
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Jamba Juice
November 24th, 2006 at 1:34 pm
Yikes, Landmark does have a pretty horrible website. It just screams “too cheap to pay for a web designer.” What’s up with questionable real estate agents and their love for 48 point fonts? Casey, maybe you could fix his site for some quick spending cash or a Starbucks gift card or something.
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Better To Foreclose?
November 24th, 2006 at 1:57 pm
At this point wouldn’t it be better to foreclose rather than to do a short sale. You already have a foreclosure on your record. A short sale will only result in incurring tax liability for the amount that the bank forgives…Someone help me here. I don’t see the point of putting up a fight anymore…am I missing something?
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Chad Okere
November 24th, 2006 at 2:05 pm
Hey, good luck casy, I’m sure you’ll sell this next house, and you should keep this website running with ads and whatnot. You’re getting a lot of traffic. Try to find other people similar situations and write about them and how they’re doing.
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Deed in lieu
November 24th, 2006 at 2:16 pm
“She told me to take care of the deed in lieu right away.”
This is from the Dallas house lady. Have you approched the banks about deed in lieu on all of your properties?
Sure, you’re giving it a shot, but lets face facts. You suck at selling homes that are over priced in slow markets.
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Deed in lieu
November 24th, 2006 at 2:16 pm
I would also like to see a copy of how much your past 30 days earning are on google adsense. Showing that is not against the ToS. You should be able to make up payments if you wanted to with that income.
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Rancid
November 24th, 2006 at 2:29 pm
lol, is anybody really surprised that another one of your ventures has failed? Or that someone else promised you the moon and failed to do so..ie prlinkbiz etc….you hang around with a bunch of people that portray themselves as more competent and “bigger” than they really are, then again, in their world you would be king. I’m betting Amy fails you too…face it Casey, you are a FAILURE, you are a LOSER. The sooner you see this the sooner you can take the REAL steps necessary to change your life around for the better. Hope you had a nice Thanksgiving at the soup kitchen!
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NLG
November 24th, 2006 at 2:46 pm
http://therealestateguru.wordp.....sure-tips/
Might help… good luck.
Interesting discussions above that too… Uncle, yep, not such a great idea to buy at such a peak…
NG
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Reckoning
November 24th, 2006 at 2:55 pm
Casey said “They seem like a good group of investors. That’s why I am comfortable to mention them by name in case somebody else needs help to stop foreclosure via a short sale.”
Gee Casey, you misjudged something again. Do you ever get anything right? Let me guess, you STILL think they are a great bunch of guys right? I just wish you had some money so I could SELL you something worthless for a megaprofit..you are a dream monkey for get rich quick pushers. You had such high hopes only 7 days ago that this was going to work didn’t you?
“San Francisco Bay Area gave me some good news yesterday. He has been helping me stop foreclosure by getting a short sale approved on the Burdett Way Sacramento house”
How does that feel getting slapped in the face again? Don’t worry though, you WILL succeed, you can FEEL things turning around, you WILL be a millionaire in two years, you ARE a success, you WILL rise from the ashes..if you believe that then I have a Burdett Way property I want to sell you for 300k..The seller is desperate and….oh wait, you already bought it…lol, sucker
Oh well, I’m a hater, I’m mean spirited blah blah blah, but this hater is getting into his PAID for BMW M3(I liked the rims and stero system), donating 1000 to the local church(some people really do need help, they didn’t gamble their life away, they are just having a hard time), and buying Christmas presents for the family..in CASH. Ever heard of that? Cash? It’s what you use to buy something you really want WHEN you can afford it. No, I’m not going to Macaroni grill or Starbucks, I have leftovers from yesterday….get the picture Einstein?
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Chris Johnson
November 24th, 2006 at 3:08 pm
I’d agree that you’re better finding a broker with ACTUAL experience in short sales, if that person is willing to take your listing (if not, I guess that would be a great indication of your chance of selling it). There are plenty of people out there who talk a great game (even if they can’t spell it), but you’re seeing that far fewer can actually produce results, so go with experience.
Re: taxes: “It’s not so much to save my credit at this point, but to avoid taxes on the forgiven debt and to do the right thing and minimize the losses to my lender.”
I don’t think this is correct, unless you’re thinking you have actual net worth at this point.
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Fred
November 24th, 2006 at 4:03 pm
Casey,
You are in total denial. Your hope of finding a miracle at the last minute is only delaying the inevitable, and only making things worse. From what financial’s I have seen about you here, bankruptcy for you and your wife is the only option. Your wife will have to declare too, because if these debts were incurred while you were married to her guess what, the creditors will go after her too. Since you are unemployed you should still qualify for chapter seven, even under the new law. Do it, take the hit and live cash-only for the next few years while you restore your credit. But be careful, under the law certain debts obtained by fraud may not be dischargeable. I hop your creditors have not been reading this blog.
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Chris Johnson
November 24th, 2006 at 4:22 pm
One more thing, especially after reading Rancid’s posts, because I still can’t believe you’re believing the WRONG tax advice…forgiven debts are income to the extent you have net worth. Where is your net worth? I think Rancid may have a point, as cruel (and an unhappy) as he is, in that you’ll place more credence in my posting over others’ postings if I tack on “dipshit,” “dumbass”, “loser”, “waste of space”, “worth more dead than alive”, or “almost-convicted felon” to the end of what I’m saying. I don’t believe those are true, though “dumbass” comes close. Still, let’s see if it works:
Forgiven debts are taxable income only to the extent you have net worth, loser. I mean, looser. Don’t lose/loose the impact of what I’m saying.
Oh, and maybe it’ll have more impact if I throw in some unneeded apostrophe’s.
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HungryBear
November 24th, 2006 at 4:44 pm
Don’t throw good money after bad. Also, Time=Money. Don’t spend your time on this house as there is no way you are going to get any cash out of it unless you rent it, and we already know you are not going to do that.
On the other hand, perhaps you could sell the appliances to a second hand dealer, or the HVAC unit? or maybe just rip out the copper wiring and sell as scrap? You need to think of a creative way to get your hands on some cash.
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Truth Seeker
November 24th, 2006 at 5:29 pm
By Jove, I think I’ve got it!!
I noted in another topic thread the similarity between Casey’s use of “loose” and another poster’s use.
My comment was deleted / ignored.
I’ m getting close to the truth…
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Snidley Whiplash
November 24th, 2006 at 6:03 pm
Hey Casey
I got a bag of Magic Beans that I will sell you for $9.99.
Are you in?
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joe bloe
November 24th, 2006 at 6:32 pm
I’m a loooser baby.
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Train Wreck Watcher
November 24th, 2006 at 7:43 pm
I’ve got to agree with you Cow_Tipping. While I posted the comps, there is always more to be read into them. Only one of the comps was sold in the past month, while four have expired in just over the past 5/6 weeks. And as you said, we don’t truly know what the sold property actually sold for. Even if the money was reported on final hud, it’s not reflected in the final recorded sales price. I wish that cash back at close of sale was recorded. It would give a much truer picture of what properties sold for.
As for an investor, $250K might be a good price for today, but investors that like to make money, don’t make their deals for today. Therein lays the problem with Casey and all of his homes. For his ‘deals’ to work out, he’s got to find investors that don’t wish to do any research on local market conditions and trends. But one far wiser than I once said, “There’s a fool born every minute”.
As for buying something new, as you implied, all of Sacramento home builders have homes that would be far more appealing to a first time home buyer or move up buyer.
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King
November 24th, 2006 at 7:44 pm
Give me your soul for one year and i’ll buyer all your houses for all cash
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Joey
November 24th, 2006 at 8:55 pm
“All your houses are belong to us!!!!”
- Chinese and Japanese debt holders financing U.S. credit boom
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You Need Help
November 24th, 2006 at 8:57 pm
Casey - It appears you are rapid cycling with what appears to be classic bipolar disorder. You need to get help - FAST. It appears you are about to enter a “manic” phase and will start making “impulse” decisions and purchases.
Be smart during this phase and do the following - resolve to have the houses GONE by December 10. Send the deeds to the lenders - no more delusional marketing ideas - no more wishful thinking. Get rid of the houses.
Next - get to a good doctor - The UC Davis Hospital is a “public hospital” and provides services for those who don’t have insurance or the resources to pay for medical care. They have an out-patient psychiatric clinic located at:
2230 Stockton Blvd.
Sacramento, CA. 95817-1419
Or, you could contact the Sacramento County Department of Health and Human Services which runs a mental health program. They are located at:
2150 Stockton Blvd
Sacramento , CA 95817
Millions of people suffer from mood disorders and find themselves in various horrible positions, ranging from drinking and/or drugs, to gambling, to over eating, to (in your case) over spending. Good therapy and medication will help you more than any “Rich Dad” or guru.
As you are in treatment, get a good attorney and start an “insanity” defense for your mounting legal problems.
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Alex Goldfarb
November 24th, 2006 at 9:18 pm
The word going around now is that Casey Serin’s family back home has been identified as being involved in the death of former Russian spy Alexander Litvinenko, who was brutally poisoned to death this week. Litvenko believed it was communist sympathizers in league with Vladimir Putin who conducted the assassination.
I would stay away from Casey’s web forum right now. Interpol may be watching the financial transactions taking place here.
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Tip Jar
November 24th, 2006 at 9:49 pm
Casey:
What is with the “Tip Jar”??????
Are you seeking “donations”????? Is this why you said you needed $$ on Wednesday???? Were you hoping that a few kind hearted souls would take pity given the holiday season and provide you with an easy hand-out?
You are not a “non-profit” - are you recording and reporting any $$ you get via the “Tip Jar”???? You know it will be taxed come year end, correct?
Perhaps you could just give us your home address and we could send you gift cards to Starbucks and Jamba Juice???
What gives?????
Time to come clean about this blog - is it real or performance art????
Please be honest and report to us how much $$ you are receiving from the advertisers.
I’m beginning to wonder if you aren’t just a great con artist and have found a new medium for scamming people.
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Fraud
November 24th, 2006 at 10:35 pm
Hey Casey,
Have the PMI Companys contacted you yet? Or is it too early?
Everyone made their money (banks, escrow, loan, agents) even you pulling out cash at close, so the only people who really got screwed are the PMI Insurance Companys that will now need to pay the Banks.
The 3 Golden rules in life: Don’t mess with the Mafia nor the IRS nor Insurance Companies.
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Scamp
November 24th, 2006 at 10:55 pm
Want to flip a house? Buy the worst house in the best neighborhood and improve it.
In Sacramento:
There is an infinite supply of crappy places to live.
There is a very finite supply of decent places to live.
You, on the other hand, appear to have bought total crap in hell holes. Did you think people would continue to throw money away hand over fist for the chance at home ownership? (They did in Phoenix and if you take a look there, well, no more waiting lists for new houses and anything overpriced or not terribly desirable is just sitting.)
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wikifortune.com
November 24th, 2006 at 11:30 pm
You need to face BK instead of foreclosure.
You have lost this battle…
Run away, rebuild your forces and come back stronger and WIN the war.
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Agreeing with Fred
November 24th, 2006 at 11:31 pm
Fred said: “Your wife will have to declare [bankruptcy] too, because if these debts were incurred while you were married to her guess what, the creditors will go after her too.”
This is absolutely true — I declared bankruptcy and this was exactly the same info I got from two different BK attorneys. Thankfully for my spouse, all the debt I had acquired was pre-marriage!
Fred also said: “…live cash-only for the next few years while you restore your credit.”
If/when you file BK, do NOT let your current bank account at Wells Fargo be one of the listed creditors… or make sure that any overdrafts are paid off (i.e. don’t close the account with an outstanding balance and file BK on it). This is vital if you wish to open up a NEW bank account anywhere after BK — banks report outstanding debts to ChexSystems, a much more vigilent service than Equifax. It’s freakin’ imPOSSible to dispute items or get them taken off your ChexSystems report unless you pay the balance… even then, it’s a challenge.
Had I known this, I’d have opened five bank accounts BEFORE filing BK and deposited $1000 in one bank account, use that as collateral to take out a loan of the same amount, and repeat that at the other four banks. After you pay the interest (on time!) for those loans over a year, your credit should improve considerably. (Note that you only need $1000 to set this up, and then $1000 you deposit comes back out at the end of the bank “chain” — cool, huh?)
Fred concluded: “I hope your creditors have not been reading this blog.”
Amen to that — if ANYONE suspects (justly or unjustly) you’ve committed fraud, you could find yourself answering many very uncomfortable questions and you’re placing your fate in the hands of others who might not be as forgiving you would hope them to be.
Seriously — BK is not the end of the world, but actually may help you considerably in the long run. BK’s biggest hurdle is the shame of declaring BK, but it may be the best financial option available to you.
Good luck!
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Big Cheese
November 25th, 2006 at 1:50 am
Casey,
I think merchandising is a great way to cash in on your publicity. I was thinking about the miniature Casey Serin doll sitting on the blue ball with the string on the back that you can pull so the doll speaks a phrase.
We could sell the dolls for $50 plus shipping and of that $10 would go to you…this is my guarantee. People could help you as well as keep a souvenir from the blog.
Since I live in Asia I could work to get the dolls sourced. I just need your agreement as well your time to record the following phrases that you can send to me as a .wav or .mp3 file:
1. I am facing foreclosure
2. Get on the ball
3. I’m bird dogging some sweet deals
4. Why you gotta be a hater?
5. I’m going to Jamba Juice
6. Sweet rims and stereo!
7. Am I facing jail time?
8. Who’s Bubba?
9. I could use a Starbucks right now
10. This one is priced to flip
11. Another day at Rich Dad’s office
12. I could use another mentor
13. This house comes with cash back
14. I want to thank my maker
15. This is money in the bank
16. I hate overdraft fees
17. I want to pay back every dirty cent I owe
18. I’m looking for a creative deal
19. Why’s my FICO store so high?
20. Let’s do a short sale wrap-around
21. Things are looking up. I can feel it.
22. Check out my story in USA Today
23. No, I’m not with Amway.
24. I can earn one thousand dollars an hour.
The doll would say one of these phrases at random. Hours of entertainment.
Readers, what do you say? Would you part with $50 plus shipping for such an item?
Copyright Big Cheese.
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False Profits
November 25th, 2006 at 1:57 am
Hey Guys, give Casey a break. I usually enjoy the sarcastic, negative comments, but some of the things people are writing here are REALLY bad. Sure, Casey lied on his loans, and helped drive up prices by speculating on real estate. He’s impulsive, and he makes a lot of really bad decisions. But your hatred would be better directed towards the false prophets - people like Kiyosaki, Lereah and while you’re at it, the Qixtar/Amway crowd. There are obvious parallels between real estate seminars (you need to keep paying more) and Amway. Apparently, it was Amway that handed Kiyosaki success by distributing his book to the faithful. Why not go to after the Kingpin - the FED (Greenspan) - for creating this whole mess? You could help them set up a blog called “wearefacingeconomiccollapse.com”, and post nasty comments on it.
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Ross Pruden
November 25th, 2006 at 4:13 am
False Profits, I agree with you… but it seems par for the course to have naysayers kick others when they’re down. Like the story of hecklers on a turtle’s slow progress: “If you’re so smart, why aren’t you successful?” which after the turtle become successful, they say, “We always knew you could do it!”
I’m not saying Casey is made to succeed (only time will tell about that), but we all have to fall down a lot before we learn lessons to succeed and Casey has taken one of the most important entrepreneurial lessons to heart: you must brag about your mistakes and be unashamed about being foolish else you will become stagnant and unwilling to try new things. True innovators must constantly think outside the box and they are often ridiculed, scorned and even threatened because of it… probably because scorn allows people to justify their own lack of motivation to blaze a radically new trail. However, once an innovator makes their discovery, or finds their treasure, everyone congratulates them for not listening to the naysayers.
One point, though — you give Amway too much credit in Kiyosaki’s success. Kiyosaki preaches sound real estate and business advice, but with just enough abstraction that you can’t really scrutinize the particulars. Instead, RK leaves the detailed case studies to books written by his team of experts… it’s not that his advice is wrong, just that it’s abstract enough to hook you with very little to repel you. For instance, ever wonder why there’s no index or bibliography in any of his books? RK’s a schrewd businessman who understand how to position his books for maximum sales.
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Marry Me
November 25th, 2006 at 7:38 am
My family is very rich, i never work and i have 5.9 Mil. cash in the bank. You can marry me and buy many houses you want, one condition, you have to be my slave.
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BT98
November 25th, 2006 at 8:37 am
Here is my 2Cs
25. Second job is a waste of time.
26. I want get more training from Real Estate gurus.
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Mort
November 25th, 2006 at 8:47 am
Is Casey responsible for all blog comments everywhere that use the word “loose” when they mean “lose”? Damn Casey, how many aliases do you have?
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dumb da dum dumb
November 25th, 2006 at 9:28 am
The Coming Collapse in Housing
http://www.fxstreet.com/fundam.....11-23.html
*********
THEY WALKED? EVERYONE’S WALKING ALL OVER CASEY!!!!!!!!!
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Free Advice
November 25th, 2006 at 9:34 am
False Profits:
Always convenient to go after a “kingpin,” but in this case, misguided.
That the Fed “sets interest rates” is way too simplistic. If I’m a lender, I’ll offer you a rate based on how much risk I think I’m taking, what collateral (if any) you’re using, what other lenders are offering, and how much my money cost me. I don’t call the Fed to ask them what I should charge.
Only Fed member banks borrow at the Fed Funds rate. Financial institutions usually borrow at near the LIBOR rate.
(Note: The “best rate” for financial institutions used to be the “Prime Rate,” but that comparison is no longer valid. I can borrow short term money at 0.75% below prime and I’m certainly not a “prime” borrower. “Prime Rate” is pretty much a marketing term now.)
Back when rates were “low” in 2004, the markup between LIBOR and 30-year fixed mortgage rates was around 3.50% to 4.00%. Now that markup is probably around 1.00%, if that.
So the markup between “wholesale” and “retail” varies widely.
The flaw in this argument, however, is that it looks at the markup between 30-year fixed mortgage rates and LIBOR. At one time that was a valid comparison.
Now, however, surging numbers of borrowers are getting ARMs. It’s really hard to compare LIBOR against ARMs because ARM terms vary widely.
It could very well be that ARMs are priced way too low based on the risk lenders are taking.
Is that Greenspan’s fault? I think not. Perhaps it would be a good idea to reign in lenders a bit on this matter, but I’m pretty sure that’s a matter for Congress.
Personally, I think ARMs are fine, even the so-called evil “option ARMS.” If people understand their “options,” and continue to let their mortgage balances grow, that’s their fault — not Greenspan’s. And if they don’t understand the mortgage documents they sign, they shouldn’t sign them until they do.
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Howie Feltersnatch
November 25th, 2006 at 10:09 am
Casey, instead of attending real estate guru classes, you ought to a seminar given by the internationally famous Power Team. I saw them this one time on “Walker, Texas Ranger,” where Walker went undercover as a school teacher because someone was selling drugs to the kids in the school, and walker realized that the kids were taking drugs because they had no dreams, so he invited the internationally famous Power Team–a group of steroidal mutant ex weightlifters–to come give a motivational speech to the kids and they did, breaking boards and concrete and ice blocks, and then explaining to the kids that there are two kinds of people in the world: dream makers and dream breakers, and you want to be a dream maker, and the kids got all fired up, but then the drug dealers started selling more drugs so Walker invited the internationally famous Power Team back for another show and that really got the kids fired up, and then with like five minutes left in the episode, Walker figured out it was the shop teacher that was selling drugs and so he threw him off the roof of the school to his death (I swear I am not making this up), and anyway the internationally famous Power Team were like all totally motivational and they turned my life around and I decided to be a dream maker instead of a dream breaker, and I think you can too. Hope that helps.
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phineas phlegm
November 25th, 2006 at 11:20 am
Tie up the lose ends quick or you just might loose everything.
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Rancid
November 25th, 2006 at 11:30 am
The doll would say one of these phrases at random. Hours of entertainment.
Readers, what do you say? Would you part with $50 plus shipping for such an item?
Copyright Big Cheese.
It’s a good idea, except to really make it sell, after it makes one of it’s idiotic remarks, allow us to rip off an arm or two, bust it’s kneecaps, or keep slapping it with a trout when it keeps mouthing off stupid sayings. Make this a punching bag and I’m in for two. Oh, and if it starts quoting scripture, allow us to burn it for being such a hypocrite. As anyone can tell from his dealings with people, Casey is far far far from being a good person..despite his wanting to help people in need.
1) Scam letter sent to his very OWN friends where he lied about his entire real estate empire, it’s financial situation, the number of seasoned investors running it, the amount of equity people would have if they invested, the return they would get.
2) Pretending to give people a chance at owning a home when he himself doesn’t own the home, let’s face it, the people who overpay for hisproperties because they are desperate or only helping Casey. The banks also are being lied to since Casey won’t even tell them what he is doing.
3) He get’s into a contract with nolimitladies then bails on them. Face it guys, prlinkbiz got to meet Casey up close and personal, without him spinning things from a blog or limiting what gets thru his bs screen, and even she knows he is a flake and tries to charm his way out of bad situations.
4) Quoting scripture…yeah, the devil can do that too.
Why DO you think he moderates the comments? He moderates the ones that could expose him entirely, while allowing some of the hateful ones to get thru so that it seems that he is not moderating them. All you “lovers” out there are the ones being manipulated, by the information that he allows you to get.
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You are a liar and a thief
November 25th, 2006 at 11:50 am
To false profits: You state ” he’s impulsive and makes alot of really bad decisions” implying it was an honest mistake. Excuse me? He is not impulsive. He had a long process to go through to obtain the loans. He planned, plotted, and connived. I said a long process, which is not impulsive. And don’t blame the loan officers et al. He lied to them to obtain the loans.
He does not make alot of really bad decisions. He makes sound decisions to deceive, based on greed. He has further plans to deceive right this very minute.
He planned to dupe the bank out of money. He knew he wouldn’t pay it back. He is lazy and a financial failure. Even without the home purchases, his financial ability is moronic and a disaster. If he was such a fan of Kyosaki, why didn’t he put the ill-gotten money to use instead of pissing it away on trinkets and restaurants. Because he never intended to follow the rules in the first place. Kyosaki is a scammer too. He never had a rich dad. His protege is Robert Allen and he is the biggest scammer ever. He scams people out of their money for seminars that are contrived. People wake up. They are masters at getting into your pockets through emotion. They are crooks who do not get caught.
You have it coming to you Casey. You think you could outsmart the bank. And why should we care? Because you are not the first housing crook to cross our paths. You give an honest rehabber a bad name. An honest rehabber creates value for the community. People like you INTEND to take all they can get out of the houses $ and skip town leaving the community to clean up the mess you left behind with uninhabitable homes. This brings blight and flight to neighborhoods and ruins cities. It has happened before. These cities suffer still from crooks like you operating in the 70’s. The city cannot afford to knock the house down, so there they sit dilapidated and an eye sore. Don’t call yourself an investor. Call a spade a spade. You are a crook who’s method of operation ends with hurting others far and wide. Your means of carrying out your embezzlement happens to be dilapidated homes.
You do not need to warn anyone of what they should not do.
Most people KNOW what we should not do. We know we don’t get a liar loan with undisclosed cash back for repairs, and then go blow the money in Vegas. Blowing the money was your intention from the get go. You had no intention to even pay a first payment. This is not a mistake! You planned it. You didn’t care who you hurt. You are selfish.
You said “I just want to do something positive with all this exposure. Show people what NOT to do in real estate… maybe help other people facing foreclosure… that kind of stuff.” You are such a liar. All you care about is yourself. By saying this statement, you are revving up for another scam.
Honest people FALL on hard times and go into foreclosure, which is different to your situation. You are foreclosing because it was planned. You never intended to make any payments. You thought you could foreclose and walk away with a bag of hidden cash. Nice, quick, lazy way to riches, by ANY MEANS, huh? (Jail for you, 20 years and 2.5 mil fines.)
Your intention was to foreclose when you milked it for all you got or to scam some sucker with a sale for an over-inflated price. You knew the market had crashed but carried on with your illegal scam anyway. You are incorrigible. How dare you look to us for sympathy.
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Free Advice
November 25th, 2006 at 11:53 am
Big Cheese:
I’d prefer an iamfacingforeclosure.com commenter’s doll with phrases such as:
1. I can’t afford a house because of you
2. Working hard is the only way to build wealth
3. My [variable measure of masculinity] is bigger than yours
4. I told you so
5. You idiot, file for bankruptcy!
6. You idiot, you can’t declare bankruptcy!
7. Rent the houses!
8. Don’t rent the houses!
9. You’re scum!
10. I’m glad I’m not you!
11. Your wife will divorce you
12. Look what you did when you were 14!
13. Rot in jail
14. Don’t rot in jail, just kill yourself
15. I’m rich, you’ll never be
16. Honor the contract you made in Phoenix
17. Don’t honor the contract you made in Phoenix. Post it instead.
18. Why did you buy at the top?
19. Your houses are crappy
20. Your loans are crappy
20. You’re crappy
21. Once a scumbag, always a scumbag
22. Be creative and innovative — like me!
23. Don’t be creative and innovative — like me!
24. Your religon sucks
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Tim
November 25th, 2006 at 11:57 am
Casey,
Congratulations. You are now one of over 1,500 listing in various states of foreclosure in the Sacramento area.
You don’t own this house - it owns you. You’ll never sell it.
I don’t think bankruptcy should forgive people for making these kinds of mistakes, but this is your only out.
By the way, your bible quoting is totally appropriate. People usually look to religion when they get caught cheating on their wives or arrested. You’re a hair’s breadth away…
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rofl
November 25th, 2006 at 11:57 am
LOL @ Big Cheese
I want a Casey doll! Wearing little tiny khaki Dockers and a blue shirt!
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walt526
November 25th, 2006 at 12:35 pm
@ Alex Goldfarb:
Not believable. The assassination you mentioned was an actual success. Had Casey been involved, the poisoning would have given the guy a minor stomachache at first, but in the end would have turned out to be a miracle elixir that allowed him to live forever and give him magic superpowers.
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HungryBear
November 25th, 2006 at 12:59 pm
The term “Liar’s Loans” as a colloquial synonym for stated income made the Wall Street Journal today. IMO, it is now highly unlikely that a lender could sue a borrower for fraud based on overstating their income on one of these loans.
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Jamba Juice
November 25th, 2006 at 1:03 pm
Big Cheese:
Great product idea! I don’t know if I’d pay $50 though. Maybe the package could state that it’s worth $25, lists at $50, with an option to take over payments for $80 (with $20 cash back at closing).
Don’t forget these other Casey-isms:
“It’s a win-win.”
“I’m ready to go full speed ahead. Where do I sign?”
“Please void the contract.”
Maybe I’ll make a Casey Serin soundboard using audio clips from the videos.
Chris Johnson:
You make some interesting point’s. I too would like for Casey to not loose his cool and loose out on any sweet opportunitie’s. Casey stick to your losely structured plan for financial recovery.
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Scamp
November 25th, 2006 at 3:03 pm
Are iamfacingbankruptcy.com, iamfacingdivorce.com and iamfacingjail.com available?
Cause I see this blog heading over there.
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Cara
November 25th, 2006 at 3:04 pm
False Profits, are you trying to be funny? What do the big liars have to do with Casey’s lies and bad decisions?
He committed fraud. He hoped to get away with it by selling the houses quickly, but it bit him in the ass. If he’d had two houses instead of six, he might have had a prayer of pulling it out. But no–one success (the condo) and he thinks he’s found the secret. Everyone else is just stupid, working for wages. “Let the money make the money” and all that. The difference between Kiyosaki and Casey is that Kiyosaki is selling a made up story to greedy, lazy people instead of REALLY buying (and trying to sell) real estate.
Oh, wait…
Anyway, does anyone get to stop being responsible for his actions just because he took bad advice, or took good advice and put his own stupid spin on it?
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Scamp
November 25th, 2006 at 3:14 pm
http://www.businessweek.com/co.....misery.htm
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Wealthyboomer
November 25th, 2006 at 4:20 pm
I don’t see how Bankruptcy will really save his ass. As soon as it’s revealed that he ‘fraudulently’ obtained the mortgages, he will still be left on the hook for any losses there.
His unsecured debt (credit-cards), might get cleared off, unless the credit grantors show up at the Bankruptcy hearing and protest it claiming ‘fraud’ as well.
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Big Cheese
November 26th, 2006 at 7:01 am
Casey,
I wrote a few comments as a follow up to this topic and all are erased. Don’t throw the baby out with the bathwater for Heavens sake!
Big Cheese
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Rancid
November 26th, 2006 at 10:26 am
Especially that he has now admitted that he may be claiming bankruptcy (dated comments) and yet he continues to charge out his cards. Way to go Casey! It will be obvious to the judge that he had no intention or way to pay back all his recent expecditures when he made them.
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You are a liar and a thief
November 26th, 2006 at 10:36 am
BK relieves him of the debt NOT the fraud. That is half the battle now. The longer he waits the worse it’ll be. He is a scammer and needs to change his ways. He has no idea how to be honest. I mean rigorously honest. Just because people get away with scams, doesn’t make it right. It WILL come back to bite you.
Learn to be honest Casey.
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You are a liar and a thief
November 26th, 2006 at 11:22 am
Let’s bring this out in the open Casey. Your father in law says you borrowed from everyone you know to the tune of 30k without paying it back. Where is all this money? Are you gambling? Are you on drugs? Or are you just plain psycho who has no concept of the value of money?
You are a prime example of how to charm your way in and out of peoples lives.
Charm is your arsenal. People you owe money to are your victims.
And I don’t mean the banks.
Again, this is no mistake or bad decision.
You never planned to pay anyone back.
You have a “sense of entitlement” problem
so rampant in your generation.
You are incorrigible.
In order to protect the innocent, you need to be locked up.
Your charm has led people to believe you are decent, but you hide your true motives behind this charm and behind religion.
You hide behind a soft demeaner to scam others out of their HARD EARNED money.
Ted Bundy, the notorious serial killer, was charming too.
Tic Toc said the clock.
It is a matter of time now. Clang Clang go the doors of prison.
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TOo FUnNy
November 26th, 2006 at 6:01 pm
HeY,
I have a great idea!!! Why not send all of your friends a letter that if they each send you money, in turn you will make them 24 %?
Here’s another one. Send out a chaim letter that everyone in the world needs to send you a dollar.
Here’s a truly brilliant little gem. GO and buy alot of houses, lie on the applications, fraudulently inflate the values so you can pull out phony equity, run up $150,000 in unsecured debt and fly to Hawaii and live off the money,while refusing to work. All the time profess to be honest and promise to pay it all back!
Then start a blog about it..
Nevermind. It’s been done.
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Free Advice
November 26th, 2006 at 6:45 pm
Especially that he has now admitted that he may be claiming bankruptcy (dated comments) and yet he continues to charge out his cards. Way to go Casey! It will be obvious to the judge that he had no intention or way to pay back all his recent expecditures when he made them.
Then the judge will be MORE likely to grant the petition, not less.
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Big Cheese
November 26th, 2006 at 7:18 pm
BT 98 and Jamba Juice,
Thanks for your additions to the list.
Jamba Juice, if you are able to make any decent soundbites from the video clips let me know.
-Big Cheese
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Fraud
November 27th, 2006 at 10:44 am
To Big Cheese.
That was FUNNY! Oh man, you caught on to every bit of Casey’s contradictions.
I love the “pay back every dirty penny” part. Every time I see Casey saying this, I think to myself: Those were very clean pennys before Casey stole them from the banks.
Yeah, after Casey crapped on the money, those nice clean pennys are now dirty alright.
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Fraud
November 27th, 2006 at 11:11 am
You guys are killing me with the Casey Doll thing. It’s too funny!
I really like the ability to pull out the limbs from the doll.
The one thing I would suggest is that the doll first say “I need your help” then follow it up with a random quote.
We need the whote Casey family line-up. I like to see the rich dad doll, the in-laws dolls and Bubba the Doll.
Bubba the Doll quotes:
- You have a pounding headache? Come over here - I’ll fix that”
- I want to flip you baby.
- Let me show you my dirty penny.
- Here is my verision of Bloggin.
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Big Cheese
November 27th, 2006 at 7:51 pm
Fraud,
That is just too funny. The Bubba doll is a bit too much. LOL.
I like the pre phrase ‘I need your help’.
What do you think Casey? It’s an opportunity to explore the lighter aspect of your story?
Big Cheese
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Rancid
November 27th, 2006 at 10:13 pm
Especially that he has now admitted that he may be claiming bankruptcy (dated comments) and yet he continues to charge out his cards. Way to go Casey! It will be obvious to the judge that he had no intention or way to pay back all his recent expecditures when he made them.
Then the judge will be MORE likely to grant the petition, not less.
Please reread the post and realize what you are saying..so if a person is going to declare bankruptcy, it is ok for him/her to charge up card to the max since they will be let off the hook? Free advice..you are an idiot, you have always been an idiot, and you always will be an idiot. Your husband better hang on to you tight before someone else snatches you up…..diamond that you are.
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Wait a Minute
November 28th, 2006 at 6:29 am
Free Advice,
That about sums up the value of your comments.
Are you really Mrs. Serin?
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Cow_tipping
November 28th, 2006 at 9:59 am
Free Advice Wrote :
November 26th, 2006 at 6:45 pm
Especially that he has now admitted that he may be claiming bankruptcy (dated comments) and yet he continues to charge out his cards. Way to go Casey! It will be obvious to the judge that he had no intention or way to pay back all his recent expecditures when he made them.
Then the judge will be MORE likely to grant the petition, not less.
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
The judge will be likely to grant Casey the petetion, while at the same time giving the creditors that casey intentionally frauded full access to casey. As in, he cannot get more $$ on credit by being bankrupt, and the ones he defrauded (as in everyone, more than likely) gets to garnish and tarnish if in fact he avoids jail.
Heck the future for casey looks bleak, pay up the money he defrauded while not borrowing more or he goes to jail. Lets say the lenders press charged for fraud. He’d get 25 years. They could easily get the judgement suspended as casey makes good on the shortfall. More than likely … in the course of his life time, a 1/2 million will be garnished out to cover the shortfalls as casey avoids jail. I know of one case where the one and only member of a outfit that committed a crime, avoided jail because her offence was the least, and the judge made her pay restitution for the whole deal. was only 3000 or so, but the other criminals were in for much worse offenses, and she either had to serve 1 year or so in jail or pay 3K. I think that is what I’d do it I were a lender in your case.
The good news though, we are going to be comming on some serious inflation, these shortfalls will be set at very low interest rates. If Casey decided to get to work, I mean serious hard hard IT type work, where you could put in 70 hours time a week, and charge 70 bucks an hour, and like like a beggar, and worked on it for a few years, the inflation that is going to decend on us, the dropping dollar, the un attractiveness of working in America for foreign born nationals in IT etc etc will let him pay it off in 5-8 years …
Cool.
Cow_tipping.
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Free Advice
November 28th, 2006 at 3:18 pm
Cow_tipping:
I think you have to divide up your thinking into two courtrooms.
When you file a petition for bankruptcy, the bankruptcy judge does all he/she can to make sure that bankruptcy laws are followed. That means weighing the lender’s interests against Casey’s. If the lenders don’t show up, well, that’s the lenders’ problem. If they do, and claim criminal fraud, then the fraud matter will be dealt with … in another court.
Why? Because everyone accused of a crime has the right to a trial in front of a jury before one is convicted of that crime. Then, assuming a conviction, a criminal court judge will decide the sentence. If the defendant agrees to make restitution, then the judge may or may not be more lenient.
In the real world, lenders probably wouldn’t influence sentencing much at all. What if Countrywide is willing to be lenient while MBNA wants the max?
Oh, by the way, when your dollar falls, it’s because fewer people want dollars or notes denominated in dollars. Unless you’re willing to pay your note off in expensive Euros, what you do you think that will do to interest rates in the U.S.?
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Big Cheese
November 29th, 2006 at 7:01 am
Where are you from Cow Tipping? You say cool all the time so you must be an American. So aren’t your dollars falling also?
Big Cheese
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