I opened the certified mail and I find a Notice of Trustee’s Sale for the Dallas Property! And it’s coming up soon - November 7th! Only 12 days left!!
They are not kidding when call the 21 day foreclosure process in Texas “Sudden Death” as compared to foreclosure process in other states. Here are the details of non-judicial foreclosure in Texas from ForeclosureLaw.org:
1. Prior to proceeding with a foreclosure, Texas laws state that the lender must mail the borrower a letter of demand, informing the buyer he has twenty (20) days to pay the delinquent payments or foreclosure proceedings will begin.
2. At some point after the borrowers twenty (20) days have expired, but at least twenty one (21) days before the foreclosure sale, a foreclosure notice must be: 1) filed with the county clerk; 2) mailed to the borrower at their last known address; and 3) posted on the county courthouse door.
3. The foreclosure sale must take place on the first Tuesday of any month, even if said Tuesday falls on a legal holiday, but only after the proper preliminary notices have been given. The sale is on the courthouse steps by auction to the highest bidder for cash. Anyone may bid, including the lender, who bids by canceling out the balance due on the note, or some part of it.
Lenders may obtain deficiency judgments, but they are limited to the difference between the fair market value of the property at the time of sale and the balance of the loan in default.
I got the demand letter letter for Angleridge Dallas House back on August 31st. It said I have 30 days to bring the loan current or they will start foreclosure. Looks like lender waited 2 more weeks and filed the notice of Trustee Sale on October 16th. The sale date is the first Tuesday of November (November 7th, 2006). From October 16th to Nov 7th is 23 days. I just opened the letter today, so I really just have 12 days!
That NYC buyer better close quickly! Good thing the realtor issues have all been worked out via my friend’s loan and the buyer opened escrow. We got escrow but no closing date! The buyer tells me we’ll close it soon but is not giving me a date!
Contract expired, but I’m still hoping…
The Dallas closing has been a long process of negotiation and changing contracts like 2 or 3 times. The latest version of the purchase contract specified the close will be 10 days after acceptance. It has already been 16 days. I guess, I’m technically not in contract anymore. But I’m still hoping the buyer will come through. I have a good feeling about him.
I contacted the hard money lender to ask for an extension. He pretty much refused to extend. Though, he did say I can also try talking to the foreclosing attorney. Sounded like a way to get rid of me.
I mailed a copy of the Notice of Trustee’s Sale letter to the New York City buyer and he said “I’ll talk to the lender”. We’ll see what happens.
Deed-in-lieu?
I also asked the lender if I can do a deed-in-lieu of foreclosure. He asked me “Why?”. Keep in mind, I have already asked him about it a couple of weeks ago and he seemed to have agreed to it. I told him if the buyer doesn’t close I will want to go with deed-in-lieu right away. So I was a bit surprised by the question “Why?”. The lender either forgot or changed his mind.
So, I told him: “I want to deed you the house to protect mine and my wife’s credit from foreclosure”. After a little more conversation, he said he will check title tomorrow and get back to me about it. He wants to make sure there are no other liens on the property.
Should have never put her on…
Man, do I wish I would have never put my wife on that loan! I managed to be the only borrower on all my other houses. However, on this one, the hard money lender insisted that we both be on it. I didn’t want to say NO because it probably would have cost me the deal. I only had a week to close on it.
I am also wondering if the lender reported the late payments to the credit bureaus… If it has been reported, my wife is NOT going to be happy. She has never missed payment before on anything!
I am Officially in Foreclosure!
The other certified letter is a Notice of Default for the Muncy Modesto property. Page 1, Page 2.
But it’s not as urgent. The California foreclosure process gives me almost 4 months before the trustee’s sale. More on that later.
So I am officially in foreclosure on two of my properties. The time is ticking… fast.
109 Comments
October 26th, 2006 at 3:58 pm
It’s been a while since I last visited your blog. I am a little disappointed for not seeing comments from Randy_H, Robert Cote’, SQT, astrid, etc. Harsh but thoughtful comments from those guys.
Well, here’s a website that you may find it useful for your situation:
http://www.SaveMeFromForeclosure.com.
October 26th, 2006 at 3:59 pm
Thus it begins.
October 26th, 2006 at 4:03 pm
Kiss your NYC buyer goodbye. Why buy from you when he can get it cheaper at the foreclosure sale?
October 26th, 2006 at 4:11 pm
“I didn’t want to say NO because it probably would have cost me the deal”
Well..at least you got the deal!!
You are a dumba**
October 26th, 2006 at 4:22 pm
Well, I guess that’s a lesson learned - urgently open mail marked ‘urgent’ (and certified) !
October 26th, 2006 at 4:31 pm
You are obviously fooling everyone from the media to the masses. I do not believe a bit of your stories…You are creative I admit. You might succeed on selling the homes you proclaim are facing foreclosure. I guess you created a new way to sell real-estate. Bravo!
October 26th, 2006 at 4:34 pm
It’s “High Noon” for Casey…
I think I opined some time ago that the NYC buyer would pay exactly $199,3xx for the property (i.e. your outstanding loan balance + late payments). But perhaps he’ll end up paying even less than that come Nov. 7?!
Or perhaps he won’t show up at all…
Perhaps the NYC buyer is just a ’shill’ planted there by the hard-money lender who secretly want to obtain your property for 30% under the market and re-sell it themselves? Perhaps he was just there to waste your time while the 21 days for foreclosure expired.
It could all be a giant conspiracy!!
Looks like the viral marketing campaign will have its first test in a couple weeks. Can Rich Dad’s magical “system” defeat the Texas foreclosure system in sudden-death overtime??
October 26th, 2006 at 4:35 pm
HOLD ON — BEG, BORROW or whatever. The market is turning. See Business Week article today at http://msnbc.msn.com/id/15416909/
recording how economists who were cool to the housing market now changing opinion. Consensus builds that a bottom has been reached. People gotta live somewhere. From the pictures, your houses look like gold. You are walking away from a fortune that would put you on easy street for life, and you are so young.
October 26th, 2006 at 4:43 pm
This development on the Texas home certainly can force your hand on declaring bankruptcy. Barring a quick sale, bankruptcy is the only way to postpone foreclosure on this house.
Considering what you’ve said about this house elsewhere and that you have a hard money loan on it, it may not really be worth saving.
I hope your New York buyer pulls through.
October 26th, 2006 at 4:44 pm
So were you going to get any money out of the Dallas house if NYC buys it? It looks like there’s a $195K loan with probably $10K of additional fees interest etc…
The place should sell pretty easily at $210K if it’s really worth $250K or more…
Is the bank required to give you the “extra” if it sells for more than the loan?
October 26th, 2006 at 4:53 pm
Who gives a rat’s a**?
You got owned.
Here’s a big f-ing boo hoo hoo to you!
October 26th, 2006 at 4:53 pm
Every great saga has a beginning.
Every great house that shan’t have payments made to debtors shallst be foreclosed upon.
Use the force, young Casey.
October 26th, 2006 at 5:00 pm
A tip: prehaps you shouldn’t be announcing the actual foreclosures on this site. You are shooting yourself in the foot because once the properties are foreclosed it is likely you’ll get less.
October 26th, 2006 at 5:05 pm
I’m still betting on you. Ignore the haters. Keep trying to make it right. We don’t have debtors prisons in this country. And by the grace of God, you will outlive your credit report. I know it doesn’t make for exciting commentary, but you have your faith, your health and your family. It’s ugly when we fall in our own crap. I know. I have. I also made a very healthy amount of money in RE. So hang in there. Know this sounds like a mom (cause I am), but that doesn’t mean I’m not right.
October 26th, 2006 at 5:19 pm
I agree, the NYC buyer is history. In fact, I’ve been thinking he’s probably stringing you along for some time.
For all your supposed education, you still don’t seem to understand how the business world works. People don’t try to help strangers. If they sense somebody’s in trouble, they’ll try to press and take advantage as much as possible. That’s why this blog is such a bad idea.
As a seller, you never want to seem desperate. Ideally, you want the buyer to think that the sale is an optional thing. “Yeah, I have the house on the market to see what I can get. If I get my price, I’ll move, but I don’t have to” is going to make people think about bidding up. “I need to sell right now at any cost” just brings out the lowball offers.
Welcome to reality.
-btc
October 26th, 2006 at 5:22 pm
Yeah, I agree with yougottabekiddingme. What incentive does the NYC buyer have now to buy from you when he can just wait for 12 days? Or he could wait until a couple of days before the courthouse sale and make a lowball offer that you’ll be desperate to take.
I was trying to think of the most desperate situation I was ever in. It would have to be when I was trying to move my apartment contents from the East Coast to the West Coast over a weekend so that I could start a new job on Monday. You know, I shouldn’t have waited until the Friday before to try to rent a van and get my friends to help and I’m pretty sure I didn’t need to tell the rental truck company that I was desperate for a truck. Anyway, I’m definitely sure I didn’t have the time to blog about my situation.
That was about 1/100, no, 1/1,000 of the mess that you’re in. You actually have the time to post to a website, upload pictures, read comments and respond, scan images, and still go to the gym? How much speed do you take?
October 26th, 2006 at 5:22 pm
Cue Mahler, and let the games begin!
October 26th, 2006 at 5:31 pm
Too bad it’s the TX property. Looking at the numbers: Payment 2270, 2874 square feet, worth $275,000 and a possible rental income of $1800 per month your costs are only $470 negative per month. You could have handled that with income from a real job and get some appreciation eventually. But, don’t mess with Texas as they say.
October 26th, 2006 at 5:31 pm
Can the bank decide to forclose after the first missed payment? What’s the normal process for determining when to foreclose?
Catch a Gideon
October 26th, 2006 at 5:33 pm
BORINGGGG! Get back to the exciting details of your story, Casey! You’re losing your core audience man!
October 26th, 2006 at 5:34 pm
Casey, now that you have a following, shut down the blog, write all this and what happens next in a book, and sell the darn thing. This is like a soap opera - everyone’s waiting to see what will happen.
October 26th, 2006 at 5:39 pm
You should read up on John T Reed - one of the FEW honest RE experts. He’s way conservative though and you won’t want to hear what he says. He uses words like ‘hard work’, ‘down payment’, ‘no negative cash flow’ and ‘cap rate’. The gurus just pose in front of ferraris.(and hot chicks!!) hahaha.
Here’s an idea: Combine GIRLS GONE WILD with GET RICH WITH NO MONEY DOWN IN RE and sell some tapes/books/vids. If your paying 15k for worthless unworkable ideas that will bankrupt you, you should at least get some porn in there!! AM I RIGHT OR WHAT???
Anyway,
Rotsa Ruck, very entertaining.
October 26th, 2006 at 5:42 pm
Stop, Stop, Stop, You’re Killing me!! Oh God, Oh God, please no more posts! My sides are spliting, I’m going horse laughing soooo much!
Casey, you are the best train wreck on the net!
PS: I know the stats on your blog are impressive at the moment, but just wait a few more weeks, once your pathetic story draws to its inevitable conclusion, we’ll all abandon you for the next new, new thing.
October 26th, 2006 at 5:42 pm
This bum isn’t making a cent on a book or movie deal..he does either and I’ll have it out on the internet for FREE in a matter of days….
October 26th, 2006 at 5:56 pm
If I may say, you making an appearance in the comments of your last missive was exactly what the doctor ordered. Naturally I would like to take personal credit for this turn, but of course cannot, as several others suggested the same thing. However, let me bask quietly in the knowledge that I perhaps made a small contribution to this very sensible decision.
And Gott in Himmel man - your responses were 10th-dan verbal ju-jitsu! It’s obvious that while your business skills appear to be rather undeveloped, your verbal/social skills are rather too developed, if you follow me. D*** it man, your psyche is completely lopsided! I admit, I’ve never seen anything quite like it - perhaps you have a previously undiscovered form of autism, some kind of special condition that on the one hand makes you oblivious to cause-and-effect, natural law, and even good old common sense, and on the other allows you to survive - even thrive, in a perverse way - where others would perish. God’s Holy Trousers, my good boy! You have a stack of bills as high as the leaning tower of Pisa and you want to do lunch with total strangers! Naturally I am a skeptic when it comes to the Freudian witch-doctory, but your case makes me want to thumb through old man’s writings once again.
Of course, there is just enough spice in your responses to keep us coming back - and here we are, looking down the barrel of your latest disaster. When I previously suggested keeping the pot stirred, I never realized how many steps ahead of me you really were. I am chastened! Imagine, *me* giving advice to *you*! The sly “I should try applying for some credit right now…” buried deep within hundreds of words of responses clearly designed merely to amuse, is an absolute gem, the sort of reward those of us who carefully parse your prose can only hope for. It is a masterstroke that leaves me slack-jawed. I must ask: do you simply “intuit” this sort of thing, or is it conciously “reasoned” through brain structures unique only to you?
The implication (as others have suggested) is that not only do you have an ability to walk tall where others would crawl in shame, but there may be an evolutionary bias towards you (and your “type”, of which I suspect there may soon be many) that could have a profound affect on actual human development. When poor Australopithecus Afarensis (look it up) did something dopey he got eaten by a sabre-toothed tiger or some d*** thing and that was that - his stupidity genes died along with him. He couldn’t blog about it, that’s for sure. You, on the other hand, set yourself on a course of action that only a few years ago would quickly have reduced you to living in an alley trading access to your fundament to derlicts in exchange for sips of some refreshing sterno, but in our times the outcome is… well, so far, so good. Of course, it could all end in tears, but something tells me that no, between your crazy optimism and the temper of the times you’ll get out this yet. You are akin to Buster Keaton, or Charles Chaplin, blithely stepping off a rooftop only to step on to a skid being raised by a crane. Keaton would do it while sipping tea, you while clicking a mouse and undoubtedly listening to some racket or other on an “i-Pod”. Of course Keaton did this while acting out carefully staged fictional scenes, while you… but I digress.
Let me cut to the chase. Ladies and gentlemen, it may be too early to say, but I submit to you that Casey Serin represents the next stage in the “development” of the species! Mark this date in your calendar… it is a kind of devolution! As they used to say in “Spy” magazine, at this rate our grandchildren will have gills. The Casey’s of the world will swim their way through steamy waters of the New Paradigm while us befuddled old air-breathers, goggle-eyed and apoplectic, drown.
Yours, In Deep Sincerity.
PS. I am glad you have chosen to distance yourself from the sub-ridiculous Frey character. Don’t worry about the use of the word “hater”, as using it serves as a kind of touchstone for an entirely modern and thoroughly Manichaean (look it up) world-view without which you’d be completely lost. And of course the most serious objection to Frey’s work was not its veracity (about which only those who simply are not candidates for the understanding of literature (cf. Oprah) care), but rather his appalling and tedious writing, with its flat, jejune characterizations, moronic use of capitalization, mawkish self-pity tarted-up as insight, and all the rest. Rest assured young man you are Proust compared to him.
October 26th, 2006 at 6:09 pm
Whatever you do, don’t stop blogging. And don’t leave out ANY details. You have me absolutely hooked on this site.
October 26th, 2006 at 6:17 pm
you need to buy as much silver as you can (on credit), load it up into your honda and head for the hills. you can always bury the silver in teh woods to hide it from creditors.
October 26th, 2006 at 6:18 pm
HN,
You’re welcomed to visit with us at Patrick’s blog. There’s now even an offshoot food blog @ greencrabs d0t blogspot d0t com.
October 26th, 2006 at 6:22 pm
Dude, I’d love to see a redacted version of your credit report in a while. I’ve never seen one with five foreclosures on it before and I have seen many. If you put up a PayPal tip bucket I would gladly send you the $15.50 Equifax takes for their credit report plus score.
October 26th, 2006 at 6:23 pm
why do you think this jack### is still doing this. i seriously wonder if this hasn’t been a front the whole time. making a ‘true to life’ movie or something. NO ONE is as stupid as this Casey fellow. he is losing so much money and making a possible jail sentence longer. Can you goto the lenders right before the end and say ‘hey this was an elaborate scam here is all the money for the loans i was fronted by hollywood for this to get some ….f*CK i don’t know but he truely is stupid if this is fully legit and he doesn’t have someone backing to pay the loans off at the last minute to avoid jail, etc. done with this. either we see his name in the paper for criminal charges or as this being a very elaborate scam.
October 26th, 2006 at 6:26 pm
Oye. Maybe the young Mrs. Serin should take a leave of absence from school to sort this stuff out. No point sweating over potentially meaningless exams.
(and maybe she’ll do some blogging now? greencrabians are eager to share fast and cheap recipes with her…I’m personally workng on the “2 meals out of one ramen package without water, gas or electricity” recipe…or will Mrs. Serin speaks be reserved for phase three of whatever this blog turns out to be?)
October 26th, 2006 at 7:13 pm
Builder Pulte Homes CEO was on Mad Money Cramer tonight (I was watching him while I was reading “America’s Bubble Economy” which is better than Cramer) and EVEN the CEO from Pulte Homes stated they have not reached the bottom and Cramer advised to sell Pulte’s stocks. Damn this is getting good. Casey just like I said before, get out of this, take the hit on credit, and try again in the bottom. I can’t imagine they seminar idiots don’t have “timing” as their headlines.
PS. Remember weeks back when Cramer said home builders bottomed? Good call.
October 26th, 2006 at 7:20 pm
I encourage everyone to re read the old posts. Focus on the hints for viral marketing.
Read the ’staged blue ball’ post closely where Casey sets us up for the “come back” of a lifetime. Read as “Dustin” hints of the upcoming “come back”.
Read the $3000 “come back” post. That was the beginning of the “come back”.
People, wake up. He is making money from the interviews, the ads, and from whatever other scams he has going. Hell, he even admits he staged photos after he got caught. It’s all about the presentation, the sizzle, the “juice”.
He wants to “help newbies”, he wants to have “integrity” in “telling his story”, he wants to “pay back every dirty penny”, he even set up his own website for others to “learn from his mistakes” at ablebuyer. He admitted that no one did a comprehensive check on his story. Not NPR, USA today, NO ONE.
The BS meter is sooooo far off the scale it’s not funny.
Anyone want to bet that the “Rich Dad” saves his a** from foreclosure in the nick of time?
October 26th, 2006 at 7:50 pm
re: “Consensus builds that a bottom has been reached.”
LOL! The slide has barely just gotten started. These so-called “experts” always come out along the way and declare a bottom. Eventually a few will be right but not anytime soon and not this spring either(hold and hope).
At least they soothe the fears of the bagholders on the way down.
October 26th, 2006 at 8:12 pm
I am quite certain that you are bi-polar, and that you are currently on one of your “highs”. Your foreclosure blog is so giddy and hopeful, it’s almost as though you’re in high school writing about an impending date with a cheerleader.
Some posters believe that you are a meglomaniacal con artist, but I have seen enough Jerry Springer to understand that there are sociopaths galore who are looking for their fifteen minutes of fame. The clock, however, is ticking. I am starting to find you trite and dull.
Where is ANON when we need him? He is 98% of the reason that I check this blog.
October 26th, 2006 at 10:06 pm
Casey’s constant refusal of sound advice is stunning, and somewhat frustrating. I return only to see how far he falls. If this is fake (all signs certainly point to it being staged, except the public records), then I don’t know… good show?
Anon needs a blog. It would be a pleasure to read.
October 26th, 2006 at 10:42 pm
OWNED!
AND1
October 26th, 2006 at 11:03 pm
Casey,
How’s the mentoring going? What is rich dad telling you to do? How is he helping you?
How’s the bird-dogging going? Any good leads?
October 27th, 2006 at 4:12 am
LOOKS LIKE YOU WILL NEED A GOOD DIVORCE/CRIMINAL/REAL ESTATE LAWYER. I WISH YOU WELL IN PRISON…
October 27th, 2006 at 5:57 am
The NYC buyer would never buy from you. Now that you have posted this on your site you have made it easier for him to offer a bid in Texas… I doubt he would waste his time on the property.
Why do you bother to blank things out?
October 27th, 2006 at 6:13 am
Original post: Officially in Foreclosure: 12 Days Left for Dallas House! by at Google Blog Search: california foreclosure Blog tag: California foreclosure Technorati tag: California foreclosure
October 27th, 2006 at 6:14 am
One last comment…
I think your blogs need info about WHAT YOU ARE DOING.
Not what is happening.
We all know you are pwned - what will make things different is what YOU are actively doing to “change the tide” in your mind.
In your case, all we can determine is that you are three feet away from a Tsunami Wave and taking pictures of it.
October 27th, 2006 at 6:26 am
You belong behind bars, buddy.
October 27th, 2006 at 6:39 am
Don’t worry Casey…if I do pirate your stuff..I’ll be sure to “pay back every dirty penny!!!!”
Lol!
See, the difference is that I am just threatening to do something illegal..you on the other hand already have..so get off your high horse scumbag.
October 27th, 2006 at 6:48 am
“you’re telling me if I write a book that shows you IN DETAIL exactly how I borrowed 2 mil and bought 8 house in 8 months with no money down, you wouldn’t want to buy it.”
Um, back in the housing boom anyone could do it, so what do you really have to offer? I know waiters who were buying or investing in 500K home. You also did it illegally..what next genius..a book about how to rob banks?
Thanks buddy. Have YOU ever taken a risk? Doesn’t sound like it… you probably play it safe so that nobody can make fun of you when you screw up? Failure is a prerequisite of success. The goal is to minimize the failure with better risk management… I need to learn that part still.
I make 225K a year, and I take a risk everyday I work..so just because I’m not stupid enough to tell my story on a blog like you, don’t assume that you know me..my financial situation, or how I live my life. Yes failure is a prerequisite of success…but because of your greed, you just put yourself out of reach of success for a long long time..I don’t care how many gurus you quote, how much anecdotal evidence or stories you can come up with..the majority of people will not come out of the hole you put yourself in…and don’t think you can because you’re special..frankly..you are as average as they get..in fact below average..since
1) You have 140k in credit card debt (avg is like 10K)
2) You owe 2.2 million to banks (I don’t think most people do)
3) You are definitely below average in intelligence
October 27th, 2006 at 7:18 am
What pisses me off most about you, and why I am a “hater” is you don’t seem to learn. You’re like the retarded mouse that tries to get the cheese after being electrocuted 150 times. If you made a mistake, f’ed up really badly, but you learned it would be different. You’re buried in debt and yet you’re still buying into the easy money real estate myth. Everyone, sans real estate scammers themselves, have tried to help you see the light. But you just keep believing. If you want to waste more money, I hear Scientology is looking for new members.
One last thing. You characterize everyone who “hates” on you as never having taken a chance with life. Have you ever heard of “calculated risk” before? What you did wasn’t taking a chance, it was just plain stupid.
October 27th, 2006 at 7:39 am
I don’t think this blog is real, but I wish it were.
Your dispair would bring me A LOT of joy.
I will raise a cup tonight to your misfortune and to hoping things get worse, Mr. “I would never make a living on a dishonest way, oops, wait, I lied on my loans.”
October 27th, 2006 at 8:16 am
Last week I spoke to someone like Casey. Someone who can no longer pay the mortgage after being laid off as a kitchen installer due to the housing construction slowdown. He cannot find a job that will pay the mortgage, he’s already 2 months behind, he can’t sell because nobody is buying. He might face foreclosure in 60-90 days. He’s got a 45 he says and he will use it. Now that is scary.
October 27th, 2006 at 8:37 am
I am one of those “vulture” investors that send you so much junk mail. You can’t begin to imagine the diversity of people who find themselves unable to make their mortgage payment. There is no demographic unaffected. It’s not necessarily a social ill, unless you count the instances of families paying medical bills before their mortgage a casualty of our lack of adequate health insurance.
And as you can tell from the comments on your blog, there is no small amount of emotion from those who feel superior sitting in the peanut gallery. But trust that there are some good people who find themselves in a tough situation, well intentioned people who did dumb things, and credit criminals who know how to work the system. I’m not going to pass judgement on your situation as I only know what little I’ve read here, but I certainly wish you the best. The only advice I can offer is to continue doing what you’re doing - face your creditors and work with them through the process. Things will work themselves out, even if that means sale of the properties at auction (not the best outcome, but not the worst either).
BTW, as far as your credit is concerned, the damage is done. It doesn’t matter if the property goes to auction, there is nothing worse than a mortgage that is 120 days late - doesn’t matter if you’ve received an NOD, and it doesn’t matter if the resolution of the adverse credit is a sale at auction. Once that tradeline balance is reduced to zero, by whatever means, your credit will start improving, though you will really need to wait 24 months or so before subprime lenders will lend you much money with 120 late on your credit report.
October 27th, 2006 at 8:44 am
Dude.
You are one greedy dumba$$.
You have ruined your credit and you ain’t even 25.
However, you should have never been given the rope to hang yourself with, being that you are young and stupid.
October 27th, 2006 at 9:07 am
Look you’re in the paper again today! And now they even have a cute terms of endearment for you, “The Notorious Loser”
http://sfgate.com/cgi-bin/arti.....llloyd.DTL
The Notorious Loser… That could be your theme song Casey.
PS: They have lots and lost of BLUE BALLS you can (and will be) sitting on in prison Casey!
Hahahahahhahahahahahahahahhaahahaaaaaaaaaaaaaaaa!
October 27th, 2006 at 9:17 am
“And my Rich Dad is not really helping me with any of these foreclosures… in fact is not helping me very much at all right now. He kind of expect me to go out there and work and bring him some deals. Not as much hand-holding as I thought.”
To quote that annoying parrot in Disney’s Aladdin, “Why am I not surprised”?
Like I said, you’re being totally exploited. At least a real job might actually pay you something.
October 27th, 2006 at 9:21 am
anon:
You’re James Wolcott, right?
c’mon, you can tell me
October 27th, 2006 at 9:26 am
Patrick’s website is patrick.net. His blog is patrick.net/wp.
It’s almost unfathomable that you couldn’t find it. When I did a Google search for “patrick” and “housing”, it was the first thing to pop up.
October 27th, 2006 at 9:30 am
I have to agree with Legion’s assessment. There are plenty of fools who took on huge RE mortgages relative to their income. Indeed, links to more extreme stories have been posted on this website. The main difference is that those very screwed flippers didn’t start a blog about it AND publicly admit to fraud.
October 27th, 2006 at 9:31 am
>> I *did* try to use positive exposure on this blog to his investment company as a bargaining chip, but only if he truly helps me out. But I don’t know if that’s going to do it for me. Thing is that, if he is a good person, he will stick to the contract and follow through without any extra insentives.
You continue to have a very naive view.
Investment isn’t about being a good person. Obviously it’s best not to be unethical, but nobody with any degree of success is doing things out of “goodness” only mutual advantage.
The exposure on this blog is not a positive from the perspective of selling your properties. Advertising in a way that says “I’m desperate” is never a positive.
I think your religion is clouding your mind. Put yourself in the buyers shoes and think in terms of legal obligation, risk and reward. He has not given you a penny, so the contract isn’t worth the paper it’s written on. He has no interest in a long-term relationship with you, so he has no need to “show good faith” absent any financial committment. And here you are day-after-day, telling the world that pretty soon the propeerty will be available at auction. Why would he bother? If he’s a sharp businessperson, he won’t.
-btc
October 27th, 2006 at 9:39 am
I am hooked on this site.
I don’t care if it’s fake, I don’t care if it’s a guerilla campaign for some real estate/psychiatric care outfit, I don’t care if this guy is an out-of-work screenwriter.
This is simply brilliant - both the slow reveal of mounting trouble and denial and the interaction with incredulous/enraged/pitying readers.
The master stroke here is the pure, innocent Forrest Gump persona of Case. It confounds expectations.
October 27th, 2006 at 10:04 am
sf gate article about zero down
http://sfgate.com/cgi-bin/arti.....llloyd.DTL
October 27th, 2006 at 11:12 am
it’s disgusting the amount of hate pouring from some commenters.
October 27th, 2006 at 11:14 am
you need to be serious and just turn all the keys in to the banks that made the loans on these houses. that way they can sell them off sooner than later, the medium prices of new homes are dropping like a rock. plus, the economy is slowing dramatically as reported today at 1.5%. If you get caught with a slowing economy look for huge losses on these houses. the house of cards is close to falling. and, as the prices fall more it seems you will have a larger tax bill in the end. and, bankruptcy will not get you out of you debt to the govt. you are wasting your time on all these properties and could end up worst off in the end. you gambled and lost…time to walk away from the mess, turn over the property, and then file bankruptcy. and, probably leave the real estate business and go back to your IT!
October 27th, 2006 at 12:12 pm
“Legion: Thanks buddy. Have YOU ever taken a risk? Doesn’t sound like it… you probably play it safe so that nobody can make fun of you when you screw up? Failure is a prerequisite of success. The goal is to minimize the failure with better risk management… I need to learn that part still.”
Casey,
Your problem is calling this investing and risk taking. At best it was speculating because you had little to no control over the outcome as you played it. Taking a risk requires calculating risk factors. You paid for BS seminars and bought without thinking anything through.
This train wreck started the day you paid for the first BS seminar and decided 12% was a good short term note.
I’ve taken risks too, but you don’t make bets that are impossible to win. I guess you didn’t bother to run the numbers to figure out that nut first.
October 27th, 2006 at 12:24 pm
You are a complete moron. You spent all this time at seminars and still made every stupid mistake I can possibly think of. You deserver everything you get for your lust of quick money.
October 27th, 2006 at 12:37 pm
Now you know why sometimes it’s best to be “cost the deal”. When I seek to finance something, if banks get tough, I usually walk away. Now you will, too. Sometimes getting the deal is way worse than not getting it.
October 27th, 2006 at 12:51 pm
As of today, your site is ranked just over 28,000 from all the sites that technorati tracks (which is probably over 1 million).
Thats freaking amazing!
The blog has been very successful, and hope you can somehow make some money from it. Don’t know just what.. Sell your rights to books, movies, whatever..
However, I doubt your adsense revenue will bail you out of foreclosure.
Good luck.
www.mind2money.com
October 27th, 2006 at 2:03 pm
Casey, you really are your own worst enemy sometimes. I can tell you want to be successful so very much, but that may be your downfall. That is what the get-rich-quick guys count on. They hope that you will have an emotional response to them and not check: the “facts” they present, their backgrounds, their actual track records, or what unbiased experts have to say about them. You really should have looked at the John T Reed site … he has done his research on the real estate guru’s and has a lot of excellent information.
It also seems to me that you are so good at *buying into* things that you can even delude yourself. You indicated … “That’s why I started investing… to help people solve real estate problems. A good real estate investor/entreprenuer puts the needs of the seller first. Money is not the main focus. That’s the only true way to succes… is to give before receiving.” … Well, I don’t think anyone believes that you started your real estate dealings to primarily help people. There was only one person you were trying to hep - YOU. You were told this was a way to make lots of money and so you jumped right into it to do just that. But now you try to justify this as some sort of humanitarian effort to “help people”? You are only deluding yourself … but the fact that you can delude yourself in this way is a little scary. I think this is caused by the same personality trait that causes you to buy into things so readily. This is something you will have to understand about yourself and watch out for in the future. It is not healthy.
Also, I think you seem to have a slanted view of success. Being successful is not just making money. That is just one thing that often comes of being successful. But having lots of money and being successful are not synonymous. Finding something that you enjoy doing, that you are good at, and that is constructive, is the most important thing. Whether that is writing programs to help someone’s business, being an accountant, teaching childeren, working on an assembly line, etc doesn’t matter so much. Success can be achieved in any endeavour. The whole job-avoidance thing is just another manifestation of you buying into some guru’s half-baked witticism.
Until you can take a really good hard look at where you are right now (and stop justifying things) you will probably not start taking any actual steps towards improving your situation. And as you continue to do nothing (or very little anyway) your debt is increasing daily. You should dump these properties (send the keys to the banks) to cut your loses. They are just anchors around your neck now. You should make sure your immediate needs are taken care of, which might involve getting a job that doesn’t have a future. But that’s ok. Right now you have a massive crisis and you need to worry about today and the immediate future. Start cutting your loses. Do something today that will improve your situation, or at the very least stop it from getting worse!
Anon - love your stuff! Randy H - a bit bitter but you have solid information and I enjoy your point of view greatly.
Glad we don’t allow “stated income” loans here in Canada!
October 27th, 2006 at 2:52 pm
Most commenters ask:
Why doesn’t CS turn in the keys?
Why doesn’t CS get a J O B now!?
Why doesn’t CS declare BK?
Why does CS continue to look for a creative solution?
Why doesn’t CS open CERTIFIED mail immediately?
Answer - Casey, just like all the foreclosure case studies that he learned about - doesn’t act in a manner that makes sense to anyone outside of his skull.
Your props are already too far upside down. Each day they get worse. Why would you wait on NYC if you have another offer in hand for TX?
Casey, I’ve been in the same spot, thinking I was developing skills on the 10 different projects I was working on and studying. Until I got straightened out I was just treading water and going nowhere.
Keeping busy is not the same as working towards solutions.
Pick your goal and put everything towards that, for every single moment you can. Take the tried and true routes and start making progress today instead of splashing about.
We’ve got a whole generation of folks who are very talented and savvy and just don’t understand the value or hard work. In some ways I am one of them. Everyone who says Casey is the tip of the iceberg is right.
Casey - think about all those foreclosure people you heard about and how their actions didn’t make any sense. Why wouldn’t they sell to an investor instead of just losing everything to the bank? You are doing the same thing here by dilly dallying and letting the tallies run higher every day.
October 27th, 2006 at 3:35 pm
You should change your name to prag ’cause that’s what you’re going to be.
Bartender, Jobu needs a refill!
October 27th, 2006 at 3:57 pm
Notice how so many insecure blowhards are writing comments on this blog. You can ferret them out easily when they drop the familiar “i make $200 a year” routine and then turn around and scold you.
A little insight here: many of them come from a forum that was on fuckedcompany. If you ever heard of fuckedcompany or have read the posts on many of it’s cloned boards, that was their Impossible Mission: to pop up every once in awhile how low everyone else was, and to remind the other posters of their inferiority because they were “basement dwellers” who didn’t have “business acumen”.
What they won’t admit that other successful people will is that part of being a good at business is sheer probability.
For example, Casey, had you started your investment plan in 2001 rather than 2006 you most likely would have reaped great profits. You wouldn’t have slid into an abyss of pure speculation where you bought more properties in panic, hoping that the next one would sell quickly and would relieve you of your previous “bad decision”.
You might have been profitable to the point where you would have been heralded as a genius, this website would have been named something else, and everyone, including these “i make $200 a year” dunderheads would have been emailing you in mass, trying to figure out how you “did it”.
October 27th, 2006 at 4:32 pm
Reminds me of the Black Knight in Monty Python & the Holy Grail - all limbs removed & STILL wanting to fight..too funny..
October 27th, 2006 at 4:46 pm
CAVEAT: my immediately prior post represented off the cuff comments, and not my considered legal opinion as to the extent of California Family Code Sec. 910. Don’t NObody take it as such. If you want a considered legal opinion, you need to find an attorney competent in this specific area, to relate the specific facts of your case to him or her, and probably pay to receive an opinion upon which you can rely. To paraphrase slightly an old saw, anyone who takes legal action based solely on comments posted in an anonymous blog has a fool for a client.
And Casey: don’t take that personally. :- )
October 27th, 2006 at 5:26 pm
Sean
The proctologist called..they found your head…
October 27th, 2006 at 6:12 pm
“And my Rich Dad is not really helping me with any of these foreclosures… in fact is not helping me very much at all right now. He kind of expect me to go out there and work and bring him some deals. Not as much hand-holding as I thought.”
Hmm, so let me get this straight…you work for free upgrading his IT infrastructure in return for having an office. He offers you zero training in the field you have stated you want to make a living in based on his “mentoring”. He expects you to go find him “deals” so he can toss you a few peanuts and then he can make money. Sounds like a pretty good deal…for “Rich Dad”.
Dude, you are a S U C K E R. This guy is working you over, maybe you should go get a real job working in the industry for a real firm where you can actually learn something about real estate investment.
You know, I hear that real companies will give you an office too…and they will also give you something else called a “paycheck”. You can take that to the bank and actually pay some bills with it.
October 27th, 2006 at 6:36 pm
Sean,
>> What they won’t admit that other successful people will is that part of being a good at business is sheer probability.
For example, Casey, had you started your investment plan in 2001 rather than 2006 you most likely would have reaped great profits. You wouldn’t have slid into an abyss of pure speculation where you bought more properties in panic, hoping that the next one would sell quickly and would relieve you of your previous “bad decision”.
Making money, sometimes, is just a matter of luck. Being in the right place at the right time can juice your income nicely, as anybody who was lucky enough to get caught up in Silicon Valley or tech stocks in the nineties can tell you.
However, KEEPING your money is always a matter of skill and planning, as any number of the thousands of former paper dotcom millionaires who ended up moving back in with mom or working at Starbucks can tell you.
Long term success in most investments is much more tightly correllated with keeping your money than it is with the occasional lucky break you get in making it. Which is why Warren Buffet’s #1 rule is: “don’t lose money.” He knows it’s a lot easier to make up for a lost opportunity than to recover from a real loss.
This, by the way, is also why a disproportionate number of lotto millionaires end up in bankruptcy. It’s not making it, it’s keeping it. It’s avoiding doing stupid things with it.
That kind of risk avoidance does tend to keep you out of things like the dotcom bubble and the more recent real estate bubble (I remember my Silicon Valley friends’ disdain for Buffett back in ‘99), but you also avoid the terrifying downsides that always go along with those kinds of events.
It also dictates that at times the best thing to do is sit on your hands and do nothing. If you have performing assets you sit on them, if you don’t then you just have to wait until the next downturn to jump in. And yes that means that despite your best intentions, at times you might have to go out and get a day job.
-btc
October 27th, 2006 at 9:46 pm
Don’t believe the bubble heads, real estate is still going up and you can flip out of this.
October 28th, 2006 at 8:32 am
If they want the house that bad, let ‘em have it. You couldnt sell it and they charged the big dough for the big risk. Those big boys knew what they were getting into.
You can buy many houses from other desperate sellers for next to nothing down on contracts and start over. They want to cover their next payment and will take even a partial payment if pushed. Its really the perfect storm right now for that sort of comeback.
I had a foreclosure in 2001 and started buying again in 2003 and now have over 20 houses. The fun is just starting.
Next time dont owner occupy all your loans. Cross the t’s and dot your i’s. Make sure that you dont fear the hard questions and answer honestly. You are able to defend a honest deal and skate free if you didnt tell any lies.
October 28th, 2006 at 6:30 pm
Casey, YOU DA MAN!
October 29th, 2006 at 9:46 am
Desperate times stands for desperate measures….Auction them off my friend, get out & move on!
October 29th, 2006 at 9:49 am
one things for sure
www.Housepricecrash.co.uk
October 30th, 2006 at 9:25 pm
dude I read the same books and seminars as you
I feel you, I am very close to being in the same boat as you
if you have any suggestions let me know
thanks
October 31st, 2006 at 3:41 pm
so you need to create a short sale, The question is how to do that in this real estate market? The truth is you have to
find a first time buyer, have a first time buyer seminar and qualify them just they did for you! Except dont sellthe books and cd roms.. Then show three porperties 1 really really bad and ugly foreclosure, 2 not so bad but not waht they want,
and 3. your house… Let them walk in the house and do not say one word… nothing zilch noda… do not even speak, Just shut your mouth, dont even go in the house let their imagination run wild…Put them back in the car..drive them to your office..do not talk about price..
Get in your office and sell that house like this… For you to move in today… we can fit this in your budget for 1295.00
a month! do not say price….just go over.. that you are taking their income history + credit history creating a budget taking that budget and making you a home owner! Tell them you will pay for their laywer..and tell that laywer your not paying him until that deal is closed..repeat and do that for all your houses…
you will have to distrubute 1,000 flyers per house.. to find 2.25% real home buyers… this works…I have done this in the worst neighbor hoods in the country..best of luck…I would make the flyer… 2,500 down First Time Home Buyers..only..no investors…play with the little fish so u can control the deal and come out even…