My For Sale by Owner sign for Muncy Modesto property with I am Facing Foreclosure. com address and my phone number.
I’m really putting myself out there and taking a risk by being honest about my situation. Hopefully people will sense the urgency and help find me a buyer.
I was a little embarrassed putting up this sign. Good thing I was there mid-day and nobody saw me. Although, after I put it up and started leaving I saw a neighbor from across the street go over to pick up a flyer.
Buyers may try to exploit my weakness. They tell you to negotiate from your strength, right? Is being honest = weak? I don’t know. I don’t really want to negotiate anyway. My terms are pretty straight forward. I just want some cash and walk away.
I will need to put on a thick skin. This may cause me to become the talk of the neighborhood. People might laugh, criticize or ridicule. The concerned parents of teenage or 20-something kids will tell their kids “See! This is what happens when you take dumb risks!“. Some may think “Facing Foreclosure .com” is just a ploy to make a sale.
I don’t care… I’m desperate.
57 Comments
September 20th, 2006 at 10:49 pm
Casey,
I posted on your situation tonight because I believe some of my readers can learn from your mistakes.
Thanks for having the courage to blog about your painful (and ongoing) experience. I think it takes guts and courage to write so openly about what you’re going through.
One thing about risk. Don’t let this experience make you too sour on investing. The key is the proper evaluation of risk relative to your potential return. And if you’re going to utilize leverage (other people’s money) and take big risks, better to do it early in your career.
Good luck on learning the lessons of foreclosures and may your pain be minimal!
Kind Regards,
Osman
September 21st, 2006 at 5:49 am
I bought 7 houses in 4 different states, mostly with the help of 100% LTV stated income (liar’s) loans. Most are fixers. I was going to rehab and flip each one within a month or so. Buying was easy, but man was I in for a surprise (or a lesson?) Today he wrote, I will need to put on a thick skin. This may cause me to become the talk of the neighborhood. People might laugh, criticize or ridicule. The concerned parents of teenage or 20-something kids will tell their kids “See! This is what happens when you
September 21st, 2006 at 1:08 pm
This is very said. ur to young to take chances like this and who loaned you all the money for all this at the age of 24? It may help get 1 or 2 sold being honest as you are doing but you can at least walk from these and be cleaned up by the time ur in ur 30’s. Good luck.
September 21st, 2006 at 1:53 pm
I really don’t feel sorry for you. Your greed helped to create a real estate market that kept out honest, hardworking people by artificially pumping up prices. Our national economy and the banking industry are now facing one of the worst crises in history due to flippers, speculators, and corrupt lenders.
Nevertheless, I am glad that you’ve realized your mistake. You are better off than the majority who are in denial about being a bag-holder. They haven’t learned that there is more to life than losing a home and credit and that’s losing your soul. Congratulations and welcome back to the real world.
September 21st, 2006 at 2:29 pm
Um, I’ve read your entire blog. If I were you, I’d consult a lawyer regarding your admissions of mortgage fraud. Heck, if I were you, I’d take this blog down immediately. Lying about being an owner-occupier on a loan app isn’t just a lie, it’s a crime. And you’ve admitted it for the entire world to see. I mean, how you feel if you were one of your lenders and you read this blog? Liar’s loans? Just because “everyone does it,” and mortgage brokers told you to lie about income doesn’t mean it’s okay, doesn’t mean that people don’t get sued and prosecuted for it.
I appreciate your honesty in the blog, but do yourself a favor and take this blog down before some angry renter out there who blames the housing bust on flippers like you decides to look up your county records and send this blog address to all your lenders.
September 21st, 2006 at 3:32 pm
It may be too late for that. Google probably already has the page in its cache, and the wayback machine has also already probably snapped the site image as well.
But I agree, admitting your fraud online was a pretty bad idea. Just another example of your inexperience and naivete.
September 21st, 2006 at 3:50 pm
What type of economy do we have where a very young “businessman” can get access to millions of dollars when he lacks the skills, vision and financial soundness of mind to execute good business decisions?
Anybody else notice how this guy is gently playing the victim card here by suggesting he is “learning lessons”?
By being in foreclosure for five properties it is very likely he won’t earn his money back, save for the money that was given to him.
Besides the banks kicking in the extra money in the form of a mortgage, most likely this guy has a trust fund or lucked into some wealth to make the marginal down payment on five properties.
I sincerely hope this guy falls and falls hard. Irrational exuberance squared, people.
And just imagine the conversations he had with his friends a year or two ago, how he was going to rent out one property, his plans to flip one or two more, how he was going to be a real estate magnet like Donald Trump!
:D
September 21st, 2006 at 3:58 pm
And casey, you have no idea what you are in for now.
Because you are desperate to sell your properties, every crook is going to try to take advantage of you.
You are screwed, your credit will be screwed, your pending bankruptcy will further screw you.
Your greed and nonchalance about lying on your loan applications also makes you a criminal, as others have suggested.
This criminal activity is now archived on this blog and the search engines.
I wouldn’t be worried about losing your financial future for the next ten or more years.
I would be terrified of being prosecute for felony fraud and spending time in prison.
September 21st, 2006 at 4:01 pm
Yep, you’re probably going to be paying big fines and going to jail. Why did you lie? You’re a criminal now.
September 21st, 2006 at 4:04 pm
burn them all to the ground and head for central america
September 21st, 2006 at 4:10 pm
To the member of the FED who claimed this housing market was built on FUNDAMENTALS - You blind idiots!
September 21st, 2006 at 4:19 pm
Don’t be too proud to take a food service job. Just remember to spread dem tomatoes out, and that you can never have too many lettuce.
September 21st, 2006 at 5:18 pm
Ode to a Flopper:
I think that I shall never see
A house more lovely than a tree
Truth is beauty, beauty truth
Drink your gin with sweet vermouth
September 21st, 2006 at 5:20 pm
Good luck, Casey. I hope you can get out from underneath this weight. If you do get out, you need to swear to yourself that you will never gamble with your future in that way again. This wasn’t investing - it was gambling.
I suspect that you felt a rush of excitement when you did all those deals. Familiarize yourself with that feeling and use it as a warning sign in the future. I’m willing to bet that Buffett doesn’t feel a rush when he does a deal. He’s probably thinking about how he’s going to get “screwed”. If you want to invest successfully, become far more risk-averse than you are today.
September 21st, 2006 at 5:20 pm
Do you have $50,000? Because I am thinking that may be the cost for an *initial* retainer for your criminal defense. I am thinking of both multi-state and federal court.
In your case, since you confessed publically, you just may want to cut a plea with the DA (State Court) and with Federal Prosecutors (Federal Court). Since there may be Mail Fraud involved as well, you could also wind up having to contend with the USPS Investigators.
One last thing: You may want to familiarize yourself with some legal terminology - its Public Defender for State Court indigent Defendants and U.S. Defender for the Federal Court. (Just be aware that some folks call them the Public Pretender.)
September 21st, 2006 at 5:48 pm
From the FBI’s website on mortgage fraud: “Fraud for Housing represents illegal actions perpetrated solely by the borrower. The simple motive behind this fraud is to acquire and maintain ownership of a house under false pretenses. This type of fraud is typified by a borrower who makes misrepresentations regarding his income or employment history to qualify for a loan.”
I hope at some point in your life you realize that honesty is always the best way to pursue business. You can be aggressive, you can be a revolutionary, you can reinvent the rules and take no prisoners. Lots of wealthy, successful businessmen share those traits. But when you pursue business by lying and cheating, you’re no better than Ken Lay or Dennis Koslowski and look where those guys ended up. I’ve worked in senior management for four Fortune 500 companies over 20 years, and let me tell you, liars and cheaters are usually sniffed out early. Despite conventional wisdom that all corporate types are crooks, these kinds of people don’t last. Personal capital is everything in life, and if you can’t be trusted, nobody will want to do business with you.
I truly hope you get out of your bind, because everyone deserves a second chance. But honestly, if you want to do your community and country and profession a favor, I’d head over to the DA’s office, tell them your story, and offer to testify against the mortgage brokers who encouraged you to file those “liar loans.”
What the real estate business needs right now is for a couple of these scumbag mortgage brokers to serve some prison time. Hopefully that will shake up the rest of the colleagues into practicing some ethics from now on.
I mean seriously, don’t you wish now that one of your mortgage brokers had looked you in the eye and told you the truth about this house of cards you were building? Don’t you wish one of the many experienced real estate professionals you’ve encountered over the past year had been honest with you, instead of treating you like a mark? Why don’t you repay their kindness?
September 21st, 2006 at 6:33 pm
Casey, looks like everyone here has just done a big circle jerk on you. Need a towel?
You have been glazed like a donut.
September 21st, 2006 at 6:37 pm
LoL @ bubble butt
ahh the stupidity of youth…….
Casey better do some anal exercises for jail
September 21st, 2006 at 6:43 pm
I’m really taking a beating here! I’m not saying I don’t deserve some of it… however some people are going a little too far.
Comment moderation enabled.
September 21st, 2006 at 6:49 pm
Could you tell us a bit more about ablebuyer.com? How come that you are in this mess, but still buy properties and offer owner financing?
September 21st, 2006 at 7:32 pm
Casey,
I’ve read through your blog and frankly, I think you are in deep water–and what you did was not “invest”, you speculated–and did so by defrauding banks who will not be nearly as nice when they come after your for the deficiencies as the day they lent you the money.
I’m not an attorney, but I’m pretty sure you can’t avoid paying back the bank through a bankruptcy filing if you committed fraud.
That said, I think your best way out is staring you in the face.
1. You have the URL “iamfacingforeclosure.com”.
2. You apparently have more skills with website design than with real estate “investing”
3. Many people are in your position, or will be in your position soon.
Apparently you have some entrepreneurial spirit to quit your job and take a massive risk.
So, between meetings with attorneys and trying to dig yourself out of the mess you are in, try to sell the URL, or do something with it. Perhaps a FSBO site for pre-foreclosure properties? Give vultures a common place to come and try to pick up deals and other screwed “investors” a place to get some exposure. Perhaps you can negotiate a small fee ($100-$200) for the listing, or a percentage for deals that actually happen, or both?
It may be tough to get to your $20k per month negative on the houses, but you might be able to pay SOME bills.
I don’t envy the position you are in, but can’t say that I have all that much sympathy.
September 21st, 2006 at 7:46 pm
I just posted a followup to comments my blog that seems pretty relevant here too. Here it is..
…….
It’s not just bad to lie on a mortgage application. It’s unethical and illegal.
The reason I posted about Casey wasn’t for sympathy. It’s because the process of dealing with a foreclosure situation is challenging from a business perspective and can be emotionally difficult as well. Casey seems like he’s (now) taking accountability and trying to make the situation right with his creditors.
In short, I’d rather my clients and visitors to this blog learn from the mistakes of guys like Casey rather than “the hard way.”
September 21st, 2006 at 7:52 pm
Casey-
I like Manfred’s advice. You’d be doing everyone a favor if you turned in some of the scumbags.
September 21st, 2006 at 8:07 pm
Damn man you got guts (I think). I would give up those brokers. Any broker giving a 24 year old self employed (jobless) guy 2 million needs to do some time.
September 21st, 2006 at 8:47 pm
back in the “good ole days” no one would buy to flip and no one would lend money to someone with no income/no assets. This irresponsible behavior has always existed. It’s just that the Fed and the banks enabled it to occur. Without the sea of liquidity, non-existant lending standards, and record low interest rates; this would have never happened.
As far as going to jail…It won’t happen. Prosecutions are few and far between. Prosecutions are focused on the broker side of things or where money is embezzeled. IE, homeless man buys houses at 2x market value with phony appraisels and where bribes are given. Worse thing that happen is the lender will call the note due.
Casey, you really doesn’t have much to worry about. It’s the bagholders who own the worthless notes. At this point, Ch. 7 bankruptcy is inevitable and the best solution. Your credit will be liquid dog s*** for a couple of years, and after 7 years it’ll be as good as new.
You might want to think about what you want to do with your life. Maybe go back to school and get a degree. Remember that you’re in a global economy now and are competing with the Indians and Chinese.
September 21st, 2006 at 10:01 pm
It’s a bunch of crap that this seller will ever — even remotely — put himself in legal jeopardy over these loans. First of all, I’ve never read about any successful banker bringing suit on a former borrower over a bad loan. It’s stupid. No one would borrow from a bank that did this (The most highly successful borrowers in the world would be sued if they did this, and the bank would lose all it’s business from it’s “best” customers.
In the meantime, every one of these residential high LTV loans are/were covered by PMI’s, otherwise few banks would finance someone like this, with low/no down(s), etc.
Second, the lenders could care less if these borrowers went into foreclosure — because the PMI’s are in place. The lenders are covered — 100%.
Third, the PMI companies’ actuarial(sp?) staff predicted way before they insured loans, the net number of bad loans they would have to cover in losses. Their profit forecasts includes margins for loss.
Fourth, the investors in these banks all know the exact risks of loss they will encounter, they also calculate profits with the losses built into their models.
By te way, are any of these financial outfits closing their doors becuase of bad loans? The answer is of course, “no”.
So, all us self-righteous, holier-than-he (albeit justified…) people on this blog should just focus on making money in our niches, and stop blaming, focusng, obsessing, on the activities, actions, and characters of an amateur, 20-something investor — and continue raking in the dough becuase of the up-turns and down-turns caused by all these amateurs. I don’t want to hear any more complaining, because investors like myself make most of our money when the cycles change massively. So, please encourage these amateurs to blow it, and force prices up and down, becuase I want to retire earlier, and richer as a result of their mistakes and greed! Thank you. If you disagree with what I’ve said, then you are probably not only an amateur, but will never get rich in real estate either, because you are not sophisticated enough to realize than money is always made in real estate when the values go up substantially, and down substantially. The crisis occurs when RE doesn’t move up or down. Now, that’s a disaster!
September 22nd, 2006 at 12:12 am
Kudos to you, Casey. I’m glad that young people in this country have the courage to take a risk. Screw everyone on this website who has anything negative to say. They piss and moan on your website, because they don’t have the balls to chase their dreams. Who knows, what might happen next in your life. You might find yourself doing a national tv interview, sell your story rights for a few million, and start touring the country with speaking engagements. Good luck Casey and keep taking risks.
September 22nd, 2006 at 12:55 am
Risk taking is a good thing, that’s the only way to learn something. How many times did you fall down when you were learning to ride a bike for the first time?
I just need to learn to manage my risks aka “calculated risk”. I also need to learn to plan better, have a solid business plan, have my exit strategy set and a plan b and c.
September 22nd, 2006 at 1:12 am
Casey,
Man, I’m trying to be as constructive as possible…but you really should have known better. There are real estate investment firms that could have advised you much better. No real estate investment firm has invested in CA, AZ, NV, or parts of Florida for over a year…almost 2 years now. You were investing in one of the most over-valued area’s. You should have done more research, but you did learn a good lesson and you’re young and can bounce back. Good luck!
September 22nd, 2006 at 8:16 am
Casey:
I’m not fooled by your marketing gimicks! Just because you have clever flyers doesn’t mean you’re not a R-E “investor” looking for a quick flip.
You’re using the same tried-and-true business tactics that the carpet stores running their “Lost our Lease” sales try to do.
If you can find suckers who fall for it, I guess that’s just the American Way.
September 22nd, 2006 at 10:14 am
To Jay P: Are you serious in your belief that nobody ever prosecuted or sued a borrower over fraudulent loan applications?
http://www.sltrib.com/ci_4357117?source=rss
http://www.mortgagefraud.org/
I agree that it is unlikely that the FBI SWAT team will be busting his door down, but local or state agencies might be looking to make an example of someone right now, particularly a white, photogenic kid who is admitting his fraud on a blog. He’s practically daring someone to come after him. And even if he isn’t prosecuted criminally, I have a feeling Countrywide has already gotten at least a dozen anonymous emails sending the link to this blog. If he’s trying to foreclose or declare bankruptcy, don’t you think they’re going to get around to auditing his original applications?
I said it before and I’ll say it again: everyone deserves a second chance. But this is not a victimless crime. He’s got five houses held off the market at inflated prices that could be loved, lived-in homes by working class families. Flippers over the last five years have helped condemn working class families to being renters for probably the next generation or so. The money he scammed could clearly have been better spent by another family, and the investors and employees of Countrywide will have to deal with the financial losses that he and his ilk will be piling up over the next decade.
He didn’t just gamble and lose. He lied and lost. I agree that if he was making his payments, nobody would care. But he isn’t, and someone IS going to care.
I say take this blog down right now. There are a lot of angry people out there in the housing market right now, and before you know it you’re gonna have Dateline and the WSJ knocking at your front door wanting to talk to the 24-yr-old kid with a crumbling real estate empire.
September 22nd, 2006 at 10:23 am
Risk taking is important (it’s where wealth comes from) but you’re supposed to manage those risks. Everyone falls while riding a bike (taking a risk), which is why most people don’t try to learn to ride a bike on a 100 f tight rope with no safety net (taking a big risk with leverage).
September 22nd, 2006 at 10:33 am
Maybe you can cut a deal with the FBI and turn these mortgage brokers and realtors in.
If they led you to lying on your form maybe they did the same to other people.
Turn them in. Turn them all in.
http://www.mortgagefraudblog.com/
September 22nd, 2006 at 10:45 am
My post was removed, so I am suspecting this blog may be a fake.
Perhaps you can scan and post the foreclosure notice from the banks.
September 22nd, 2006 at 11:13 am
I agree with Manfred. Have a look at this:
http://www.johntfloyd.com/mort.....lawyer.htm
And:
>
I recall that the FBI received 11,000 (yes, that’s right, eleven thousand) tips of flipping in 1990 in Orange County CA. Following that, a large number of realtors exited the industry. TV shows aside, flipping is illegal. BTW, to all the slippers and loan liars out there: “Ignorance of the law is no defense.”
September 22nd, 2006 at 11:15 am
Have a look at this:
Scroll down to the paragraph titled “Flipping”:
http://www.johntfloyd.com/mort.....lawyer.htm
September 22nd, 2006 at 11:43 am
I am a sweet and sour person. I don’t like renting a small place to save money because the real estate is the way it is right now because of millions of people like you. But I am feeling bad for alot of homeless people out there. If I were you I wouldn’t even ask for any money at this time. I would be VERY Happy if someone just took the loss out of my hands (or like they call it here in FL…Alligators because they eat you alive…financially that it is). Try that and maybe you will have better luck!
September 22nd, 2006 at 11:51 am
I see a lot of pie thrown at this guy. I believe there are theives here among us who think life is but a joke. I see myself getting into the same situation when I was his age. The absolute lure of the real estate market has been exploited as much as the gold rush of 1849. Come on? Who among you would’nt have picked up a shovel and headed over the Sierras to find a couple of nuggets?
Casey’s predictament is based not on greed so much as example. He has seen and heard of the grand explotation of the Real Estate market. They even made a television show dedicated on showing how to do and be successful.
As far as his falsifying documents. I am sure that if we dig deeper into each of the transactions, you will find more Casey more of a victim than a theif. ANd those responsible will be going to jail - not him. So let’s find the real adults who lead him on and took advantage of his good business abilities and prosecute them!
September 22nd, 2006 at 9:12 pm
Everyone is missing an obvious point: the very fact that a 24 yr old with no income could even buy 6 houses shows how far out of whack the whole credit industry has become. We have a credit bubble of HISTORIC proportions ($10 TRILLION in mortgages ALONE!!). In fact we have NEVER had a credit bubble this big EVER!!
The very existance of this (and numerous other) stories shows we are soon headed for the 2 great Ds: Deflation (the collapse of the credit bubble) and Depression. In fact, every 70 years in American history we have deflations/ depressions going back almost 300 years. The last bottom was in 1932 (74 years ago). The others were in 1859, 1792 and 1722.
If you want to find out what the future holds go to http://www.sociotimes.com/.
The bear rules and he is VERY mean and hungry.
September 22nd, 2006 at 10:17 pm
Manfred…
Get serious? If you actually read what I wrote, I wrote, “I’ve never read about any successful banker bringing suit on a former borrower over a bad loan. It’s stupid. No one would borrow from a bank that did this (The most highly successful borrowers in the world would be sued if they did this, and the bank would lose all it’s business from it’s “best†customers.” You’re reference to several middle aged, professional crooks getting their just desserts, doesn’t apply because banks are not bringing suit.
Also, Manfred, your opinion that this is not a victimless crime is a just a big bag of hot steaming ka-ka. Could you please name one individual whom was “hurt” beside the borrower’s credit profile. The bank wasn’t. The loan was 100% insured. The insurance co. wasn’t. It’s just the cost of doing business. The loan originator wasn’t. They got their commission. The realtors weren’t. They got paid. I’ve run out of potential “victims”. So, basically Manfred, you are ignorant. And you certainly are not a profesional investor. And you certainly don’t understand business.
This isn’t like your son taking 500 bucks from your purse without you knowing it, so he can pay his dealer! I would say their are several victims in the making in that scenario.
But get real about their being victims, beside Casey.
And, Manfred, we flippers have been financing and helping low-income people for decades get into homes they otherwise couldn’t afford —- with owner financing, carrying down payments, charging below-market interest rates, and too numerous other methods I couldn’t possibly list here.
Obviously you’ve never helped anyone buy a home, as an investor, otherwise you wouldn’t be saying such stupid, ignorant things about flippers. Additionally, flippers have always helped move RE markets foward, even when everything else was flat, stagnant, or going down the toilet — think 1992.
—————-
And Karla, please…the homeless? There’s not enough mortgage fraud in the world to causes one homeless situation. The homeless are mentally deranged, drug abusing, half-witted, dip-sticks that wouldn’t be able to buy, hold, and live in a home if you GAVE it to them. Not to mention that no one is OWED a home.
Homeownership is for those who WORK themselves into a home, not for those who delude themselves into thinking that magic twinkle dust will solve all their problems —- like getting rid of amateur investors. Get completely real, for a change, Karla. And I mean this in the nicest way!!!
Get a job. Move to a cheaper locale, and buy that house. Heck, I’ll help you find a creative investor to help you get into a house you can afford. How’s that for generosity?
Casey could sell you one of his — on great terms — get some room mates and take over his home loans!!! And quit your neurotic misplaced concern over the homeless. It’s not the fault of homeowners/investors that others live under a bridge with grocery carts filled with plastic bags full of aluminum cans. That’s their chosen way of life. Get over them.
September 22nd, 2006 at 11:49 pm
I saw you immigrated from Eastern Europe a few years ago. Why not just flee the country and stick your lenders with the bad debt. You will never be able to repay it and they can’t touch you overseas. I would get out of the country before the man puts you in jail or some deserving family that is on the recieving end of your driving up prices takes it out in their own way.
September 22nd, 2006 at 11:59 pm
Regarding Retired FBI’s comment, “So let’s find the real adults who lead him on and took advantage of his good business abilities and prosecute them!” -
Since when is a 24 year-old not an adult? I’m not generally a hard case, and generally I have quite a bit of empathy, and I’d call myself a left-leaning liberal, but this is the most namby-pamby, softy bleeding-heart crap I’ve ever seen. Personal accountability really has gone out the window. This “kid” wanted to get rich quick and live high on the hog at the expense of other “kids” like myself with JOBS that CONTRIBUTE SOMETHING TO SOCIETY being shut out of the market - unless we make the same clearly bad financial decisions as this guy. And as he’s seeing that hey, RE doesn’t continue to go up forever at 20% per year (surprise, surprise), he wants to simultaneously (1) “take responsibility”; (2) whine about the crooked brokers that loaned him a ridiculous amount of money; and (3) get out from under his problems by appealing to people’s sympathy. How exactly is this “taking responsibility”? The responsibility is there! You’ve already got it! You don’t take it by writing a blog and whining, you take it by cutting your losses, going into foreclosure, declaring bankruptcy, and learning. And frankly, I don’t want to hear about your learning! I don’t have this guy’s lack of wisdom, he does.
As this genius is in the middle of this situation he wants to dispense truths to us about risk taking - “Risk taking is a good thing, that’s the only way to learn something. How many times did you fall down when you were learning to ride a bike for the first time?” Hey thanks for the advice! Got any investment tips while you’re at it? And meanwhile people like “Retired FBI” are buying into this garbage. Yes the brokers that steered him in this direction were human waste. But this guy built this house of cards and now he can get schmucked by it good and proper, and when more of his kind do get schmucked good and proper, prices will come back to reality and the people like me with JOBS that CONTRIBUTE TO SOCIETY will be able to buy a house without first bending at the waste and preparing to have our cornholes reamed. Good! You want responsibility? You got it! Smoke it!
September 23rd, 2006 at 12:34 am
Retired FBI, the guy is 24, he can drink, drive and vote. Just because the devil makes you a good sounding proposition, that doesn’t mean you should take it. If it sounds to good to be true, (and he must have heard a bell ringing in the back of his head when they told him he could get all this money), it most probably is.
September 23rd, 2006 at 12:47 am
“My terms are pretty straight forward. I just want some cash and walk away.”
Your terms are absurd.
You sould be in touch with a bankruptcy lawyer and the sooner the better. And you should do that BEFORE you accept any short sales.
Mish
September 23rd, 2006 at 8:47 am
I noticed that no one commented on my previous post.
Do you think the deflating of a multi-trillion dollar credit bubble can be ignored? Wake up and smell the coffee!! Do some thinking for yourself (not just what big media tells you to think!)!
The bear rules, whether you like it or not- and it will financially destroy tens of millions before it is over (including virtually everyone else writing to this blog). Real Estate right now is financial suicide (although I will get rich off of it in 5 to 10 years when no one in their right mind will be buying it). Look at history.
September 23rd, 2006 at 9:34 am
Casey
YOur mom co-signed your notes, she should force sell
her house, get some cash before the failed
mortgages in your portfolio drag her down.
there may be some advice in fleeing the country.
September 23rd, 2006 at 11:56 am
Will you teach me how to borrow $2 million?
September 23rd, 2006 at 2:25 pm
I’m am getting ready to talk to a bankruptcy lawyer and a RE lawyer. I do need to do that very soon.
September 24th, 2006 at 5:56 am
Might want to talk to a criminal defense attorney too. Based on your photo imo you would not last very long in prison.
September 28th, 2006 at 11:16 am
Casey, Casey, Casey!
Did you ever hear Real Estate is all about SIX things….
Location, Location, Location AND Timing, Timing, Timing.
You bought the property in 2006? Didn’t you read that RE started going DOWN in August 2005? Your timing is waaaayyyy OFF. Next time do some research before you put yourself all out financially. Take your bankruptcy pill with something sweet to drink. And stop publishing your fraudulent acts before you send yourself to jail! Didn’t your momma tell you not to put anything in black and white? Take your risks but do your RESEARCH first.
October 1st, 2006 at 3:34 pm
Romaine, Romaine, Romaine…
It’s not about six things. It’s about three things.
Timing, Timing, Timing.
I’ve made more money from buying steaming heaps of crap in lousy locations, in a depressed market, and then selling in an inflated market — rather than trying to compete with amateurs over the cute houses in “good” locations.
Romaine, buy, fix, and sell the crap that the amateurs won’t touch — at the bottom of the market, and hold it until the market is overheated and sell it to those same amateurs.
That’s how the pros make the big money and keep it.
The pros always buy what others won’t, during times others can’t —- and pros always sell when others won’t, during times when others can. Read that twice.
Romaine, follow that principal and get filthy stinking rich!!!
October 3rd, 2006 at 1:52 pm
Thank you for helping this insane market fall.
To bad morgage fraud is a crime.
Maybe you will get a club fed 3 hots, a cot, tennis, racketball,
and a good law library. Then Maybe you didn’t lie on your on
your loan apps. good luck.
October 3rd, 2006 at 3:58 pm
Miss Demeanor
as a side note to your link to a “flipping” description…… as myself and may others know…. flipping is purchasing a run down or scruffy house, repairing the deficiencies, sprucing it up and selling it at market value……….. this flipping mentioned in the article your linked is extremely odd…. who would pay those inflated prices for a home, who would finance it - HELLO??
I have done this several times….. these are all nice houses, they have been brought up to code, repaired so any family would be pleased to live there and like Jay says in his “male” way (I’m female and couldn’t possibly word things like that - LOL)….. “buy, fix, and sell the crap that the amateurs won’t touch ” ……… still nice homes, in reasonable areas, at slightly more than market prices….. because the rest of the suff on the market has been fixed up BY AMATURES… and yes I made a profit! Nothing wrong with a legitamate flip that puts a family into a nice home!
October 10th, 2006 at 8:28 pm
Interesting. I’ll be check back more often!
October 23rd, 2006 at 12:26 pm
Casey, I enjoyed reading this article, but you’ve missed the biggest mistake you made. You should of found a honest, succesful real estate investor to mentor you before you started and you wouldn’t of gone down the fraud road, bought too high, etc. Did you notice that’s what Rich Dad, Poor Dad was about. Good Luck!
December 2nd, 2006 at 7:38 am
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December 23rd, 2006 at 9:03 am
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