Uh oh…
Your Payment was Returned
February 07, 2007
RE: Loan xxxxxx
Dear Borrower,
Your scheduled payment to CashCall, Inc. set up through automatic debit in the amount of $220.48 was returned unpaid by your bank. Pursuant to the CashCall Promissory Note and Disclosure Statement, (”Note”), a returned item fee of $15.00 was charged to your loan.
Your loan is now past due and you must immediately replace this payment via a MoneyGram transaction in the amount of $235.48 (see instructions below). Failure to make good on this loan payment may negatively impact your credit standing and you may be subject to incur additional fees (please see the “Note” for clarification).
If you have any questions, you may reach CashCall, Inc. at (866) 899-xxxx
Sincerely,
CashCall, Inc.
I must admit CashCall is a pretty smart lender. They require you to use automatic draft from a PERSONAL checking account. That’s why I’ve been paying them this entire time because closing down my personal account would have created too much pain - I have health insurance drafting from it and other stuff. Plus I really didn’t want to leave WF since I’ve been with them for like 10 years. However, when Wells Fargo “stole” $1000 from me that was the last straw.
I’m am happy to be only paying 18% 24% on my 10 grand that I borrowed, so that’s kind of nice compared to how high it can go. My experience with them has always been very positive. Getting that 10 grand was very easy. Just needed my FICO (I had around 630 at the time) and paystub (I was still employed as a programmer/analyst).
I borrowed this money to pay for Burdett repairs a year ago, when I was getting it ready to lease out. The money went to completely remodel the kitchen, clean the carpets, fresh paint inside and out and other stuff.
So no more drafts for CashCall until I figure out my debt situation and find a way to pay them back (or settle). I will try to call them soon to see what can be worked out.
135 Comments
February 8th, 2007 at 1:51 pm
Try to get the Cash Call loan paid off in full immediately. Pull the money out of your butt if you have to. Without a doubt, they are the charging you the highest interest rate of any of your lenders and I’m pretty sure they have someone named “Guido” in their collections department. Maybe one of your relatives can loan you some money.
February 8th, 2007 at 2:10 pm
Long-time reader, first-time poster.
I know I’m the thick one for thinking this, but shouldn’t you have “tried” to call them to see what can be worked out before you blogged about it?
For someone who knows what he should do you just never seem to get that this is all for real.
And that’s why I can’t figure out if you’re on the level with the people who read your blog. I think you’re either making more catastrophic moves on purpose or lying about at least part of your story in order to gain ever more notoriety.
Real or not, better this story be yours than mine.
February 8th, 2007 at 2:14 pm
At least they can not damage your credit any worse than it already is.
February 8th, 2007 at 2:18 pm
YES,
I can feel it, it’s coming.. coming….
It’ll be So Much Fun for Casey in 2007.
We’ll visit you in jail in 2007
February 8th, 2007 at 2:22 pm
So why didn’t you lease it out then?
February 8th, 2007 at 2:29 pm
Have you considered taking all the money you have and letting it ride on 18 at the roulette wheel?
I feel it would get you the same results only you wouldn’t have to wait as long.
February 8th, 2007 at 2:32 pm
Oh boy..here come the cracks, one by one! Pretty soon the rest is going to come down crashing around you! Defaulted cash call accounts, squatters squatting a another squatter’s property - the drama is just getting started again.
One thing - I would have paid to have been on the other end of that phone call to Roadside Assistance as Casey tried to explain his situation to them! Casey, you bought ROADSIDE ASSISTANCE! Then you get made when they claim they have nothing to do with it! You have a homeless man in your place, why should roadside assitance even care?!?!?!? It’s stuff like that that cracks me the hell up!!
February 8th, 2007 at 2:39 pm
Your problems are spiraling out of control. It’s just one thing after another. I can see why you want to stay in bed as much as you do. It must be miserable.
February 8th, 2007 at 2:49 pm
“However, when Wells Fargo “stole” $1000 from me that was the last straw.”
I see you’ve fired up the trolling machine again.
Smart.
February 8th, 2007 at 3:11 pm
Casey,
Help me out here. The title of your website is I Am Facing Foreclosure — Getting Saved. I don’t see the “getting saved” part yet. Am I missing something?
February 8th, 2007 at 3:13 pm
“I’m am happy to be only paying 18% on my 10 grand that I borrowed, so that’s kind of nice compared to how high it can go. ”
You aren’t paying 18% anymore.
Once a Cashcall loan is listed as past due the interest rate resets to the default APR. IIRC that’s right near 44% per annum.
Check the backside of the loan contract.
February 8th, 2007 at 3:16 pm
Good thing you closed the Wells Fargo account since it looks like the people at Cash Call were trying to “steal” more money from you. You are right about the “great deal” since at 18% they are quite a bit lower than the 30% you are paying on other accounts.
P.S. Don’t forget to add the $15 late fee to your spreadsheet…
P.P.S. You might want to look in to other late fees you have missed since when banks try and “steal” money and you don’t pay they start to tack on the fees…
February 8th, 2007 at 3:25 pm
So no more drafts for CashCall until I figure out my debt situation and find a way to pay them back (or settle).
What do you have to offer to CashCall to encourage them to settle?
You don’t have any money to give them. All you can give them is a promise to repay. Well, they already have your promise to repay — and it seems to be worthless.
They’ll go into court and get a judgement. Then they’ll do nothing … and let the interest pile up for a couple of years. It’s a great technique because the debtor thinks the creditor just let it go.
But the judgement is still out there. Then, when you least expect it, they’ll send sheriffs to any place you bank and seize your accounts. If you’re a freelancer, they’ll send a sheriff to your clients and seize any money due you. That’s not going to give your clients the warm and fuzzies.
If that’s not enough, they’ll wait another year or so and do it again. And for every job you get, they’ll send a sheriff over there to order your employer to give them 25% of your wages.
For most people, judgement collectors don’t try all that hard. But with all this publicity, there will be plenty of people willing to drop a dime and let the collector know where you bank and where you work.
How long will this hell last? A judgement lasts ten years. But it can always be renewed for another ten years. And the interest just keeps piling up.
February 8th, 2007 at 3:31 pm
Don’t worry about the folks at CashCall. Despite your non-performing unsecured $10k loan, CashCall will just make it back with the usurious 60%+ interest rates they charge other borrowers. In this case, I have no sympathy for this company as it ruthlessly takes advantage of people who have no business getting loans in the first place.
February 8th, 2007 at 3:42 pm
Are you going to get someone to moderate or not? How fast are you building Team Case anyway? As far as I know you have had this site up five months and Team Casey is just you and the other voices inside your head. Get on it!
February 8th, 2007 at 3:45 pm
Hmmm, the walls are starting to close in a little bit eh? You can reach out and touch them without moving your feet.
“So no more drafts for CashCall until I figure out my debt situation and find a way to pay them back (or settle). I will try to call them soon to see what can be worked out.”
Okay, I’ll bite. To figure out your “debt situation” go to your spread sheet and “look” at it with your eyes open. Continue looking until you “get it”. Once you have gotten it do a blog entry on what you understand your situation to be. They won’t settle. You have a signed agreement with them. It’s already settled. Is it possible by supplying them with a pay stub that they believe you had a job at the time of the loan? By submitting a pay stub after quitting your job does that constitute fraud? Have you ever read the fine print on the back of the document that has your signature on the front? Do you think they are going to quietly go away and leave you alone while you “figure things out”? Doubt it.
Good luck. Stay positive. Attract success.
coyote
February 8th, 2007 at 3:53 pm
So you have been paying this loan on time every month? Do you plan on paying the $235.48? If you have been paying this one on time then why stop paying now?
February 8th, 2007 at 4:15 pm
SWEET!
February 8th, 2007 at 4:19 pm
Hey Casey,
How did you get the loan if you haven’t been a programmer in a year or more.
Did you use a forged paystub?
You might want to delete this latest blog entry if that’s the case.
February 8th, 2007 at 4:25 pm
THE END OF SHAME?
The gist of that article in New York magazine focused on how Casey’s generation seems willing to post anything on the internet, no matter how embarassing or humiliating.
And, here you have it. He posts, for the world to see,
the letter from a down-and-dirty, hard-money lender that he has defaulted on his promise.
What lies ahead? Photos of the lad sleeping in a shelter?
Video of the foreclosure auctions?
Do concepts like dignity, respect, or shame have any meaning in such a context?
And the lad takes relief in the fact that he is “only” being charged 18%.
This never ceases to be amazing…
February 8th, 2007 at 4:25 pm
Yeah, you’ll show THEM! Hi! I’m a human turnip! Squeeze me!
February 8th, 2007 at 4:35 pm
Are you going to continue making payments?
What happened to the bum on your property? Did you evict him?
February 8th, 2007 at 4:35 pm
Casey,
Face it, you need to BK to get this somewhat under control.
February 8th, 2007 at 4:45 pm
18 percent and you think that cool…Casey this empire is hemorrhaging…not cool.
February 8th, 2007 at 4:57 pm
I can’t believe you let one lender fall through the cracks and actually paid them anything. But yeah, closing a checking account is such an incredible hassle! I mean, you might have to actually make a phone call or two or maybe even go into the bank! That is pure drudgery and better to be outsourced.
But now it’s obvious that it’s a good thing those thieves at WF stole your $1,000; otherwise you wouldn’t have closed the checking account and you might STILL be paying CashCall! I mean, what kind of sucker would you be then?!
You’re so lucky your maker works these things out for you. Everything happens for a reason, don’t you think?
Wow, in your upside-down world, 18 percent is a bargain! And at $15, the late fee is kid stuff! But as another poster pointed out, you can kiss 18 percent goodbye now that you’ve defaulted.
What’s to figure out? You’re broke. You have no income. The only way you can pay them back or settle is to borrow more money from someone else, and you can be sure if there is someone that dumb, they are going to charge even more outrageous rates, so you’re only going further in the hole.
That is Caseyspeak for “I’m going to ignore this and hope it goes away.”
February 8th, 2007 at 5:12 pm
Casey,
Are you going to TURN your self into the FBI as Joremo (your guest) told you TO DO?
February 8th, 2007 at 5:16 pm
Wells Fargo didn’t “steal” from you, deadbeat.
February 8th, 2007 at 5:46 pm
“Failure to make good on this loan payment may negatively impact your credit standing….”
Somehow i dont think that phases CAsey at this point. unless they come up with a negative scale rating.
February 8th, 2007 at 6:01 pm
Your updated liabilities spreadsheet noted the CC interest at 24% - but here you state it is 18% - which is correct?
February 8th, 2007 at 6:01 pm
ARRRRGH!! Why don’t they come for you and put you in jail where you belong??
February 8th, 2007 at 6:05 pm
‘So no more drafts for CashCall until I figure out my debt situation and find a way to pay them back (or settle).’
Settle? You mean like asking for a short sale? You can’t ’short’ a debt to CashCall. It’s that sense of entitlement again, young lad. You’re going to find out you can’t ’short sale’ the whole world.
It’s likely this is going to be the first judgement that comes your way. They’ll move quickly. Your best bet is to come up with some scratch to get caught up with them immediately.
Good luck.
February 8th, 2007 at 6:10 pm
Looks like you’ve got weeks, Casey. Not months. Your ship’s about to sink. Will you tempt CashCall with the potential of usurious returns? Or will you get smart and bankrupt yourself already?
February 8th, 2007 at 6:11 pm
Casey,
I hate you as much as anyone else, but I can’t let BS slide.
According to Fantasy Central above,
“If you’re a freelancer, they’ll send a sheriff to your clients and seize any money due you. That’s not going to give your clients the warm and fuzzies.”
This won’t happen because you are smart enough to create a company for billing purposes. If the debtor finds out about the company, you dump it. So you bill through the company, not yourself. The debtor won’t find your clients. Your clients won’t see any judgment if they look for one in your company’s name (very unlikely anyway).
Also, you have two easy ways out of this. 1. Bankruptcy. This debt was not fraud, it will be dismissed. 2. A garnishee-friendly state such as Texas.
February 8th, 2007 at 6:11 pm
Ho Ho Ho It’s Santa Flipper Clause
You too, would be full of cheer,
If you only worked, one day a year
Santa F. Clause
February 8th, 2007 at 6:23 pm
You opened your mail again? There might be hope for you yet!!!!
February 8th, 2007 at 6:55 pm
Alright, it looks like the cash crunch is finally in full swing.
It’s amusing how you refer to some of the vendors unfortunate enough to have done business with you as “smart”: Cashcall was “smart” for requiring automatic drafts from your checking account, First Franklin was “smart” for requiring insurance (and a means to enforce it) on your property. Those were not “smart” moves - each was a fundamental necessity given the nature of the particular situation.
You don’t know what “smart” is. I don’t think Cashcall was smart to lend you anything, since it looks like they’re going to take a large principal loss. First Franklin isn’t looking to smart either, unless of course your loan has been pawned off on NYSTRS by now.
Your blase attitude in the face of financial crisis amazes me. When is panic mode going to set in? That should be fun to watch.
February 8th, 2007 at 7:01 pm
You have some nerve, claiming that Wells Fargo “stole” money from you.
That was money that you borrowed from them and did not repay. They didn’t steal it from you. They prevented you from stealing it from them.
February 8th, 2007 at 7:21 pm
“I’m am happy to be only paying 18% on my 10 grand that I borrowed, so that’s kind of nice compared to how high it can go. ”
Read the back of the contract or look on the website. 96% interest is coming your way.
CA Default Rate: Interest Rate: 96% Annual Percentage Rate: 99.25%
OUCH.
February 8th, 2007 at 7:22 pm
@Reality Central:
Your words are music to my ears. From your mouth to GOD’s ears. Casey has always been in my thoughts and prayers. Maybe CashCall will be his ticket to success.
February 8th, 2007 at 7:30 pm
You can’t bleed a rock. I’ve seen judgments where the individual could not pay and it just goes straight back to collections. If Casey declares bankruptcy “cash call” could be out of luck. Sheriffs seizing bank accounts? Please. The worst they could do is send Gary Coleman to your house.
February 8th, 2007 at 7:41 pm
It is now Feb. 8th. Did you make the first payment that was due Feb. 1st on that $50,000 Countrywide promisory note?
$10,000 says you didn’t.
February 8th, 2007 at 7:42 pm
Amazing, 18% interest seems quite low.
February 8th, 2007 at 7:43 pm
Casey:
“So no more drafts for CashCall until I figure out my debt situation and find a way to pay them back (or settle). I will try to call them soon to see what can be worked out. ”
Ahhh, kiddo, let me assist you in figuring out your debt situation.
Go to a lake and borrow a boat with an anchor. Row out to the deepest part of that Lake…(Tahoe’s nice, and about 900′ deep), untie the anchor from the boat.
Now handcuff yourself to the anchor and then jump overboard.
That “squeezing” feeling that increases as you plunge deeper and deeper towards the murky darkness?
THAT is your debt situation, pal o’ mine.
What can be worked out?
Cut off your hand…you’ll sink a lot slower.
In my line of work, a guy in the hole as deep as you are, with a 30-40% vig, is a prime candidate for leg-breakage.
And d’you know why?
We have some stooge heavily insure the schmuck BEFORE we introduce Mister Tire-iron to Mr. and Mrs. Kneecap, see?
We ALWAYS get OUR money, kid.
February 8th, 2007 at 7:55 pm
Ha ha ha Casey, like father_JACKsaid, get ready for your interest rates to skyrocket to 44%!
I know! Call up Gary Coleman, maybe he can help you out!
February 8th, 2007 at 8:10 pm
How much longer can you continue this game you are playing?
Please wake up!
February 8th, 2007 at 8:19 pm
Tibetan Monk say:
Casey not know he need pay back loan.
Casey think 18% good rate.
Casey think pay off loan mean steal, take out loan mean good business.
Casey think liability good, asset bad.
Casey forget lesson of RichDad PoorDad.
February 8th, 2007 at 9:11 pm
It really makes no difference what the interest rate is, since you have no intention of paying it…….
February 8th, 2007 at 9:17 pm
Cashcall is a group of bottom feeder load sharks. Have you ever wondered why they are incorporated in South Dakota? That is because South Dakota has the most liberal interest rate laws in the country. If they want to charge you a 50% interest rate, they can. Go back and read your loan agreement very carefully. They don’t accept partial payments. If you talk them, their only question will be: “Where’s the money Lebowski?” Cashcall will bend you over so fast it isn’t funny. I’d almost rather deal with the mafia then Cashcall. Cashcall uses lawyers while the Mafia will just break your kneecaps and be done with you.
February 8th, 2007 at 9:25 pm
Dude, when are you going to start reading the print on these contracts you sign?
You say xxx I’m am happy to be only paying 18% on my 10 grand that I borrowed xxxx
No, it’s not, it was 24 percent, as you correctly stated a few weeks ago on your financial statement list.
Also, please be aware that in the event of a default, operations like Cash Call can restart the loans at a higher interest rate, plus penalties. These rates vary from state to state, and can go up to 96 percent a year. Read the Cash Call rate schedule and you will see. It’s in the fine print of the contract too, but it’s probably another one of those things you signed without reading. Jeez.
February 8th, 2007 at 10:12 pm
Oops… that’s right, its actually 24%. I just checked my CashCall account.
February 8th, 2007 at 10:14 pm
Completely off topic: Google says there are 220 [b]pages[/b] on your site containing the word “sweet”. (That doesn’t count individual occurences within the pages…) You have 235 pages in the Google index. So, 93.6% of your pages include at least one occurence of the word “sweet”. I have somewhat of a life, so there’s no way in hell I’ll count exactly how many times the word occurs (and whether you used it or someone else used it while mocking your sorry self), but just to let you know: Ween yourself from the word.
If that’s the way you talk in real life then I feel sorry for anyone who knows you…
February 8th, 2007 at 11:14 pm
Casey:
You’re cool dude, congrats on the mention in the New Yorker. Forget about paying these cheesy unsecured lenders. Who cares if they get a judgement, you can discharge it in bankruptcy. The sooner you file the sooner your credit will be clean again.
PS Some of these haters are really sick, especially the guy who said you should handcuff yourself to an anchor. GW Bush had many problem businesses in Texas, then look what happened!!
February 8th, 2007 at 11:15 pm
Wow, he took my advice and added a TipJar.
Now when is he going to start raking in $5,000/month from advertising revenue?
February 8th, 2007 at 11:17 pm
“Oops… that’s right, its actually 24%. I just checked my CashCall account. ”
LOL
Dude: if you were to take an introduction to financial accounting course at a local community college, you probably would have had the knowledge and the excel skills to write basic financial statements. One of the most critical at this point in time is a cash flow statement so that you know where your cash is going, how much, and possibly, why.
Anyways, I continually wonder where you get the cash to pay for your living expenses. Care to answer this question? It must be coming from somewhere. Another loan perhaps?
As long as you don’t go to jail, eventually this situation will be behind you and you can give entrepreneurship another shot. You’ll probably be in your mid 30’s by the time you are in the position to do this again, perhaps older, but that is good. You’ll be more mature and hopefully you will have mastered a set of technical skills.
For example, there is most likely a high correlation between technical skills and knowledge and winning or losing in the options market. The most clueless lose their asses first.
Study money management in great detail. Those are the key words that you need to know right now. It’s not a matter of how many times you win or lose, but how you manage your losses.
Simple words, yes, but most certainly the truth.
February 9th, 2007 at 12:22 am
I don’t know … how is posting on the Internet different from a tell-all book later? People have been writing them since the beginning of books. The only difference is the Internet is real time.
I am curious if you watched Oprah on Thursday Casey?
C
February 9th, 2007 at 2:49 am
‘Talkin Casey’, a song by Mississippi John Hurt, about a train wreck - may be appropriate?
February 9th, 2007 at 3:38 am
Casey, you still have options:
1. Sell your blood to a blood bank
2. Sell your sperm (if you have any) to a sperm bank
3. Sell your body to science.
This is a sweet plan
February 9th, 2007 at 6:07 am
No money? No worries. Cash Call accept kneecaps in lieu of cash. First born sons no longer accepted - they bounce too often.
February 9th, 2007 at 6:58 am
@ 50:
It’s “wean”. “Ween” is a terrible band from the 90’s.
February 9th, 2007 at 7:23 am
Casey my man. I’m working on putting together a big deal right now. I don’t want to post it here because I guess you decided to let a few haters back in.
Email me asap if you want in on this. $65k/mo is a very realistic passive income number. Get your cut now and let go of these haters. I’ll wire you some funds so you can get out of this whole and let your creative juices flow. I could use a guy like this on TeamGold.
February 9th, 2007 at 7:52 am
Casey:
There is one way out of this mess. Adult male films.
I know, I know, you’re not gay. So what, neither are most of the other actors. In fact many bring their wives/girlfriends to the set.
I know you may be worried about putting yourself “out”, but look at the up side. Thousands of dollars per week to start, plus with your looks/charm, the possibility of stardom.
Don’t look this “sweet” gift horse in the mouth, Casey.
February 9th, 2007 at 8:47 am
Hey Casey, I appreciate your time and allowing the insight for future investors looking to excel in the market place. I will go forward with your advise, especially because I thought the Sound of making money together sounded too “Sweet” to pass up !
February 9th, 2007 at 8:52 am
Sharky, I think you must see a better way to give advise to people learning on a curve, other than criticizing them. Offering a job in an extremely volatile area with such hostile hopes of despair only shows you are at the bottom as well as any others. I think if you keep following Casey’s blog you too will learn something, at least compassion for it is christian.
GodSpeed Casey !
February 9th, 2007 at 9:17 am
I just went to CashCall and monkeyed with their application a bit. They sure ask for a huge amount of information. This information included a list a references and relatives, along with their telephone numbers.
Who did you provide for these references and relatives? Does it bother you that they are now going to be getting daily or more frequent calls from CashCall once you are about 30 days behind?
Also, with the relatively large amount of traffic that this site gets (alexa=38,638) and the relatively small amount of traffic that CashCall gets (alexa=179,493), pretty soon this page is going to rank pretty high for searches for ‘CashCall’. You are making them look like they roll over for people who break contracts on them. They will have a motivation to make an example out of you to get a “CashCall Took Me To Court And Really Hosed Me” blog entry out of you in the near future.
February 9th, 2007 at 9:26 am
I made this warning a couple of entries below:
Once Cashcall realizes that they cannot get money from you, they will start on Estate Seizure. That means Cashcall starts up its lawyers and begins collection proceedings against you. After you lose in court: the debt collectors show up at your door with the judgement in their hand and start seizing anything they can. They will pick up everything not nailed down. If you live with someone else, your roomies had better be able to prove that television sitting in the living room belongs to them and not you (with a receipt mind you), otherwise they will walk with it.
Don’t be surprised one day to come home and find your room cleaned out, stripped bare and a receipt saying that the debt collectors took it all.
February 9th, 2007 at 9:39 am
Casey,
Do you have bill collectors calling every day?
February 9th, 2007 at 9:47 am
@64
That’s right, guys. Stop already with the “hostile hopes of despair”. Whatever that means.
Eric J Herrholz is Right
February 9th, 2007 at 9:50 am
Casey,
You always say you are here on the blog to help people, let me tell you my story . . .
It all starts a year ago when I attended a seminar lead by Ailin Graef, the first Second Life game real Millionaire. She spoke of the riches in buying islands with no money down and Linden cash back at closing in this virtual world. It sounded like a sweet opportunity, so after pounding a virtual Jamba Juice, I bought 8 different islands in 3 different regions.
Fast forward 1 year later, I have been unable to flip any of these islands, and monthly land maintence fees are piling on. I’ve attempted to build on each of these islands, but having limited scripting skills, my houses look like someone vomitted pixels on my beaches. To make matters worse, I have a naked old man who has decided to make my biggest island his home, claiming he has squatters rights to it, at least he has been picking up all of the seaweed and organizing my conch shells. So my questions to you are:
1. Should I call the server security to have the old man deleted from my island?
2. I have one potential investor named Juewanna Litigate that has offered to advertise on my island and mentor me if I change my ways. Do you think it is worth adding advertising to get sweet linden dollar bills?
3. My virtual love interest has been spurning my advances ever since I got in this jam. She thought I was a baller and she is threatening a prolonged embargo of the virtual love. Yikes, Help!
4. OH PS, I have already sold my virtual story to two underhanded virtual talent agents in exchange for virtual magic beans, got any hints for getting out of contracts?
5. Should I tell my story and offer my key learnings on my own blog www.Mysecondlifeisfacingforclosure.com ?
My FICO score is going down the virtual toilet, so your advice would greatly be welcomed. The mail from Linden Labs is stacking up, and I’m afraid my islands will be deleted if I don’t act soon.
February 9th, 2007 at 10:12 am
@ Santa Flipper Clause
Ho Ho Ho It’s Santa Flipper Clause
You too, would be full of cheer,
If you only worked, one day a year
Santa F. Clause
I don’t know about that, Santa. One day might be a bit much for young Casey here.
February 9th, 2007 at 10:13 am
See what happends when you open
your mail?
You should just ignore it !!
How’s that $5000.00/month passive
income com’n along?
February 9th, 2007 at 10:28 am
Casey,
This is what is going to happen with your unsecured debts
http://www.bid4assets.com/auct.....nId=184412
$57,996.41 Defaulted Credit Card Balances - In Statute Indiana
Winning Bid: USD $2,300
Number Bids: 17
Sold for $.04 cents on the dollar. Is that SWEET or what dude? This is higher than the industry average. The borrower must have some assets to go after.
February 9th, 2007 at 11:06 am
Hey Casey,
I will GIVE you the money to pay CashCall in full if you go back and return ALL of the moderated comments to your blog, as well as stop removing/censoring links that “impugn” whatever exists of your alleged integrity.
For real. No banks. No tricks. No broken kneecaps. It’s your call.
February 9th, 2007 at 11:10 am
Hungry - are those bought by collection dude who then use whatever tactics they like (that are legal, just) to get what is now THEIR debt and interest paid? Are they the bounty hunters of the financial underworld? Interesting.
February 9th, 2007 at 11:22 am
Do you realize how much interest you are “paying” at 24%? At $220 a month you are paying over $26k for your $10k loan…that is $16k in interest. Holy Crap!! Lets crank it up to 44%, $371 montly payment, and you will be paying over $44k for your $10k loan = $34k in interest. Let me repeat - HOLY CRAP!!!!
February 9th, 2007 at 11:37 am
Casey,
I think you should bid on this: http://www.bid4assets.com/auct.....nid=298849
Think of all the SWEET deals you could do!!!
February 9th, 2007 at 11:48 am
Casey,
I have just the job for you. I think this is a real offer (in that my resume was on career builder.com) but they’re offering a lot less than I currently make. However, with your, uh, financial skills it seems right up your alley:
Hello (insert your name here).
My name is Roberto Ferguson. I’m a representative of the “PBP transfers
services” company.
We have found your resume at careerbuilder.com.
We would like to offer you a place of a Transfer Manager in our
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February 9th, 2007 at 11:50 am
@60. SredniV
Thanks. Must’ve had bad 90’s music on the brain last night…
February 9th, 2007 at 12:20 pm
Casey, what’s the status on the 6021 Guadalajara, Rio Rancho, NM property? Your “Status” summary next to the property was last updated on 9/29/05.
(BTW, I urge you to spend 10 minutes on each listing, updating the grossly out-of-date situations. This is the place potential buyers will likely end up on if they Google the property address and expecting them to sift through 5,000 posts for references to the current situation on each of these properties is not reasonable. And, actually, you really don’t want potential buyers sifting through the comments!)
You mentioned a while back that it faces a foreclosure sale on February 14th. That’s next Wednesday.
Googling, I found this Sandoval County announcement, excerpted here:
25.
06-3139-FC01
6021 Guadalajara Road North East
Rio Rancho
New Mexico
Sandoval
02/14/07
01/10/2007: SALE SET FOR 2/14/07 AT
12:30 P.M.
This says the auction is still scheduled.
Anything you do needs to be done in the next couple of working days. And since it is approaching the end of the business day in NM, this leaves Monday and Tuesday to do anything you are realistically expecting to do to stop or delay this auction.
And what about Muncy in Modesto? That foreclosure sale was set for 1/24, but delayed by a month. Suggesting around 2/24 (though the actual date is probably a day of the week, such as Wednesday, so it may be a few days off of this).
Seriously, you need to worry more about key dates that are approaching, and update your snapshot pages for potential buyers to see, than worrying about homeless dudes parking their cars in front of your house (which is not ipso facto illegal, by the way, though parking in your driveway is).
–Tim from the Monterey Bay Area
February 9th, 2007 at 12:23 pm
Casey,
Here’s what happens to people that do liar loans. This guy got a $75k fine and a year in the pokey for doing JUST ONE!!
http://www.mortgagefraudblog.c.....age_fraud/
February 9th, 2007 at 12:30 pm
Casey,
I’m new here and maybe this has been stated over and over - if it has, I apologize. But you’re a web designer by trade and a fan of passive income…it seems like an absolute no-brainer to start selling ad space on this high traffic site and use it to pay down some debts. If you’re interested, hit me up for the first ad, I’d be happy to help you and myself at the same time…
Best of luck…
Joey
February 9th, 2007 at 12:46 pm
A few years ago when I was in too deep, I didn’t miss any payment (I think I was late with one)… and I used spreadsheet skillz to mark the day I would stop paying EVERYONE, with a cash reserve in my freezer and a shotgun by the door. The day never game. I got a job DELIVERING PIZZA and after that a much better job for Microsoft. Now I earn $60/hr. So um… Casey, whatever you do, do it right. If you’re gonna go bankrupt, do it right. If you’re gonna foreclose, do it right. If you are gonna stop paying people, do that right. Don’t let the noose tighten without a solid plan. Since you haven’t done these things before, YOU MUST SEEK PROFESSIONAL GUIDANCE. (Nor does some scammer qualify.) You don’t have a plan. This makes everything worse. So many people try to make this clear to you but you just don’t wanna understand. You will soon enough.
February 9th, 2007 at 1:15 pm
Casey,
Seriously, how do you handle the calls from creditors?
Casey: “Yes, I know I’m overdrawn.”
Bank: “No, you’re not just overdrawn, your in default and we want our money.”
February 9th, 2007 at 1:25 pm
Actually I think Casey may have looked out when it comes to defaulting on the CashCall loan. A quick google search reveals that CashCall’s typical tactics are hardcore. There are reports of them calling constantly, threatening seizure of property and jail time, and they raise interest rates to stratospheric levels when someone defaults. I read some reports of them charging more than 90% interest.
Casey, on the other hand, has a very public blog. Fairly soon when someone does a google search of CashCall Casey’s blog will probably feature prominently. If there’s someone smart at CashCall they may decide to treat Casey with kid gloves so potential customers will not realize just how harsh they really are.
On the other hand, if they don’t care I’m afraid Casey may be in for a rude surprise by CashCall’s upcoming tactics. They no longer care about future business with Casey, they’re sole motivation is to get money; and the interest rates are going to go through the roof.
Casey: A little advice. If you do call CashCall, and I’m sorry to say you don’t have a great track record of following up with creditors, so you may not call until it’s too late. But if you do call, do it soon and if they aren’t willing to work with you try to get to a supervisor and mention this blog and the potential positive and negative impact it could have to them. The blog doesn’t show up on a google search for CashCall right now, but it’ll probably be indexed soon — maybe you’ll get lucky and they will treat you better than most of their customers.
February 9th, 2007 at 1:37 pm
Casey - its a train wreck….
How are you paying rent.
You remember In Pursuit of Happyness - the walls closed in on that guy. Looks like the same is happening to you.
Why dont you declaure bankruptcy ?
Just like where you were buying houses you are being a sucker now….
Why are you paying when you can put organisation into the payment of debts. Why do you think bankruptcy was created if not for people like you ?
You have turned round you life so much in 1.5 years. When you first got married life was sweet sweet.
How exactly are you going to pay people back if you are not doing bankruptcy.
You said Casey you wanna be successful. Well - do for us what Donald Trump does in his books.
Please explain exactly what you do hour by hour,
Loads O Money
February 9th, 2007 at 1:44 pm
Kirk,
I disagree. If they treat Casey with kid gloves they are going to look like pushovers for all the world to see. It will negatively effect their deliquency rates. As soon as they notice this, which will be as soon as Google and Yahoo index it, look for them to stomp Casey into a nasty sticky jam between their smelly corporate toes.
February 9th, 2007 at 1:57 pm
So no more drafts for CashCall until I figure out my debt situation and find a way to pay them back (or settle). I will try to call them soon to see what can be worked out.
No more drafts until you figure out your debt situation? You have no money! Forget “no more drafts,” you are not very far now from “no more FOOD or GAS or LIGHTS until you figure this out. And will that actually make you do something?
And what, pray tell, is your definition of “soon,” anyway? To me, “call them soon,” means “call them today.” But this was yesterday. So I guess in Caseyspeak, “soon” means “some later date to be determined,” much like “Sweet Deal” means “chance to lose my shirt,” “cool car” means “Dented POS with holes in the upholstery,” and “entrepreneurial” means “long naps and unwilling to work weekends.”
Sweet Jeebus, but you are young, clueless, and completely unready for life in the real world! My question is: Is it your school or your parents who failed so miserably in turning you into an adult before they sent you on your merry way?
February 9th, 2007 at 2:22 pm
86. Mister Gash
February 9th, 2007 at 1:44 pm
“Kirk,
“I disagree. If they treat Casey with kid gloves they are going to look like pushovers for all the world to see. It will negatively effect their deliquency rates. As soon as they notice this, which will be as soon as Google and Yahoo index it, look for them to stomp Casey into a nasty sticky jam between their smelly corporate toes.”
I was just about to make exactly the same point (minus the insult to them about their smell corporate toes).
Casey is such a high-visibility case that CashCall and other hard money lenders know that if they “go easy” on him they’ll be setting an example for thousands of their other delinquent loans. Like a loan shark who breaks the legs of one of his delinquent borrowers, they’ll go hard on home to make sure the lesson is widely known.
Looks like a lot of Bad Stuff ™ is coming home to roost this month. The foreclosures in New Mexico (scheduled for 12:30 pm gavel time next Wednesday, the 14th), the possible delayed foreclosure in Modesto (update?), and NODs were filed on the two Sacramento area properties in October and November, so they’re in the pipeline.
Meanwhile, no job with Savvy Chris, ad revenue from Duane LeGate has probably already ended (nominally until 2/15, but DLG has been very quiet lately, so who knows if the final payment will be made).
And I would bet that all options for personal loans from family and friends have long-since been exhausted.
Casey, it’s really long past time that you get serious about how deeply underwater you are. The “short sale” on Muncy will not do anything about your various debts…it may even trigger collections for the taxes, the loan write-off, etc.
You are deeply, deeply, deeply in debts you cannot possibly pay back with a few hundred here, a few thousand there. Look at your spreadsheet. Even ignoring Muncy and Guadalajara, assuming they are either short-sold or foreclosed-upon (roughly the same thing), your $180K CC debts, your various personal debts, and the CashCall and Countrywide notes (*) amount to well over a quarter of a million bucks. Compounding at at least 30% per year.
(* You don’t think the $50K Countrywide obligation you signed is really gone, do you? Many of us think it was an obligation you signed that had nothing explicitly to do with whether Larchmont (I think it was) gets short-sold. But for sure if you short-sell Larchmont then the Countrywide note is unambiguously valid. Right? Since it looks like $220K for Larchmont is not generating much interest, expect to see a short sale for even less, and for Countrywide to not only pester you about the $50K note but also to demand more. Plus the tax consequences for you.)
(If I’m confusing Larchmont with Burdett, my apologies. It’s hard to keep them straight. Larchmont’s the one without working plumbing, right? Burdett’s the one the squatter lives in, right?)
February 14th is looking to be the Valentine’s Day Massacre. The auction in New Mexico. And the meeting with your tax preparer.
Good luck!
–Tim
February 9th, 2007 at 2:55 pm
Well, you don’t just “get a judgment”.. You get sued, then you answer, file counterclaims, Discovery,etc- drag it out for months and settle out of court ( most creditors prefer this and well known banks are known for taking 20-30 cents on the dollar). OR you File BK and you stop any suits cold.
It’s not like someone is just going to get a judgment and seize your accounts or garnish your ( non-existent) wages without you knowing.
Though, I guess since Casey doesn’t open his mail this COULD happen to him ( he will have plenty of advance notice, he will just ignore it and then think someone is “stealing”).
February 9th, 2007 at 3:05 pm
@Tim, FMBA
“6021 Guadalajara Road North East
Rio Rancho
New Mexico
Sandoval
02/14/07
01/10/2007: SALE SET FOR 2/14/07″
Oh sweet Valentine! Talk about Valentine’s Day Massacre.
More unopened mail, I suppose?
February 9th, 2007 at 3:14 pm
@ Tim, FMBA:
You beat me to the V. Day Massacre reference, I saw later.
“(If I’m confusing Larchmont with Burdett, my apologies. It’s hard to keep them straight. Larchmont’s the one without working plumbing, right? Burdett’s the one the squatter lives in, right?)”
I have the same problem. It’s hard to tell a junk property from a ghetto caboose.
February 9th, 2007 at 3:19 pm
Tim wrote:
“(* You don’t think the $50K Countrywide obligation you signed is really gone, do you? Many of us think it was an obligation you signed that had nothing explicitly to do with whether Larchmont (I think it was) gets short-sold.”
I did a statistical analysis for the predictive values on the validity of that document.
Here is what I came up with:
What the document says: 100%
What “many people think”: 0%
February 9th, 2007 at 3:21 pm
@Sara:
“and “entrepreneurial” means “long naps and unwilling to work weekends.””
Weekends? Almost got it right. “Entrepreneurial” means “long naps and unwilling to work”.
February 9th, 2007 at 3:37 pm
Casey,
You need an intervention……
Will you seek help now…
The plane is waiting,
Loads O Money
February 9th, 2007 at 3:39 pm
The truth is most people here are only seeing the small picture. You have to look past Casey’s current problems. Sure he may go BK or he may do a small amount of jail time BUT big picture is that Casey bounces back, signs some major sponsorship deals and heads up his own company assisting others who are in the same troubles he is in.
Casey, keep looking at the big picture.
February 9th, 2007 at 3:49 pm
TICK…TICK…TICK
Tim from Monterey Bay,
Is it possible to design some sort of running debt total, that can be posted daily? Perhaps even combine it with some sort of timeline or clock.
There has long been a running total of the Federal government debt, posted by private taxpayer organizations.
I’m thinking of something like that.
Or is there some internet expert out there that can design such a thing, perhaps on Excel, and post it daily?
Most of us who read this blog do so for entertainment purposes, and forget the day-to-day accrual of the lad’s debt.
The contrast between Casey’s daily blogs, wherein he fritters away his days with inconsequential matters such as getting his name in the papers, or trying to call his towing service to get a stranger’s car towed…
And your posts, where you actually take the time to research what is happening with the properties, and then patiently remind Casey what he should be doing…
is like a case study of rational behavior vs. irrational behavior.
As infinite as your patience appears to be, remember that we are still trying to persuade the lad of the importance of opening his mail….
February 9th, 2007 at 3:57 pm
For Tim: I have been very curious why it is taking these companies so long to move to formal foreclosure, and given the recent disclosures at New Century Financial, and HSBC (the former Household Finance Co.), suggest that companies have deliberately been avoiding foreclosures to keep them off the books, and their revenue statements looking good so Wall Street wouldn’t punish their stocks.
I think this has given Casey a few more months to muddle through than he would normally have had. This is unfortunate for his plight, since each month that passes with unresolved issues, the more Casey’s debt load increases and he obviously has some faux belief something is going to come along to help him out of his problem. It all seems to be coming to a head now, as NEW is admitting it has to restate revenues from previous quarters, and HBC confessing problems. Take a look at their stock in the last two days, and some recent stories about NEW’s problems and you will see what I mean.
It’s all ominous as hell.
February 9th, 2007 at 4:00 pm
I have the perfect epitaph for your headstone, when the day comes. You may want to save this:
“Zero Down“.
Come to think of it, it’ll also make a good title for the Casey Serin movie.
February 9th, 2007 at 4:10 pm
Funny comments.
What POSSIBLE effect could an interest rate have on Casey? It’s truly impossible for him to repay any of the PRIME on his debt. Repaying the interest is nothing but a joke.
There is no advice to give except 1) Join the military, 2) Flee to a country that does not extradite to the US, or 3) Declare bankruptcy. Anything else is casting pearls before swine.
I still advocate someone setting up props on Casey. I’d wager money on many facets of this story. I’d wager that he is considered a serious flight risk and has bail denied (or haha, they set bail at $100,000 and some lender writes him another note - what a punchline). I’d wager that he’s charged with a crime before 1 July 2007. I’d also put a couple bucks on this entire thing being a hoax.
MAN I hope the trial is televised.
February 9th, 2007 at 4:13 pm
Hey Casey,
If I were you I would be spending all my time seeking out advice from people with experience of debt.
Do you really think you are going to be able to pull off a sweet deal to save you from debt now ?
Man…. this is Charles Darwin at work..
It’s because of suckers like you that people like me get rich !!
If your my competition its not going to be hard for me to make money…..!!
If you want to help people, have you gone to your local real estate investment club and told your story. Maybe somebody there will have a sweet deal for you. There are also some sweets that you can eat - that the vendors put out. That would be sweet.
And dont kid yourself, you way you want to be a real estate investor, yet you dont show any inclination for any of the tasks that a real estate investor needs to have.
If it was so easy - everybody would be doing it right !
So - give us an hour by hour play of your day? What do you actually do all day ? Eat sweets ?
Loads O Money
February 9th, 2007 at 4:48 pm
Hey Dummy,
Here’s a piece of advice for you:
Get your sorry butt out of wherever you are living now if you have any regard for your in-laws.
CashCall does NOT mess around. The earlier poster was exactly correct in telling you they will clean out EVERYTHING they can get their hands on at your current residence within days of getting the judgement which believe me is already in process now that you have defaulted.
My son’s roommate defaulted on a CashCall loan and they showed up at his apartment and took everything that was not nailed down. Most of the furniture as well as the computer, TV, and stereo belonged to my son but they took it anyways. They even took the air conditioner which was a window mounted unit that was part of the property itself. It was a real b**** and we still have not gotten anything back from them despite the fact that we have receipts for almost all of what they took.
You are playing around with the wrong people on this one, they are going to come and clean out your in-laws house and sell whatever they take to satisfy your debt.
I am sure the in-laws are going to just LOVE you after this s*** hits the fan.
February 9th, 2007 at 4:48 pm
#101: That is an AWESOME suggestion for Casey’s new book / TV deal / story. “Zero Down”
February 9th, 2007 at 5:00 pm
Found some sweeeeet advice for you little Casey !
http://www.drprison.com/
Some highlights !
Dr. Prison’s Survival Tips
Stay with your race.
Don’t lie.
Don’t volunteer too much personal information.
Don’t join a gang.
Don’t snitch.
Let people come to you.
Ask permission before you enter someone’s cell.
All you have to do is fill out a form to request a consultation……………better get a move on little Casey !
Sweeeeeeeeeeeeet !
February 9th, 2007 at 5:00 pm
Dudes,
You are all like so negative on my man Casey. You all sem like to be total haters. Can’t you like give the dude some positive vibes once in a while? Sure he has totally richeous amounts of debt that like only a gazillionare could ever pay back, but he keeps putting some tasty comments out for all to share.
Like I was thinking about getting into real estate this spring when the weather gets all nice and stuff, but whe I started reading this is started to like see how complicated it is. Its like I would make some really bogus mistakes if I just like got on the phone to some hot realtor chick ad said like “Hi, my name is like SUrf and I want to make some toally serious money flipping and stuff.”
I don’t think the totally hot realto babe would like tell me about things like insurance and taxes and stuff. It would be way bogus.I’d like say “Whoa. Where do I sign? I want to be a total magnate in real estate, ya know?”
Before I’d know it, I’d be like totally hosed and in the same bad shape as Casey. It would like hurt my karma for weeks. I am sos totally like indebted in Casey for like showing me the way to financial prosperity. Like, I need to learn from the masters. I like need to find some of those rad guru’s Casey keeps talking about. They like ooze knowledge from every fiber of their intrinsic being.
I think, like I’ll wait unto the fall to like dive in. From what some dude’s I know have said I’d be better off like hanging and scoring chicks all summer and like wait for the bogus money loosers to like get wiped out in the hot acrid summer mon. Then I can like cme in and totally land some gnarly sweet deals. Plus mon, it’ll give me like more time to look at those tiny pictures of the hot realtor babes in the newsaper to like check out which hot ones to call.
Dudes: gotta like go now.
February 9th, 2007 at 5:02 pm
Some Sweeeeeeeeeeeeet advice for Casey !
Dr. Prison’s Survival Tips
Stay with your race.
Don’t lie.
Don’t volunteer too much personal information.
Don’t join a gang.
Don’t snitch.
Let people come to you.
Ask permission before you enter someone’s cell.
Sign up here for your consultation with an expert ! We all know how much you like experts !
http://www.drprison.com/
Sweeeeeeeeeeeeeeet !
February 9th, 2007 at 5:18 pm
To Tim in Monterey & Mr Gash –
Good points. The one thing I think Casey may have in his favor is that CashCall wants deadbeats to call them. The money they collect in exhorbitant interest from those that pay far outweighs what they lose to people who never have the means to pay. The latter group is probably quite small since CashCall has a reputation for never giving up, sooner or later most people have to get a job and CashCall garnishes their salary.
Because of this there’s a chance that CashCall will be kind in public to attract more deadbeats that they will later abuse.
Of-course, I have no special insight, so I could easily be wrong and they’ll strike poor Casey down with a muddy baseball bat (*proud of myself for the reference
. We’ll see, one thing I must commend Casey on is his willingness to share the details of his plight. It will be interesting to see what CashCalls tactics are in this case. Based on my limited research, if they don’t know or care about the blog they’re not going to be nice at all. Far worse than banks or credit card companies in fact.
February 9th, 2007 at 5:34 pm
Casey.
You need to get in touch with an excellent documentary film director.
You need to let him and his crew follow you 24 hours a day, with unfettered access.
You need to convince your family to allow him to interview them.
You need to agree to this in exchange for a cut of profits of the eventual film.
You need to do this now. Live documentary film of you is interesting now - when everything is crumbling around you and you’re struggling to figure a way out of this mess.
Footage of you a year from now, when you’re destitute and/or in jail and looking back in retrospect, will not be interesting. You need to be filmed now.
I unfortunately don’t have many suggestions for the specific director. Perhaps you could try Chris Smith, who directed the excellent documentary American Movie.
But again, I stress:
Footage of what you’re doing now is interesting. Footage of what you will be doing a year from now will not be. Do it now.
Now.
February 9th, 2007 at 6:08 pm
“Tim from Monterey Bay,
“Is it possible to design some sort of running debt total, that can be posted daily? Perhaps even combine it with some sort of timeline or clock.”
Yes, but such a clock would be about as simplistic as that Bulletin of the Atomic Scientists clock that you and others are likely referring to. (Or the National Debt clock.)
Simplistic because we don’t have the access Casey has to what his actual debts are….though the publication of his spreadsheet was a step forward (and I congratulate him for doing the spreadsheet, though he did more than I would have done by publishing it!).
Also, Casey does not include the $50K Countrywide note he signed as a debt….he thinks it went away because Larchmont (or was it Burdett?) didn’t short sell on the day he thought it would.
Anyway, an accurate enough estimate can be done in one’s head: just take the figures that have been published, correct them as one thinks is reasonable based on what one thinks will happen, and then “age” them in the usual accounting ways.
Last month he gave his net worth as -$558K, not counting the Countrywide note (which has a PV not as large as the $50K value, of course). If he somehow is able to walk away from _all_ of his back payments and negative/underwater real estate deals, his credit card debt is still around $180K at this point. Plus some other debt. Plus the Countrywide debt. Plus the amount he may owe the IRS and FTB for forgiven/discharged debt which shows up on a 1099C.
So, you see, the issue of what his debt is is itself more important than some clock ticking down.
But using the $20,000 per month estimate is a pretty fair estimate.
“Or is there some internet expert out there that can design such a thing, perhaps on Excel, and post it daily?”
I do it in my head. About $700-800 per day. (Which is why seeing Casey fret about some expense when he is “loosing” $800 a day and delaying resolution while he frets is so painful to watch.)
“Most of us who read this blog do so for entertainment purposes, and forget the day-to-day accrual of the lad’s debt.”
I never do. I’ve been reading this blog since early October and in those 4 months he’s down about $60-80K.
Not even counting the further decline in house prices.
“The contrast between Casey’s daily blogs, wherein he fritters away his days with inconsequential matters such as getting his name in the papers, or trying to call his towing service to get a stranger’s car towed…”
Yep. Which is why many of us have used the old saw about rearranging deck chairs on the “Titanic.”
“And your posts, where you actually take the time to research what is happening with the properties, and then patiently remind Casey what he should be doing…”
I do this because I am curious, and Casey chooses not to update either us, his readers, or even his main page entries. He has not updated most of the property pages, on the main pages for the properties, in months.
Also, it requires very little “patient research” on my part to find this stuff. (BTW, I steer clear of trying to research his home address, or his sister in law’s name, etc. I have learned these things, because others have posted them, but I have no real interest in his home phone number or his SIL’s name, etc.)
Mostly I have what may sound arrogant for me to claim to have, but it is “situational awareness.” Sort of like some hunter knowing where the game is, or a soldier sending movement. I know pretty much how much deeper in debt Casey is going every month, when the deadlines for auctions are, even if Casey doesn’t speak of them here. How can I explain it? If Casey says the New Mexico property is coming up for auction on February 14th, then doesn’t mention it again for weeks and weeks, am I supposed to forget this? This is stuff I remember.
(And Rio Rancho seldom gets talked about here, but this is a house he paid close to $500K for, that he now values at about $420K. And that he’s at least $22K behind on. Check his financial spreadsheet for details. So he could very well “lose” $100K on just this one property. More if the house auctions next week for less. Yes, it is the _bank_ (Aurora) which loses this, but they will write off their losses on their own tax filings and issue a 1099C in the amount of their loss as _earned income_ for Casey, for the 2007 tax year.
While some have claimed that Casey may not be liable for the (probable) IRS + CA tax of about $50K on this 1099C income, my experience is that the IRS will dun him and dun him and threaten jail time. Perhaps the right lawyer can have this discharged under insolvency exclusions.
(My sister and her husband declared bankruptcy for a house in, ironically, a neighborhood near Casey’s, namely Rio Linda. She even had squatters trying to occupy their house after they got transferred to San Luis Obispo. When she and her husband declared bankruptcy, they were certainly “insolvent.” No money to pay taxes. But the IRS put them on a plan and as they rebuilt their lives, they had to pay. I for one will be royally pissed if Casey is allowed to “skate” on what my sister and her husband had to go through five years of hell to pay off.)
“As infinite as your patience appears to be, remember that we are still trying to persuade the lad of the importance of opening his mail….”
I also find it strange that I am as patient as I have been. I’m known for having a temper. I suppose what it is is that I view Casey’s story as one of the most interesting ones the Web has ever produced, and I view it as a slowly-unfolding puzzle.
I pretty much gave up making detailed recommendations when he ignored my simplest advice (”create a folder or in-box for each property, put all relevant mail and bills and notes for that property in the folder, and go through the folder for at least 10 minutes each morning, without fail”) and instead focused his “what people think I should do” to a popularity contest with vague generalities.
His is an amazing story, one I expect will make it to the textbooks and manuals for aspiring accountants, auditors, and loan professionals. The damning article in “The Scotsman” is a sign of things to come. Some may call it fame, but I guess Mrs. O’Leary’s cow was also famous in her own way.
–Tim
February 9th, 2007 at 6:10 pm
DrifterBee asks “Seriously, how do you handle the calls from creditors?”
Casey probably just tells them that the is not going to let them “steal” his money. We may give Casey a hard time about things, but closing the Wells Fargo acct. has stopped both Wells and Cash Call from “stealing” any more.
P.S. Casey would make a better Cash Call spokesperson that that kid from Different Strokes
February 9th, 2007 at 6:14 pm
I’m not an expert, but I think what someone said a few months ago is true: California takes longer to do foreclosures than other states do.
“For Tim: I have been very curious why it is taking these companies so long to move to formal foreclosure, and given the recent disclosures at New Century Financial, and HSBC (the former Household Finance Co.), suggest that companies have deliberately been avoiding foreclosures to keep them off the books, and their revenue statements looking good so Wall Street wouldn’t punish their stocks.”
Consider that Texas was the first to go to foreclosure. Then Modesto (CA), but this got delayed 30 days. Now New Mexico, on the 14th of this month.
Assuming he stopped paying on all of them at roughly the same time (July?), the various state clocks started ticking then.
We know the last two properties–squatter house and no plumbing house–got NODs (Notices of Default) in Oct and Nov….Casey told us that he found these in the piles of unopened mail he peeked into in January.
So I think the foreclosures are just a matter of the machinery grinding on, not any kind of coverup by Countrywide or Franklin or Aurora or any other lenders.
–Tim
February 9th, 2007 at 6:20 pm
Casey,
How about claiming your the father of Anna Nicole’s baby.
(If it works, please send me a finder’s fee)
February 9th, 2007 at 6:21 pm
Sorry for writing so much here….
I mentioned something about “situational awareness.”
An old girlfriend of mine, trained in the fine art of psychobabble–that is, she’s an “M.F.C.C.”–once said I was “hypervigilant.” Google both terms for details. (She claimed the implications were not all that good, by the way.)
This is one reason I don’t like to have to lots of investment properties. Sounds contradictory, I suppose. A hypervigilant person would be attentive to all sorts of little details, such as the sound of creaking pipes in the rental properties, the appearance of loose shingles on roofs, late payments by renters, etc.
Indeed. But I don’t _want_ to be distracted by such mundanities. If I even get a letter from my insurance company (any of them) which starts out with language like “Upon reviewing your policy…” I start to worry.
I have most of my bills auto-paid out of an account which has enough funds in it to cover my living expenses and housing expenses for more than the rest of my likely life. Which for me means “fewer distractions.”
Casey’s problem is that he wants to be a real estate mogul without having either a hypervigilant personality or even a “hard work” personality. His blase attitude of “It’s all good!” and “Don’t take work home” is what’s killing him.
–Tim
February 9th, 2007 at 6:24 pm
casey hasn’t figured out that right now he has about $200
and no job and no prospects.
Until he focuses on getting some inward cash he’s
just going to end up living under a bridge.
he needs a job,
he needs to file BK now!
he needs to put food on his table.
right now he’s some degenerate gambler
looking for one last win.
February 9th, 2007 at 6:48 pm
Doesn’t anyone know how to spell the word “advice”? It doesn’t mean the same thing as advise.
For that matter, only loosers think “your” = “you’re”.
Spelling matters. Not knowing how to do it can tank your career, especially if it’s as Vice President. (On the other hand, if you can’t spell potatoe, maybe that qualifies you to teach at a not-so-highly ranked MBA program based out of Phoenicia.)
I’m loosing interest in this blog. I don’t think Casey has much to teach me, except what not to do. And I’ve got that lesson already.
So for the benefit of readers as bored as me, here’s a short primer on mortgage backed securities:
1. I borrow money
2. Lender sells my loan along with many others to an investment bank
3. Investment bank adds many loans to mine and thereby creates a security. The security is sliced up into layers called “tranches” that represent risk, not specific loans.
4. Buyers of the “first loss piece” take losses first. Buyers of the tranche with the least risk receive principal back first. The first loss piece sells for less than face value. The piece receiving principal first probably does, too, and because of this investors prefer loans to have a pre-payment penalty.
5. The weighted average interest rate of all the loans exceeds the weighted average coupon of the security. This means that there is interest earned in excess of the interest paid out. The excess interest is called the “interest only strip”.
6. Mortgage backed securities can be designed much more complicatedly, but you get the idea.
7. Since lenders sell their loans to banks, who in turn sell the mortgage-backed securities to institutions (eg CalPERS), the risk of bank failure is minimized, liquidity is increased and the world is better off.
Of course, when default rates exceed investors’ expectations, spreads widen (ie bond values decrease), liquidity dries up, lenders are stuck with loans they can no longer sell profitably to investment banks, and we have a liquidity crisis. This seems to be happening in the subprime world right now.
February 9th, 2007 at 6:51 pm
What is with this CashCall anyways? They’re not dangerous. They must be a bunch of pussies if they lend money to people like Casey. Gary Coleman is a midget schmuck.
February 9th, 2007 at 7:20 pm
“116. Curious Observer
February 9th, 2007 at 6:51 pm
What is with this CashCall anyways? They’re not dangerous. They must be a bunch of pussies if they lend money to people like Casey. Gary Coleman is a midget schmuck.”
CashCall is a company providing a service to people. Those who need their services are free to voluntarily use them. Those who do not, need not.
For those who can avoid further debts, and carefully pay back what is owed, no doubt a good service. For those who cannot, or who run up more debts, the “harsh” measures CashCall takes are certainly the most they can take (since breaking legs and cement boots are not allowed).
I’ve never needed a loan shark. Nor have I needed CashCall. But for those who do, they can use them or not use them. Their choice. Casey freely chose to use CashCall, even when he was ostensibly still-employed.
Dumb, given their rates, but his choice.
–Tim
February 9th, 2007 at 7:25 pm
“115. Mrs. Crabapple
February 9th, 2007 at 6:48 pm
Doesn’t anyone know how to spell the word “advice”? It doesn’t mean the same thing as advise.”
Yes, I know the difference. Just as I know the difference between insure, ensure, and assure.
Show me where I have misused advice vs. advise, with the exception of a typo (where the correct usage is present in a text, one should assume a single other incorrect usage is a typo, not a failure in understanding).
“Doesn’t anyone” is as misleading as saying “Doesn’t anyone understand the difference between lose and loose?”
Of course some of us do. I assure you.
–Tim
February 9th, 2007 at 7:41 pm
“109. Kirk
February 9th, 2007 at 5:18 pm
To Tim in Monterey & Mr Gash –
“Good points. The one thing I think Casey may have in his favor is that CashCall wants deadbeats to call them. The money they collect in exhorbitant interest from those that pay far outweighs what they lose to people who never have the means to pay. The latter group is probably quite small since CashCall has a reputation for never giving up, sooner or later most people have to get a job and CashCall garnishes their salary.”
Stipulated, CashCall caters to deadbeats, Gary Coleman types, etc.
Stipulated, CashCall has a reputation for never giving up and garnishing a percentage of salaries.
So? They operation under rigorous laws and are a legal lending agency.
Casey is going to be forking over way more to CashCall for the next 10 years than he forks over to Aurora or Franklin.
Completely legal. Anyone disputing this needs to look to changing our basic laws, not just citing bad PR for CashCall.
(Look, I would not want to use them. But they provide a legal service that is socially preferable to traditional “Joisey” loan sharks. Not that loan sharking or usury should be illegal, by the way.)
–Tim
February 9th, 2007 at 8:37 pm
“However, when Wells Fargo “stole” $1000 from me that was the last straw.”
Oh this statement was hilarious! Casey, what are you doing?
Special Note: No feedback huh?
February 9th, 2007 at 11:23 pm
Are you going to put a search button on your site?
February 10th, 2007 at 3:24 am
I don’t know why everyone is getting all over the bum here. At least he’s following one of the many valid pieces of advice ignored by Casey, which was to live in (on) one of the properties!
February 10th, 2007 at 7:27 am
Tim FMBA:
“Like a loan shark who breaks the legs of one of his delinquent borrowers, they’ll go hard on home to make sure the lesson is widely known.”
Hey…you know the ropes. Are you lookin’ for some sub-contracting work?
Let me know. It’s hard to find people who understand crowd psychology. y’know.
Like THIS schmuck:
(Eric Herrholz)- “Sharky, I think you must see a better way to give advise to people learning on a curve, other than criticizing them.”
Hey, pallie. The sucker Casey paid a bunch of money to sit in seminars with a whole host of pitchmen and con-artists who all had VERY POSITIVE messages…all while they were pumping his head so full of crap that it’s now fixin’ to burst, see?
Yeah…a little unadorned negative criticism at the right time may have been the thing that would have kept this dope from the mountain of civil and criminal issues he’s going to be facing before summer.
February 10th, 2007 at 7:54 am
Tim @ 119:
I don’t think Casey will be paying Cashcall much at all in the future.
Once his properties are gone he can file BK (no one’s suggested any fraud with the unsecured debt) and those unsecured creditors are left with nothing.
Doug @ 68 /Rick @104:
Are you telling me you know people unwise enough to answer the door when they don’t recogniize who is outside?
Unsecured creditors with a civil judgement against you don’t legally get access to your domicile without you letting them in.
Rick, if your kid has receipts for the items taken, he should file criminal charges ASAP - don’t waste another day on the phone.
Something tells me a family of Soviet refugees won’t be opening the door to anyone they don’t know personally.
February 10th, 2007 at 2:59 pm
Unsecured creditors with a civil judgement against you don’t legally get access to your domicile without you letting them in.
Unsecured creditors with a judgement do not legally get access. They get the county sheriff to access your domicile — whether you let them in or not.
February 10th, 2007 at 10:55 pm
Reality Central @ 128
You beat me to it on mentioning that the Sheriff department is normally brought in also. You forgot to mention that the Sheriff department is also there to prevent a scene on anyone’s behalf and enforce the judge’s order.
Casey: When this happens to you, (Note I said the word WHEN) do not attempt to physically stop the Sheriff’s deputies or the debt collectors. That will be considered assault and you could be brought up on assault charges and arrested.
February 10th, 2007 at 11:34 pm
I don’t live in California. So I don’t know how things work there. I have always been lead to believe things are more “consumer friendly” out there for some reason.
Unfortunately I DO have the experience of being sued. Although my debt was a fraction of Casey’s and not obtained through any kind of fraud. I also know how to answer mail, write letters,etc.
I was sued 4 times. Three were settled out of court for much less than I was being sued for. I also settled on counterclaims ( MOST creditors WILL violate debt collection law, especially Debt Buyers and the “shadier” collectors. If you know anything about the law you can get them to rack-up violations).
I am not trying to give Casey any ideas, and I am certainly not a “fan” of his. I just want to stay in reality. As I said before, if he doesn’ answer his mail or face reality he COULD be blindsided, but most “normal” people are not.
In MOST situations no one is going to come to your house and seize your furniture ( unless you owe Rent-a-Center or something). And like I said before, even IF they do you will have notice. You will be able to answer a lawsuit, drag things out ( in my experience just ANSWERING a lawsuit will get you an extra 3 months),etc. Your state will also have personal property exemptions. Many use the same exemptions on judgments as BK. For example, if your state has a $3000 cash and persnal property exemption ( just made that number up as an example) and you don’t have more than $3000 worth of stuff- they won’t get anything.
In many cases you can even lose a suit and have a judgment entered and nothing wll happen. Maybe a lien filed, wage garnishment ( well, you don’t have wages and if you do a large % is exempt from garnishment. Some people even get their friends or their own company to sue them and get garnishments so they have no wages left to garnish for anyone else). I did lose 1 case very early when I didn’t know what I was doing. And there is a judgment ( I am still working on settling or having vacated for illegal service and some other things), but the company has never attempted to garnish or seize anything from me. They probably dont even know where I live ( I’m not hiding. he are just incompetent).
Just be prepared, have a lawyer ( I do everything pro se, but you aren’t me),etc. The typical debt judgment and garnishment goes like this: Suit Filed, dumb/poor defendant doesn’t know law and can’t afford attorney- doesn’t bother defending, default judgment, garnishment/lein/bank account seizure filed and granted. Most debt collectors and attorneys don’t know how to handle Defendants with any knowledge or a hired lawyer. Their bread& butter is default judgments and garnishments with no effort and little paperwork.
February 11th, 2007 at 1:12 pm
Great post Jacks@130. What exactly is your business that caused you to get sued 4 times?
It was some time ago on this blog that I posted a 15 question survey on the debtors anonymous site urging CS and GS to take the challenge and answer the questions.
http://debtorsanonymous.org/help/questions.htm
From all the facts on this blog (I’ve been following since the USA Today article) it is clear that CS is using debt the way some people use alcohol, gambling, sex etc. I think part of his long term healing from this debacle, if it happens, will involve some 12 step work, some mental health evaluation and medication and some intense marital counseling. None of that lets him off the hook for his actions and decisions but it will be a part of his getting better. What are the other options? No work. Any employer who googles his name will get the full story. He may have to become a genuine entrepreneur and start at the bottom with a hot dog stand or selling jewelry at flea markets or some similar, marginal, strictly cash enterprise. Making investments will be out. Traditional wage earnings will be difficult.
I believe that through a combination of his magical thinking and denial, he believes there will be an amazing deal offered that will take all the pain away. I suppose it’s possible. I don’t know how it would play out but there is that needle in the haystack somewhere. Then again, there are winning lottery tickets waiting to be bought, but I would wager that even a winning ticket with the potential to meet all of Casey’s obligations would only delay his day of reckoning. He hasn’t been through a tax season yet. What would an audit do for him now? Certainly take the shine off his illusions and consume alot of his time. He hasn’t shown any talent for negotiation nor for the micro-management necessary to remodel within a budget.He has negative talent for holding and managing properties. He has shown a talent for being a mark, the one left holding the bag, the last one standing when the music stops. In that case the lottery winnings would be distributed to those ‘lucky’ enough to get close to him and talk him into going into partnerships.
My guess is that sometime in the next two months this blog will be taken off the web. Bits and pieces of the endgame will come out slowly but surely. I’ll miss the blog. It’s been great theater.
coyote
February 11th, 2007 at 5:51 pm
124. Michael Cooke
“Are you going to put a search button on your site?”
Not necessary, really. Just go to Google and enter:
site:www.iamfacingforeclosure.com sweet
site:www.iamfacingforeclosure.com “con man”
Get it? It works for any site.
February 11th, 2007 at 8:41 pm
What have we become?
Someone talks bad about a state within the great USA and then belittles another country where pesos are their form of payment.
Another talks about how this house tried to be TOO MUCH NEW MEXICO … well friend that IS New Mexico.
Finally, I see all of these negative name calling comments. I just dont get it.
Casey is a 24 year old KID who has gotten himself into some trouble. Im sure your belittleing a 24 year old makes you each feel so much better about yourself.
At least he didnt sit on his ARSE like you and put someone else down. Through this whole thing he has been positive, if not a little naive.
I hope you all feel good putting others down. It really shows the level of each of your intelligence.
MY GOD What have we become?
PS … YES LOADS O MONEY … you are an idiot and a moron. Time for you to either take your meds or be grounded from the computer. If you contribute nothing please .. .do us all a favor and SAY NOTHING. Capish? GOOD …..
February 12th, 2007 at 8:48 pm
Michael;
“Another talks about how this house tried to be TOO MUCH NEW MEXICO … well friend that IS New Mexico.”
I’m the one who made the coment that that house is trying too hard to be “New Mexico”
I askd because since it’s not MY local market, I have no idea if that is what is considered attractive out there.
Personally, I think it looks like a rectangle of stucco.
But that’s okay.
I’m not going to buy it.
So why don’t you?
” I just dont get it.”
Apparently not.
But if you HAD tried to buy that (lovely) house, you might have found that it had been priced right out of your range by some willing fool who lied his a** off on his stated-income no-doc loans with predatory lenders willing to inflate the asking price and appraisal so that he could make some “sweeet” cash-back at closing.
Any lights coming on in there, ace?
April 11th, 2007 at 12:14 pm
I don’t know axactly what your situation is, but I regret borrowing from the cashcall myself. 6000fee to borrow 2500 from them. It’s been disaster for me, because I’m not situated to pay them. What is the option.