I am being interviewed again and part of the due diligence the reporter does is check all my closing statements. In putting together those I decided to give you a timeline of all my house purchases, sales and foreclosures so far (and a few major life events for good measure). Here it is:
- September 10th, 1982:
- Pop out in Tashkent, Uzbekistan
- June 6th, 1994:
- Arrive to Sacramento, CA
- June, 2000:
- Graduate Bella Vista High School in Fair Oaks, CA
- March 8th, 2002:
- BUY Salmon Falls Dr, Sacramento, CA for $110,000
- March 13th, 2003:
- SELL Salmon Falls Dr, Sacramento, CA for $157,000
- August 20th, 2003:
- Become citizen of U.S.A.
- April 3rd, 2004:
- Get married
- October 7th, 2005:
- BUY Calla Way, Sacramento, CA for $360,000
- January 4th, 2006:
- SELL Calla Way, Sacramento, CA for $365,000
BUY Burdett Way, Sacramento, CA for $295,000 - February 6th, 2006:
- BUY Guadalajara Dr, Rio Rancho, NM for $497,000
- February 24th, 2006:
- BUY Sonora Ave, Albuquerque, NM for $345,000
- March 6th, 2006
- BUY Muncy Dr, Modesto, CA for $323,000
- March 10th, 2006:
- BUY W 10250 N, Highland, UT for $360,000
- March 24th, 2006:
- BUY Larchmont Dr, North Highlands, CA for $330,000
- May 4th, 2006:
- BUY Angleridge Dr, Dallas, TX for $191,500
- June 23rd, 2006:
- SELL Sonora Ave, Albuquerque, NM for $355,000
- September 12th, 2006:
- SELL (WRAP) W 10250 N, Highland, UT for $399,900
- November 7th, 2006:
- FORECLOSURE of Angleridge Dr, Dallas, TX
- February 26th, 2007:
- FORECLOSURE of Larchmont Dr, North Highlands, CA
Additional Foreclosures pending:
- Burdett Way, Sacramento, CA: short sale offer being reviewed, foreclosure auction scheduled for March 12th
- Muncy Dr, Modesto, CA: short sale offer being reviewed, foreclosure auction
has not been rescheduled yetlooks from the Recontrust website has been rescheduled to March 28th as well - Guadalajara Dr, Rio Rancho, NM: short sale offer being reviewed, foreclosure auction rescheduled to March 28
126 Comments
March 2nd, 2007 at 11:55 am
Why are you going to Utah this weekend?
How are you paying for this trip?
March 2nd, 2007 at 11:58 am
Just to complete the picture: could you add the amount of cash back at closing you got on each of the purchases?
March 2nd, 2007 at 12:10 pm
Dude,
how can you even consider taking a trip.
the only trip you should take is down a dead end street and kill yourself.
GET A JOB.
March 2nd, 2007 at 12:16 pm
Hey Casey -
Happy Friday to ya.
You really have no business using the phrase “due diligence,” even when referring to third parties. “Undue indulgence” “doo-doo gents” and “sweet dill and quince” are all fine, though.
Have a profitable weekend.
March 2nd, 2007 at 12:29 pm
Sept, 10, 1982 - March 2, 2007 : Have done nothing of importance or value. Failed to provide any meaningful use to society.
March 2nd, 2007 at 12:30 pm
“Muncy Dr, Modesto, CA: short sale offer being reviewed, foreclosure auction has not been rescheduled yet ”
Really? I refer you to:
http://recontrust.com/property.....Stanislaus
March 2nd, 2007 at 12:36 pm
Why are you going to Utah?
March 2nd, 2007 at 12:39 pm
The life and times of Casey Serin. You know, just when I thought this couldn’t get any better… you admit that you’re originally from some backwards former Soviet republic. That is awesome…
Oh, and by the way, I think CashCall contracts their collections to the Teamsters. Who borrowers money @ 96% APR? You’ve got to realize something is fishy at that point. They are going to hunt you down. Mark my words, before you die you WILL end up paying them back. Or, they’re going to repo your ashes and wait for them to become a diamond. One way or the other, CashCall always wins.
March 2nd, 2007 at 12:46 pm
Casey, this is only half of it. You need to amend your timeline to include refi’s, and the refi amounts. The purchase prices are somewhat misleading.
March 2nd, 2007 at 12:57 pm
Whether or not I am for or against what you have done, please do NOT consider the permanent solution to temporary problems.
(You’ll probably run off to Isreal, like Dov whatshisname who looted the Pentagon)
March 2nd, 2007 at 12:57 pm
While you’re at it, could you footnote the ones where you obtained the mortgage by falsifying the documentation? I think the Federal prosecutor would appreciate the help. How ya’ payin’ for the Utah trip?
March 2nd, 2007 at 12:58 pm
Oh, C’mon.
This posting was just a quick primer to get new potential readers (perhaps from the article you mention) up to speed on your situation. You’ve been getting real obvious lately, my man.
March 2nd, 2007 at 12:59 pm
Hey, have you ever figured out how much real estate agents have made off you. Both in the buying and the selling. It seems to me that being a real estate agent you would
1) save money on your transactions
2) be able to make money when nothing is happening with the houses you do buy/sell by buying/selling houses for others
3) be able to tap into some of the inside information on sales
March 2nd, 2007 at 1:14 pm
What about the cash back at closing amounts?
March 2nd, 2007 at 1:19 pm
Finally going to sort out the missing payment issue?
RA! for you.
About time, too.
Utah or bust!
Don’t forget to keep us informed!
sc: equity
March 2nd, 2007 at 1:21 pm
Hey Casey -
1) Please don’t try to drive your Vdubs to Utah. Detailed information as to why appears on another ‘Blog. I suspect you know where to look.
2) Why are you going to Utah?
March 2nd, 2007 at 1:33 pm
They say access to money magnifies your core values and beliefs. Look at actors that have access to money and may have a penchant for parties, boozes, and drugs. It used to be the case that a bum off the street could not purchase a house because he was seen as a risk; plus it is highly doubtful he would be able to make the payments. This is pretty clear.
You have a gambling and impulsive bone in your body. Lenders should have never lent you the money. The problems you are facing are symptomatic of what is deep down in your core Casey; take a look in the mirror and try to figure it out.
Dr. Housing Bubble
March 2nd, 2007 at 1:57 pm
P&L including cash-back amounts for each deal to come soon… I am still going through all the transactions from 2006 and preparing everything for my accountant so we can get them taxes done.
I’m going to Utah with a partner of mine and I hope to meet with the buyer of the wrapped property but mainly to meet some business associates and look at some sweet deals.
How I’m paying for it shouldn’t matter, but since everybody keeps asking, my other partners’ corporation is paying for it.
March 2nd, 2007 at 2:00 pm
Let’s fill in some future events in that timeline:
May 11th, 2007:
Kicked out of “roommate’s” house, move back with parents
August 2nd, 2007:
G serves me with divorce papers
October 28th, 2007:
My debt has reached the $2.5 million mark! Sweet!
January 15th, 2008:
Men wearing sunglasses and suits come to arrest me even though I pleaded with them that I still intend to pay back every dirty penny (and every dirty nickel too).
January 20th, 2008:
Prosecuting attorney declares me as a flight risk, sets bail at $100,000. I try to find some “juicy credit lines” to finance the bail but no one will lend me so much as a dollar.
March 4th, 2008:
Jury finds me guilty on all counts of mortgage fraud. Sentenced to 7 to 10 years with possibility of parole in 2013.
April 30th, 2013:
Leave prison, can’t get a job due to criminal record. Came up with a great idea… the U.S. housing market appears to be picking up steam after a multi-year slump. Maybe I can flip houses for a living!!
March 2nd, 2007 at 2:05 pm
12:10 – Wow almost 7 straight hours of driving, but I feel very productive. This is my first stop as I am very hungry (especially considering the delicious aroma that the bio-bunny puts out). My Davis friend™ that I am doing the road testing for I think felt a little sorry for me. He gave me some cash for food and inexpensive lodging (I have to keep an eye on expenses, right? That’s one of my goals for my 2007 “financial fitness” ™ plan.
I took a brief rest stop at the “Jail House Motel & Casino” in Ely, NV. I know from a lot of you haters™ that you will find some irony in it, but the sign out front said “20Oz. Porterhouse Steak and All this Fixins for $5.95”. Since I am now on a budget™ I need to watch prices and this seems like the best protein value around. I’ll go heavy on the veggies to stay within my modified vegan™ dietary constraints.
Fortunately this little motel/casino has a WiFi hotspot and the people are very pleasant. I am able to moderate the posting as I efficiently travel to Utah. I am truly a multi-tasker™ now!
While I was on the road I listened to my messages and returned calls. I am not yet able to divulge all of my activities, but I can say that I had some good and some bad news. First the bad. About an hour ago I tried calling the Chicago funding source and I was told by their receptionist that their business trip did not go as well as planned. There were some complications involved and they are currently conferencing with the law firm protecting their interests (I know how important that is in a business environment!). The receptionist said that it could be as long as 72 hours before they would be able to contact her, but she would pass along my message. Sweet!™ Things are moving in my direction. I can feel it.
Next, I talked to the Rio Ranch Realtor® and she said that unexpectedly her credit card processing had been completed and was functional. She said that her new website (I don’t yet have a link, but stay tuned) had received over 20,000 hits in the first 24 hours! Sweet™ deal for her. I explained that I had considerable experience in dealing with sponsors and I could offer her some tips to avid the pitfalls I had. She politely said that it wouldn’t be necessary. She already had 78 “subscriptions” and 4 bookings. She really, really wants me to let her use the Rio Ranch property until it is disposed. She stresses that with her current momentum, she could be able to pay me maybe $2,500 a month in sweet passive income™.
I’m not sure what to make of that. G™ was a little concerned that whatever her new venture was that it sounded shady. No more gray area for me! I am strictly going to be conducting my affairs along ethical/moral guidelines. However, the $2,500 passive income could allow me to possibly save this property from foreclosure. That would be sweet™ and might give me some leverage to begin paying back the dirty pennies™.
Maybe if I explain this opportunity in financial terms G™ can see the value it has and how it may be my way back to salvation™.
1:00 - I am on the road again. I am pleasantly full and feel surprisingly invigorated by my modified vegan™ dietary regime. I truly believe that if I continue this regime and add an exercise program, I will be big™ in just a few short weeks. I tried to compliment my modified vegan™ meal with carrot juice, but the waitress just gave a weird blank stare. I settled for apple juice (I’m still abit skeptical of Alar on produce), and decided it was all good.
I’ll be on the road quite abit so I’m not sure when the next update will be.
Stay tuned.
(PS – I feel more productive by disciplining myself to provide you with more detailed and consistent updates of my daily activities. What do you think?)
(PPS – for those of you checking, I have had 11 calls from CashCall since leaving Sacramento. Thank God for caller ID. I really do want to talk to them, but right now I have several promising ventures – Chicago lender, Hard Money Lender, and now the Rio Rancho profit sharing opportunity. I simply cannot commit to a repayment plan until I see how these things shape up.)
March 2nd, 2007 at 2:14 pm
Are you a US citizen?
If not, I can now see why you are so worried about filing for Bankruptcy.
If you file for BK, your fraud will be revealed and you will then be deported.
It all makes sense now.
Sweet
March 2nd, 2007 at 2:14 pm
Casey, where is the money coming from for your day to day expenses? How are you paying rent?
People have asked you this many times and you continue to dodge the question.
March 2nd, 2007 at 2:15 pm
Casey, you’re such a mover and a shaker. I bet your parents are really proud.
March 2nd, 2007 at 2:26 pm
March 3, 2007
Casey indicted on fraud charges
April 3, 2007
Casey put on trial (can’t afford attorney so has to use public defender)
April 4, 2007
Casey convicted
May 3, 2007
Casey sentenced to 5 years in the clink
July 3, 2007
Casey has his first “date” with new girlfriend named Bubba. Casey thinks Bubba needs a shave.
July 3, 2012
Casey walks (bowlegged) free. Has acquired new knowledge from his friends.
July 4, 2012
Casey starts multi-level marketing company. Will come up with actual product later.
March 2nd, 2007 at 2:37 pm
Hurry to Utah Casey and make some sweet deals. We are at the top of our real estate cycle here and just need the last wave of sucker buyers to come in and get left holding the bag. Lookin at anymore seet cash back deals?
How can you decide to go on a trip to look at sweet deals but cannot do anything to track down the missing payment. Enough of your worthless intent to maybe, possibly, look into tracking down the payment. Why not figure out the missing Utah payment today, if you are capable of partaking in future business deals.
March 2nd, 2007 at 2:40 pm
Ho Ho Ho - It’s Santa Flipper Clause
Santa Asks
What type of Sweet Deal do you have going on in Utah?
When will you close on it?
Santa F. Clause
March 2nd, 2007 at 2:47 pm
well, that’s just unfair.
How can you be at both foreclosures at once?
They’re hundreds of miles, and dozens of gallons of used cooking oil, apart.
When my TDI Jetta hits 100,000 miles, I’m going to greasecar.com to fit up for the system they sell.
I bought this car new in ‘02, because the price of gas was so high.
March 2nd, 2007 at 2:59 pm
Why on Earth would anyone cut you in on a sweet deal now? You have no RE skills, have been multiply-foreclosed and are teetering on the brink of total ruin. “Yeah, let’s get Casey out here, run some deals by him and see what he thinks!”
If I were to do that, I’d pull the trigger on the deals you think suck. Then I’d steal your car and make you hitchhike home.
Sure your “associates” haven’t lured you out there a la Joe Pesci getting “made” in Goodfellas?
March 2nd, 2007 at 3:45 pm
After closing costs, carrying costs, and selling fees, it looks like the only property you ever made a dime on was Salmon Falls. The other 2 that sold, were only at 5k or 10k above purchase price. After expenses i would guess they are a loss too.
March 2nd, 2007 at 3:47 pm
THE NEW UTAH REAL ESTATE DEAL:
THE SECRET TRANSCRIPT
(This is a secretly recorded transcript of Casey’s negotiation with the property owner of the latest sweet deal, to be held later this weekend…through the magic of time transport it has now been made available )
MR. BIGBUCKS: Well, good morning, young man. I understand you would like to purchase my 100-unit apartment building here in Utah?
CASEY: Yes, sir.
MR BIGBUCKS: If you don’t mind my saying so, you seem a tad on the young side. How much experience do you have as a real-estate investor?
CASEY: Sir, I have already accumulated millions of dollars worth of real estate, and I did it all on my own.
MR. BIGBUCKS: Hm, quite impressive. Where did you go to college to learn all this business acumen? Do you have an MBA from a Harvard or Stanford?
CASEY: No sir, I chose to go to special real estate school. I am a diplomate of Russ Whitley’s “How to Become a Millionaire with no Assets or Income”, Robert Olen’s “Become Financially Free With No Ability”, and Dolf DeMelloRoos’s “Falling Forward: How to be Successful Regardless of What Reality Is.”
MR. BIGBUCKS: Hmmm. Well, let’s get down to business.
You know my building was listed at $20 Million. That’s $200,000 per unit. What’s your offer?
CASEY: $30 Million, sir.
MR. BIGBUCKS: Sold! I like that.
How much down are you putting? Let’s see, 30% is the norm for a deal this size; that would be $9 million. For the remaining $21 Million, I have a bank contact that can get you a good rate…How’s your credit rating?
CASEY: Ummmm….Excuse me… [HIS CELL PHONE RINGS]
Hello? Oh. Yes, I know it’s past due. Um, I should be able to get you $25 by next month. [ANGRY VOICE HEARD ON OTHER END OF CELL CONVERSATION]….Well, I’m sorry, I’m involved in high-level business negotiations right now, I simply can’t be bothered with your petty debts.
[HANGS UP PHONE] Now, sir, where were we?
MR. BIGBUCKS: Your terms for the $30 Million sale.
CASEY: Well…If I give you a quick, 30-day escrow, would you be willing to carry some paper?
MR. BIGBUCKS: Maybe, as along as I get at least $20 Million in cash, I could carry the other $10 Million. What are you thinking of?
CASEY: Sir, I believe in creative, sweet deals. I am prepared to offer you my own personal note for $30 Million, at 0% interest, with no payment for 50 years, with a balloon payment of $30 Million due in 2057.
And, sir, I will pledge all of my considerable real estate assets, my good name, and my good credit, as collateral.
MR. BIGBUCKS: [LAUGHS, CIGAR DROPS FROM MOUTH]
You must be…
[A LOUD CRASH AS THE OFFICE DOOR BURSTS OPEN.
TWO TOUGH-LOOKING MEN WEARING KHAKI UNIFORMS WITH “CASHCALL” WRITTEN ON THE BACK AND FRONT BURST IN. ONE HOLDS A LENGTH OF ROPE, THE OTHER A LENGTHY DOCUMENT ON LEGAL PAPER. THE MAN WITH THE ROPE BEGINS HOG-TYING CASEY WHILE THE OTHER MAN READS FROM THE DOCUMENT:
“MR. SERIN, UNDER THE TERMS OF YOUR CASHCALL LOAN DATED 11/24/2006, THIS LOAN BEING A CHATTEL MORTGAGE OF A TYPE POPULAR IN THE MIDDLE AGES, WE NOW LEGALLY REPOSESS YOU, PERSONALLY, AS THE ULTIMATE COLLATERAL. YOU WILL BE RETURNED TO FREEDOM AS SOON AS YOU HAVE WORKED OFF YOUR DEBT AT OUR “CASHCALL FUNTIME LABOR CAMP.”
[AS CASEY IS DRAGGED THROUGH THE DOOR BY THE TWO MEN, HE TURNS AND CALLS TO MR. BIGBUCKS:]
“I hope to hear from you soon, Mr. Bigbucks. I am a full-time entrepreneur, and have many other real estate offers waiting for me out thereeeeeeeeeeeeeeeeeeeeeeeee…..”
March 2nd, 2007 at 3:54 pm
#9: “I hate Casey”
Casey has said numerous times that he’s from Uzbekistan. I assume he’s an ethnic Russian and not an Uzbek though.
March 2nd, 2007 at 4:08 pm
what about a timeline in starting your scam… your first MLM-scheme back when you were 14. doesnt differ much from your RE-stuff.
oh and looking at the list I see you also included every time you paid your bills. NEVER!
March 2nd, 2007 at 4:25 pm
September 10th, 1982:
Pop out in Tashkent, Uzbekistan
How can we convince you to pop back into the hole you came from?
Why don’t you get your other partners corporation to pay off some of your bills since they are so fast and lose with money? I mean dealing with you it’s obvious they don’t mind flushing money down the toilet
By the way, the FBI is definitely looking into you, I’ve been in contact with some of their agents, supplying info, give them the 411 everytime you admit to another felony online. Have a safe trip, hope it’s not one way.
March 2nd, 2007 at 4:29 pm
Casey,
Cheer up… things surely can’t get worse… well maybe…
March 2nd, 2007 at 4:48 pm
One question: How are you planning on obtaining any more loans? There’s no way on earth you could qualify. If your “partners” are going to take on the debt, what will be your contribution to any future ventures?
March 2nd, 2007 at 4:48 pm
BAD NEWS IN UTAH
4:30 – I can’t believe my luck! I arrived here with only 1 refueling (I averaged 43.2 miles per gallon). It seems like much longer than the 10 hours it took, but I read somewhere that long haul truck drivers use amphetamines sometimes to stay awake longer. Not me. I have decided to treat my body as a temple. No foreign substances or artificial ingredients.
On the drive, I listened 2 two truly life changing books on take (the bio-bunny has a cassette deck – sweet! ™). The first book was a 1953 book psychology, paraphysiology and the impact of diet on mental processes. If you can believe it, they actually advocated consuming small amounts of radium as a dietary supplement to invigorate certain thought channels in the brain. That part is not for me, but I came away with some new ideas to help me channel my inner focus and outer psyche to maximum potential. I think that there have been certain subliminal messages (exacerbated by the haters™) that have kept me from blossoming into my full potential.
Making a list and prioritizing it is the key.
The second book “29 Inner Secrets Of The Most Successful Billionaires And How They Got There” was 100% on target. I am glad I listened to this one after the first book as it really fit well into why I have a tendency to procrastinate. No more. From here out, prioritize and organize.
Just as I reached the Nevada/Utah I conferenced the Utah buyer and my team member™ to confirm our meeting time. I had unintentionally written the meeting date down as for today/this weekend. It is actually next weekend – I am a week early! You see, this just verifies the wisdom that I had gained on the drive here – I must pay closer attention to detail, and prioritize. All was not lost. The bio-bunny performed better than expected, and….
I got a call from the Rio Rancho Realtor®. Her website meter is going crazy with hits and she is up to over 100 subscribers and has tentative booking for 6 private “client seminars” for this weekend. She is desperate to use the Rio Rancho property. I tried to press her form more details about exactly what the “Limitless Ladies - Beyond Exotic and in Your Home” concept is about. (I’m pretty sure it is like that ‘women helping women’ pyramid scam from a couple of years ago which is why I am uneasy with the concept).
She politely says “no, it’s not a pyramid scheme, and it is definitely not aimed just at women. She tells me she is not quite 100% comfortable discussing the details on the phone.
I can understand that. There have been various times in my business career when I felt that I was just on the edge of hooking a super sweet™ deal up and I didn’t want to discuss it. I tell her that I am in Utah and after a brief rest I could possibly drive to New Mexico and meet her personally. She says that if I agree to meet her at the Rio Rancho property, she can pay me an initial $500 fee to use the house just for this weekend and possibly more.
Now I know I really could use the extra money, and using a vacant house for one weekend for $500 doesn’t seem at all like it could be anything bad, right? So I tell her OK, as long as we have a meeting and she fully explains her concept and that I have final approval.
4:45 – Check into a Motel 6 for a few hours of shuteye. I have another big drive ahead of me in the bio-bunny. I want to be fresh and in tip-top condition. I ask at the front desk if they have an exercise room, but to my disappointment. No.
4:50 – Call my Chicago people. No, they are still unavailable and the secretary says she doesn’t think they will be available until Monday afternoon. Just my luck.
5:40 – Call one of my business partners™ regarding the potential sweet deal™ that would generate the passive income™ I’m looking for. My business partner™ says he definitely has a source for a hard money lender™ that wants to stay in the background – sweet! ™. He is handling some of the preliminary details, wants to avoid any lose™ ends, but is concerned that before closing the deal the hard money lender might want to see my financials. I tell my business partner™ that I have not had to do that previously in closing on property. Isn’t there a way to do some sort of “stated financials” transaction (I know what you are thinking at this point, but I don’t feel so shady with the passive income™ being as much as it is – perhaps just a slightly higher rate, of course it would reduce the cash flow, but every successful titan had to make initial concessions.) My business partners™ seemed very upbeat at the possibility of raising the interest rate to offset my financials.
That is what I call out of the box thinking™.
I fully intend to handle this in an ethical way™ with no shady dealings™.
I really want to run all of this by G™, but she is unavailable. OK. My inner psyche is now in full sweet deal™ mode.
I am in!
I know I can turn this into a positive™.
By the way, since I only brought enough fuel for my Utah trip and a 25% reserve, I am a little concerned about the trip home. I’ll call my friend™ in Davis and ask what recommendations he has for an extended range trip. It will also give me a chance to give him a road test update on the performance of the bio-bunny. I think there is a future for this bio-fuel, if only he can reduce the day old Chinese food smell. I can’t imagine how someone’s garage might smell after a few startups in cold weather.
OK. I’m positive™ focused™ and looking forward to my day ahead. Now to get some shuteye. I am sure I am on the road to redemption™ and salvation™ for sure.
March 2nd, 2007 at 4:57 pm
Hey I bet this is the SWEET deal you are looking at in Utah. Its downright JUICY, as in JAMBA JUICY…
“360K CASH BACK @ CLOSE OF ESCROW - LUXURY CUSTOM HOMES!
——————————————————————————–
Reply to: hous-282107623@craigslist.org
Date: 2007-02-20, 11:04PM PST
The largest city in southern Utah, St. George is one of the most popular resort and retirement communities in the Southwest. Its excellent golf courses, first-rate medical center, widely respected community college, commuter airline, symphony orchestra, comfortable climate, and many other factors have made it one of the fastest growing cities in the country.
• Pre-Construction opportunity
• $1.2 - $1.8M purchase price / $5k Earnest deposit
• 20% Cash back ($240k-$360k depending on purchase price)
• 3% contribution for closing costs ($36K-$54K depending on purchase price)
• 3200-3700 sf homes
• Custom homes
• Completion time: 6-8 months (More equity when completed!)
This is the perfect investment opportunity! If you have any questions about these pre-construction homes, please e-mail me at: cmcconsulting702@yahoo.com.
http://orangecounty.craigslist.....07623.html
March 2nd, 2007 at 5:00 pm
The truly ironic thing about Casey’s whole situation is he could have made a bunch of money off of real estate. If he had held onto his original property, Salmon Falls, it probably would have doubled in value by now*. He could have rented it out and lived with his family(win-win) or lived in it himself. If he has rented it out he could have used any proceeds to buy another investment property. He would have actually learned the rental business as well.
I can’t imagine what was going through Casey’s head on the rest of the deals. He made less than $5,000 on the sale of Calla Way, and I think he swapped it for the Burdett Way property, which was in worse shape. When none of the properties had any movement what did he think was going to happen? He should have realized from his own situation that the market was tanking.
He’s the proverbial day late and a dollar short. When the market was skyrocketing he should have held on. When it was tanking he jumped in when he should have waited.
Casey, why the two year pause in buying? I guess it just highlights your whole manic depressive style of investing. You do nothing real estate wise for two years, then go on a blitz and buy eight(!) properties in six months. Followed of course by doing nothing of value to rectify your situation.
I can’t wait to see the actual cash back numbers. The San Jose(?) newspaper article didn’t seem to have the whole story. It said you averaged 15K back on each deal, with one for 43K, but only for a total of 93K, IIRC. Something isn’t right.
*Of course this might be an ugly part of town. I don’t think anything nice exists for that price in CA.
March 2nd, 2007 at 5:09 pm
I think Casey has started a trend:
http://finance.yahoo.com/caree.....ur_Cubicle
March 2nd, 2007 at 5:15 pm
Casey,
Can you please explain to use how your transactions and dealings jive with your Christian values? You’ve stated multiple times that you are very devout - you tithe and pray and fast and all of that.
I am wondering how you can be such a strong Christian and do so many fraudulent things. In particular, how can you leave the Utah buyers hanging? They could LOSE THEIR HOUSE, through no fault of their own, because of you. And you can’t be bothered to fix it. People here have volunteered to assist in tracking down the missing payment and still you refuse. Why do you refuse?
How do you reconcile being a Christian with borrowing money and refusing to work to pay it off? Going to meetings and making phone calls does not count as work unless you are getting paid for it. Again - BORROWED MONEY IS NOT THE SAME AS A PAYCHECK.
Please explain this to us. I am really curious.
March 2nd, 2007 at 5:23 pm
@19. AdayinPrison’s “Rich cellmate, Poor cellmate”
LOL! Halarious!
March 2nd, 2007 at 5:32 pm
I don’t usually post over in the cesspool of a blog anymore, but I just can’t resist:
“I’m going to Utah with a partner of mine and I hope to meet with the buyer of the wrapped property but mainly to meet some business associates and look at some sweet deals.
“How I’m paying for it shouldn’t matter, but since everybody keeps asking, my other partners’ corporation is paying for it.”
My, my, my. Quite defensive today, aren’t we Snowflake?
I don’t suppose that you’d care to identify either this “partner” or his “corporation,” would you? Just wondering: did he just buy the shell corporation off the website?
Also, wondering: does he realize that by enabling your mini-vacation to Utah, he very well may be exposing himself to serious criminal penalties by assisting someone who may be charged with multiple felonies leave the state? In the interest of protecting himself, perhaps he should contact the various law enforcement agencies who are actively investigating your activities to make sure that a bench warrant for your arrest has not been issued?
-walt526
March 2nd, 2007 at 5:44 pm
So you’re going to Utah and you’re not even going with the intent to fix the mess you have going on there? When you use the words “hope” or “try” that’s generally Casey-speak for “blow off.”
How do you sleep at night?
Man, I want to be on your side but you just make it so damn hard.
March 2nd, 2007 at 5:46 pm
“Maybe I should just call CashCall collection lady that’s assigned to my case and explain my situation - even if I can’t really do much right now. I should give them the courtesy of a simple phone call. It’s the right thing to do.”
I really think you should go ahead and call the CashCall lady. I think that’ll go a long way. I’ve found that often women just want someone to talk to, someone who will simply listen to them, not necessarily solve their problems. She won’t be expecting you to offer solutions to her problem, just to be a good listener. Give her a call and sooth her. You’ll score lots of points with her that way, I promise you.
Men, you see, think and behave differently than women. We’re action- and results-oriented. We don’t have conversations just for the sake of talking. If we have a conversation about a particular problem it’s only because we’re expecting solutions as a result, not just to air out our feelings. And we often ignore the fact that women come from a different planet.
Women are feeling- and emotion-oriented. To them, a conversation doesn’t have to lead to tangible results. Very often, the conversation *is* the end result not a means to it. So, go ahead and call the CashCall lady.
Your friend in Texas
March 2nd, 2007 at 6:24 pm
Also, wondering: does he realize that by enabling your mini-vacation to Utah, he very well may be exposing himself to serious criminal penalties by assisting someone who may be charged with multiple felonies leave the state?
Severe penalties for assisting someone who MAY be charged? What country are you living in?
In the interest of protecting himself, perhaps he should contact the various law enforcement agencies who are actively investigating your activities to make sure that a bench warrant for your arrest has not been issued?
That’s a good idea. Anytime you go on vacation with someone, you’d better call the sheriff, FBI, DEA, etc. just to make sure there’s no warrant that’s been issued.
And be sure to call every single municipal police force in the country, too. Can’t be too careful.
March 2nd, 2007 at 6:29 pm
Why so defensive, sir?
Isn’t “how you pay for it” somewhat the point of this blog??
tsk, tsk, tsk….the pressure is showing.
Oh…..Get a Job!
March 2nd, 2007 at 6:33 pm
Time line Guy
You need your own site. You have Casey nailed perfectly.
March 2nd, 2007 at 6:57 pm
#32 That was FUNNY.
So freaking real.
March 2nd, 2007 at 8:46 pm
Timeline Guy, are you really Casey in disguise? How can you possibly be so realistic in these Casey stories? I have a hard time teling the difference between your timelines and casey’s diaries…
March 2nd, 2007 at 8:55 pm
Casey said: “I’m going to Utah with a partner of mine and I hope to meet with the buyer of the wrapped property but mainly to meet some business associates and look at some sweet deals.”
Keep us up to date on the sweet Utah deals. You may be able with some of the beer drinking Mormons by telling then you are a meat eating vegan…
“How I’m paying for it shouldn’t matter, but since everybody keeps asking, my other partners’ corporation is paying for it.”
Sounds like your “partner” is one step ahead of you on the road to the sweet corporate credit…
P.S. Can you make all the deals that you sold or got forclosed red so it is clear (you can change the BLOG name to iamlookingforsweetdeals after the last home is gone.
P.P.S. Thanks for letting Timeline guy tag along and give us all an update about what you are doing…
March 2nd, 2007 at 9:10 pm
Self-employed life-style has its downside. But it also has its upside:
You can’t fire yourself?
March 2nd, 2007 at 9:53 pm
Casey,
As a true Christian you would have known….
Thou shall not steal.
It’s not advice, it’s a command. I think you forgot.
March 2nd, 2007 at 10:20 pm
10:07 PM - Cr### I slept too long! I just realized the the Realtor® ladies in NM are expecting me in leass time than it takes to drive from here. On the one hand, I can sleep until tomorrow and continue my disrupted early riser™ ideal regimine, and impress the “ladies:, or I can forego the early riser™ regimine and get fully rested (perhaps with a proper modified vegan™ nutrition break) and be fully rested and prepared to conduct high level business.
My instinct is to arrive fully ready to disavow any participation in a “women helping women” pyramid scheme (no more schemes for me™). I have made the executive decision to get a good night’s rest before making my next (near) trans-continental treck in the bio-bunny. A least like I feel like a low-carbon (part Chinese) pioneer!
So with that, good night to all (even the hater™ who I think are somewhat envious of me now that I am on an intersteate adventure!)
I’ll let the Rio Rancho Ladies know I’ll be there by noon.
March 2nd, 2007 at 10:45 pm
Part of my self-employment entails working my dick off after accruing a decade of experience in my field. Maybe I’m just not doing it right. I would love to go toe-to-toe with you in any commercial endeavor, including real estate. I’d knock you out. You don’t give a damn about these homes. I put my heart into my real estate. I wake up early and get dirty working. Yeah, working. And apparently I’m worth at least two million more than you.
Economists have a saying: Trees don’t grow to the sky. You didn’t consider the perils of markets. You thought you’d just make some sweet deals. Traders have another saying: Bulls can make money and bears can make money but pigs get slaughtered. There’s a whole lot you don’t know yet.
March 2nd, 2007 at 11:20 pm
Self-employed life-style has its downside. But it also has its upside: flexibility, unlimited income potential, etc..
What utter drivel. I have a full-time job, but can work flexible hours because my boss trusts me to deliver when necessary. And every month, I’m doing three or four freelance commissions on the side.
So it’s a win-win sweet deal: I get all the advantages of a regular job (steady income, other perks, business card with my name next to that of a reputable organization) plus this “unlimited income potential” that you seem to think is only available to the feckless and unemployed.
What baffles me is why you can’t even get a part-time or evening job that will get you SOME income while still giving you this “flexibility” that you seem to think is so essential.
March 2nd, 2007 at 11:31 pm
In honor of your new tires:
I put Lamborghini doors on my Escalade
Low-pros so low it’s like I’m ridin on blades….
March 3rd, 2007 at 12:22 am
Have you checked on jobs available at any of your local real estate agencies? You really, REALLY need a job now. You might qualify as a janitor at a good, high quality agency, then you can work your way up to Sweet Deal Maker.
March 3rd, 2007 at 12:36 am
Casey, you need to be realistic. In order to become wealthy, you are going to have to work. And probably work quite hard. It doesn’t matter what other people have done, or what has worked for other people. What matters is that you make your life work.
Think about where you want to be in five years. Is what you are doing right now giving you a very good chance of being there? Because if your current ventures are not guaranteed to get you there, why can’t you drop them, do something that has a higher probability of actually moving forward on that goal, and revisit what you are doing now when the odds are more in your favour.
Also, re: your current partners. If you were a successful company with your choice of people to go into business with, would you honestly choose to go into business with you? What can you offer them? I mean, investors normally invest money. Employees offer skills. What do you give them?
March 3rd, 2007 at 12:46 am
The truth is you are all failing to see what Casey will bring to the table. His TIME! Plain and simple. That’s worth about $60K-$80K a year. His partners know he isn’t locked down with a 9-5 job. He has the flexibility to take calls, go to meetings and respond to emails on the deals he’s on.
You don’t always have to bring $$$ or expertise to the table… Time is money after all.
March 3rd, 2007 at 12:58 am
Casey, a serious question: what has your income been for the first two months of this year?
Not promised or notional or expected income - actual money-in-the-bank income.
As a thrusting young entrepreneur who refuses to be tied to the stifling conformity of a regular 9-5 job, you must be raking it in. Am I right?
March 3rd, 2007 at 2:09 am
I’m going to Utah with a partner of mine…
Partner? You mentioned no new business ventures. What were the terms of the formation? Surely you remember those parts of your ejucation where your mentors stressed that business entities cen shield and leverage your personal wealth potenial?
and I hope to meet with the buyer of the wrapped property…
Hope doe spring eternal. But why? What in person needs tobe accomplished?
but mainly to meet some business associates and look at some sweet deals.
Your partnership already has associates? Kewl.
How I’m paying for it shouldn’t matter,
It always matters. It always matters for anyone. It’s money, m-o-n-e-y. This in a nutshell is why you have troubles, you don’t understand money. Your haterz™ understand money. If you had listened to them you would have traded in those V-Dub “hot shoes” for practical footwear and had a grand in your pocket. As it is the other two tires are begging for a shreddin. How you pay is also important because as you are beginning to suspect, and the haterz™ have long known, y-o-u won’t be paying, -we- will be picking up the tab.
but since everybody keeps asking, my other partners’ corporation is paying for it.
You have told your partner about the potential exposure your arrangement has created? Even if the set up is legit if/when bad things happen the lawyer fees just to be cleared are going to be ruinous.
So what skillz do you bring to the partnership?
March 3rd, 2007 at 3:23 am
Tick, tick, tick, tick….it’s the Cash Call meter running at a mellow 96% interest rate, compounded of course, and with the proviso that CC does not accept partial payments. What is that per hour I wonder? It’s ‘only’ 10k but with 96% interest plus penalties it will be an extremely stubborn number to reduce. Anyone out there have a loan program who can punch in these numbers?
It is true that when you have no job you qualify for the phrase “unlimited income potential”. Once you get a job you will have an actual income and hence be limited.
It is all so silly at this point. Your monthly “nut” for all the various loans, independent of mortgages is more than enough to tap out most hard working people. You are underwater with fantasies of riches. It’s sad.
By the end of this month all the houses will be gone. What is your credit score? What is G’s credit score? How did you meet your partners for this latest scam, excuse me, investment opportunity? If you want to keep your page hits up, you need to keep feeding us details, vague generalities like “sweet deals” just don’t cut it. Change the details to protect your sources, but let us know what direction and plans you have.
best of luck,
Lance_alot
March 3rd, 2007 at 4:12 am
“But it also has its upside: flexibility, unlimited income potential, etc.. ”
Maybe it’s about time to turn some of that “unlimited income potential” into some actual income. Of course when you’re earning nothing, the first dollar is a 1000 percent improvement.
Janis Joplin once sang “Freedom’s just another word for nothing left to lose.” Sadly, by the end of March, that could well apply to you.
March 3rd, 2007 at 7:34 am
11. tom NJ
Zakheim, Dov Zakheim. Hey Casey, learn from the master.
http://www.boozallen.com/capab.....le/zakheim
March 3rd, 2007 at 8:34 am
Prison - Day 70
5:30am Snoring. Oh G, feeling frisky today. Oh my God! You’re not G!
5:32am Thank God for my modified vegan diet. My cellmate, little John, was feeling Frisky this morning. Fortunately, he couldn’t stand the smell of my supremely healthly lower intestines (broccoli, juicing and hot wings) and he passed out on the floor.
6:00 - 7:00 am Showered. 100% Success rate at not dropping the soap!
7:00 - 8:00 am Breakfast. Toast with butter. I wonder if this is hormone free butter? Didn’t have to worry about the bacon today because one of my business partners threatened to shank me if I didn’t give it to him.
8:00 - 10:00 am Meeting with the warden to discuss a transfer to another prison. I am hoping to get into a cell with a high profile white collar criminal (Enron?). I explained corporate credit and sweet deals to the warden and offered him a piece of them for the transfer (my cellmate attorney said that it was not bribery-don’t want to do anything shady). Think of the contacts I could make at a prison like that. Networking never stops.
10:00 Meeting with the warden went well. He didn’t want a piece of my sweet deals, but he did have some other ideas. Has anyone seen Shawshank redemption? I don’t know what he’s talking about.
Yours Truly Inmate 762539
March 3rd, 2007 at 10:01 am
In Uzbekistan you own house, in America house owns you!
March 3rd, 2007 at 10:23 am
Casey,
Having a day job gives you more income potential, not less. Just because you have a salary and a place to be 9 to 5 doesn’t mean that you can’t plan your own entrepreneurial endeavors as well.
Basically the only difference between you and the rest of us is that while you have “unlimited income potential”, we have that same “unlimited income potential” plus a good salary that allows us to pay our rent and save money, so that we have capital to invest when opportunities present themselves without having to take out ridiculous loans.
Not only that, if you’re employed, especially in a professional capacity, you get to meet and network with people who can actually help you with new opportunities, or offer you resources that you mght not otherwise have.
Not to mention, actually WORKING is a good habit to get into, so that when you come across a business idea that actually stands up to reality, you’re in the habit of doing the tasks, which are often extraordinarily tedious and frustrating, necessary to getting the job at hand accomplished.
On the other hand, if all you do is surf the web, drink jamba juice, and bounce on your little blue ball, you won’t have any patience and work ethic developed, so you’ll lose out even when the opportunity presents itself.
Thomas Edison once said “Opportunity is missed by most people because it is dressed in overalls and looks like work.”
Memorize that one and repeat it to yourself.
Being unemployed means you have unlimited income potential?
By that logic, homeless people should believe they have unlimited real estate ownership potential.
Oh, wait, that’s exactly your logic, if it wasn’t for the kindness of your family, you’d basically BE homeless, and you still believe you have the potential for real estate success.
Anybody else find it ironic that Casey will most likely be real estate free by April Fool’s Day?
When you post the profit/loss numbers, can you post how much debt you’re going to be in once all the real estate goes away?
March 3rd, 2007 at 10:56 am
Casey,
Stay positive and don’t let loosers get you down.
Ignore Cashcall. They will soon forget me.
Its all good.
March 3rd, 2007 at 11:29 am
Hey everybody:
Think of this: Casey (”Mr. Self-Employed) and his partner(s) are travelling over a weekend to meet with associate(s) who’ve agreed to see them over a weekend….
Me thinks the partner(s) and associate(s) all have regular JOBS.
I don’t know who these partner(s) and/or associate(s) are, however, my guess is that in two months time (probably less) the relationship will be down the drain. As we all know, Casey has a limited attention span, poor attention to detail, no ability to “follow-thru” and avoids the real “hard work” it takes to make any venture successful.
Evidence:
“Remodelling efforts of Larchmont”
“Opening/reading mail”
“Working out of my Rich Dad’s Office”
“I got a real estate job” (Chris)
“Duane’s sponsorship”
“Following up on the Utah wrap problems”
“Following up on the short sales of properties”
When the going gets tough, Casey will be in an “avoiding my partner(s)” mode just as he is in the “avoiding my lenders” mode.
The partner(s) will waste money. The associate(s) will waste time. Why, because they’ve been sold on the “magic of Casey.” Don’t worry, though, the money wasted will be done on “corporate credit” — borrowed funds — and yet another individual will be responsible for the cost - either the “partner” or the institution that extended the credit for the cost of this little trip.
More than anything, I’m interested in any “partnership” agreement Casey and these individuals may have written and signed. As you all know, Casey has an amazing way of signing agreements first and reading them later…. and we all know the agreements he signs are not to his benefit. My guess is there is no “partnership” agreement and Casey is full of hot air of self-importance and will find in four to six weeks right where he is right now - unemployed, having to borrow money for gas, wondering when the money for rent, utilities and other expenses will magically fall from the sky.
But don’t worry about our young friend. Its all good. His parents will continue to supply him with plenty of fruits and veggies for those morning juices.
So guys - what do you think….. let’s stop asking Casey about “who” is paying for the trip to Utah and focus on the bigger picture….
Who is/are the partner(s)?
What, if anything is the nature of the partnership agreement?
What, if anything, has Casey signed?
What is Casey’s responsibility and duties as a “partner”?
What are the responsibilities and duties of Casey’s partner(s)?
What is the nature of this partnership venture? (i.e. business plan)
How does this partnership venture intend to generate REVENUE?
How much of the REVENUE will the partner(s) see?
How much of the REVENUE will Casey see?
Until the partnership venture generates REVENUE, how do the partners make/pay their personal living expenses? (My guess is they have JOBS or other stable forms of income.)
Until the partnership venture generates REVENUE, how will Casey make/pay his (and G’s) personal living expenses? Not to mention repayment of the HUGE personal notes coming due - if I recall correctly, these are in the amount of $5,000 and $22,000 respectively.
Casey has a poor track record of actually MAKING money in real estate…. his only successful sale was the condo he bought when he was 19…. my guess is that was dumb luck resulting from rising RE market than any strategic effort(s) on Casey’s part.
That’s my two cents.
And Casey, if you are reading this - perhaps you can answer all of the above questions asked.
March 3rd, 2007 at 12:20 pm
@77
You composed a good set of questions. Fat chance KC’ll answer any of them.
March 3rd, 2007 at 12:34 pm
By now, you have learned about risk and reward, and return on investment. You can see that in our capitalist system, fairly large sums of money are required to reap huge profits. Small investors are chewed up by the thousands, and the top 10% are very well off.
So why is that, it at this point, you cannot see what a great deal a regular job is? No risk, no initial investment of your money of any kind, and guaranteed recurring revenue?
March 3rd, 2007 at 12:45 pm
67- TT and TT
I am assuming a base principal of 10,000, annual interest rate of 96% and a $15 late fee every month. This also assumes no payments on the outstanding principal and the interest compounds. Within 24 months, Casey will owe over $55,000
to Cashcall from that 10k loan.
Total Interest Penalties
10000.00 800.00 15.00
10815.00 865.20 15.00
11695.20 935.62 15.00
12645.82 1011.67 15.00
13672.48 1093.80 15.00
14781.28 1182.50 15.00
15978.78 1278.30 15.00
17272.08 1381.77 15.00
18668.85 1493.51 15.00
20177.36 1614.19 15.00
21806.55 1744.52 15.00
23566.07 1885.29 15.00
25466.36 2037.31 15.00
27518.67 2201.49 15.00
29735.16 2378.81 15.00
32128.97 2570.32 15.00
34714.29 2777.14 15.00
37506.43 3000.51 15.00
40521.95 3241.76 15.00
43778.70 3502.30 15.00
47296.00 3783.68 15.00
51094.68 4087.57 15.00
55197.26 4415.78 15.00
March 3rd, 2007 at 12:48 pm
75 - John
Your quote by Thomas Edision sounds suspiciously similar to another one I had heard:
If wishes were horses, beggers would ride.
March 3rd, 2007 at 1:31 pm
U.S. urges caution on subprime loans.
http://tinyurl.com/2kj82l
Some of these “unusual lending instruments” are so structured that by the time people wake up to the fine print in their mortgage agreement, they are well and truly done in financially.
March 3rd, 2007 at 1:46 pm
Anyone remember that Kids In The Hall sketch called “Creative Possibilities” with Kevin McDonald and Dave Foley?
Kevin: Come in! Hello, and welcome to my office. My office in a submarine. Office; submarine. You see, here at Creative Possibilities, we like to look at the world in a fresh and exciting way. The imagination is a dying animal. But here at Creative Possibilities, we like to feed that animal, and give that animal room to roam. Office, submarine.
Dave: I’m from the bank. And you have not made any payments on your “submarine”.
Kevin: I sent you my payments.
Dave: No, what you sent us was a lot of empty pop cans.
Kevin: [Nodding head in agreement] Pop cans, money; office, submarine!
Dave: Nooo no no no no. Pop cans; pop cans. Money; *money*.
Kevin: Did I mention the imagination is a dying animal?
Dave: You have no money do you?
Kevin: Money? Money is everywhere! Money is not my problem; [shaking finger at Dave] you are the enemy of imagination. People like you think that poems have to *rhyme*! Or that songs have to have a catchy melody!
Casey = Kevin
March 3rd, 2007 at 2:17 pm
It’s all good. Hmmm, how true is that? What does it mean?
It seems to me that feeding your fantasies of sweet deals is keeping you from making the simple choices and taking the small steps necessary to move away from ground zero. Ground zero, whatever, it’s all good….
March 3rd, 2007 at 2:50 pm
Casey-
Once again:
What “skills” do you have to offer any “partnership”?
You are multiply-foreclosed, on the edge of financial ruin and have wrecked credit.
Why can’t you answer this question?
March 3rd, 2007 at 3:11 pm
MSN wrote an article on what happens when you just ignore your debts, fail to make payments, and don’t file for bankruptcy:
http://articles.moneycentral.m.....x?GT1=9216
March 3rd, 2007 at 3:53 pm
Keep it positive bro.
“There is no failure except in no longer trying. There is no defeat except from within, no really insurmountable barrier save our own inherent weakness of purpose.”
March 3rd, 2007 at 4:11 pm
Tuesday, January 30, 2007
Oklahoma Cash Back Case Nets Four Guilty Pleas
Theresa Ann Campbell, aka Ann Campbell, 67, Edmond, Oklahoma, pled guilty to one count of conspiracy to commit wire fraud in connection with the mortgage fraud scheme at the Oak Tree Subdivision in Oklahoma in which the participants are alleged to have inflated the purchase price of homes to obtain cash back at closing in the guise of false remodeling or repair costs. The guilty plea relates to her conduct with respect to property at 5916 Morning Dove Lane, Edmond, Oklahoma.
Campbell was a prominent real estate agent in the Edmond, Oklahoma area, licensed for more than 25 years. She will face an additional investigation by the Oklahoma Real Estate Commission. Penalties if she is deemed to have violated the real estate code include potential license revocation, fines, probation or continuing education.
Others charged in cases related to sales at the Oak Tree Subdivision are:
Dalton Joe Alford, 35, Oklahoma City, Oklahoma, pled guilty to engaging in a monetary transaction in criminally derived property (money laundering). The crime that he is being charged with involved a check in the amount of $57,750.00. The maximum sentence in this case is 10 years imprisonment or $250,000 or both. Alford is required to pay restitution of $172,500 to the victims of this crime.
Toney Charles Mykel, 40, Edmond, Oklahoma, pled guilty to misprision of a felony, admitting that he had knowledge of a felony and concealed the commission of the felony. Mykel is required to pay restitution in the amount of $405,489 to his victims. The maximum sentence 3 years imprisonment or a fine of $250,000 or both.
Anthony Jew, 38, Oklahoma City, Oklahoma, pled guilty to engaging in a monetary transaction in criminally derived property (money laundering). The crime for which he pled guilty involved a check for $15,847.50. The maximum sentence in this case is 10 years imprisonment or $250,000. Jew is required to pay restitution of $449,409 to various victims.
March 3rd, 2007 at 6:47 pm
State targets mortgage fraud
Catherine Reagor
The Arizona Republic
Jan. 23, 2007 12:00 AM
A wave of mortgage fraud in the Valley has prompted state legislation that would define it as a crime punishable by up to 10 years in prison.
A day after The Arizona Republic’s special investigation into cash-back mortgage deals, Sen. Jay Tibshraeny of Chandler introduced a bill that would make mortgage fraud a felony.
“Mortgage fraud hurts everyone,” said Tibshraeny, who has been working on the legislation for months. “Buyer, beware of a deal that seems too good. The strings your Realtor or mortgage broker pull may be illegal.” advertisement
Only two states, Colorado and Georgia, have laws specifically regulating mortgage fraud. Most states, including Arizona, must try to prosecute the crime under general fraud laws, which make convictions difficult and less of a deterrent.
Cash-back deals are a newer form of mortgage fraud whose rapid spread in Arizona has alarmed regulators and real estate industry leaders.
The fraud involves obtaining a mortgage for more than a home is worth and pocketing the extra money in cash. The deals inflate home values and can affect values across whole neighborhoods. Homeowners stuck with overpriced mortgages may never recover the difference. Ultimately, lenders end up with bad loans. All this can hurt the Arizona real estate market, the largest segment of the state economy.
Felecia Rotellini, superintendent of the Arizona Department of Financial Institutions, is leading a new mortgage fraud task force made up of state and federal agencies. She said the proposed legislation would help investigators crack down on mortgage fraud.
Rotellini said her agency was deluged with calls Monday from people reporting cash-back deals and other potential mortgage fraud.
Sunday’s Republic story also struck a cord with people in the real estate industry and homeowners across the Valley as more than 350 people e-mailed or phoned with concerns or accounts of deals they thought were fishy.
From the real estate industry:
Valley appraiser Dennis McMillen said that mortgage fraud is an issue in the housing market but that it’s not always due to inflated appraisals. In some cases, he said, “real estate agents and mortgage brokers are withholding the cash-back agreements from the contract, thus the appraiser and title company does not know of these agreements.”
Valley real estate investor and marketing executive Francine Hardaway said: “Thank God somebody finally blew the whistle on this. As an investor, I see it all over the place.”
Valley attorney Michael Manning represents some groups that were sold “bad loans” as part of the cash-back scheme. “Public awareness coupled with a little proactiveness by local prosecutors will help stem the practice and help prevent a meltdown in the market,” he said.
Don Matheson of Re/Max Excalibur Realty of Scottsdale said: “This is a very big problem and very damaging to our real estate market. We need to catch these people and put them in jail.”
Many homeowners expressed concerns about fraud in their neighborhood. Dozens of people provided details on cash-back deals or sales that suggested cash-back pricing. Most asked to remain anonymous.
Several readers were alerted to the schemes when they saw homes sit unsold for months and their prices reduced. Then, as the housing market was slowing even more, those homes sold for tens of thousands of dollars more than the previous listed price.
That is the No. 1 warning sign for cash-back deals, regulators say.
Complaints or concerns about cash-back deals can be filed with the Arizona Department of Financial Institutions, azdfi.gov, and the Arizona Department of Real Estate, www.re.state.az.us.
Rotellini said that her agency can take complaints anonymously but that it needs people to testify to prosecute the fraud cases.
March 3rd, 2007 at 7:34 pm
Casey, you should know something’s not right in the world when a REPORTER does far more due diligence before printing a story than you ever did in buying a house.
Surely, the reporter should know that “it’s all good” and it was all such sweet deals that no due diligence should be needed.
March 3rd, 2007 at 8:44 pm
82. wealthyboomer
“On Tuesday, home loan funds provider Freddie Mac said it would stop buying subprime mortgages with a “high likelihood” of default. ”
HAHAHA. So Freddie Mac admits that it was engaged in “buying subprime mortgages with a “high likelihood” of default” previously? This is priceless.
ALSO, let me get a prediction down now. I am surprised no one has made it yet. In a week or less we find out that Casey is dissatisfied with his “partner” for one reason or another (likely scenario: they tried to rip him off), they have parted ways, and is further behind than he started. Less likely but still possible: The falling out happens in Utah, the partners cancel the ticket, and Casey gets to figure out how to get back.
March 3rd, 2007 at 8:53 pm
Casey,
Keep ignoring CashCall. IN a few more days, they will forget about you.
Sweet
March 3rd, 2007 at 11:58 pm
*I think Casey has a point. He is constantly *jerked around to no end by his creditors. However he should cut himself *off from trying *to get further credit lines. *That would be a move in the right direction. As a side note, I really liked that *picture *of you at Jamba Juice. I don’t recall if you mentioned whether *G likes Jamba Juice? Well here’s signing off and congrats *on the *wikipedia page!
March 4th, 2007 at 12:20 am
Look at Casey’s timeline post and imagine what life was like for him a year ago. He was rockin’ baby, on a massive high, sweet dealin’, jetting around the southwest, openning biz bank accounts and collecting credit cards galore. He had approx $90k cash at his highest point. Incredible good times, baby. Think about how it must have been. How totally, absolutely, positively wonderful!! Think about all those sweet perks of a wallet full of good credit cards and the dignity of biz lines of credit.
There’s no whey he’s giving that up (in his mind). Things will turn, it’s all just one sweet deal away from turning around and he’ll be rockin’ again!!! He’ll never get over this ride, never forget it or reject it — it’s coming again only this time bigger and better, you’ll see, you’ll all see!
March 4th, 2007 at 12:29 am
But it also has its upside: flexibility, unlimited income potential, etc..
Unlimited income potential? lol. You know, I gotta admire your attitude, misguided as it may be…
March 4th, 2007 at 2:10 am
haha read number 2
March 4th, 2007 at 2:12 am
CONGRADULATIONS CASEY!
now you can’t take out a loan for anything for 7-10 years and you ruined your credit
March 4th, 2007 at 2:17 am
are you going to declare bankrupt?
CASEY: “no i got some sweet deals im working on right now to pay everything back”
are you going to get a job?
CASEY: ” i was thinking about it but im working on my coporations and the sweet deals are going to wrk real well..u know…u just need to be creative and it will work out for me….its gonn be pretty sweet everything is in the works…can you hold on i have to go get another jamba juice ill be right back”
when will you face reality?
CASEY: “sluurrrrp. slurrp mmmm”
March 4th, 2007 at 2:25 am
casey if you dont pay back cash call they will take action on you in court and sue you. you will have back money due. you wont have money for a real attornery so ull be next to a public pretender
how long do you think youll be in jail?
March 4th, 2007 at 2:30 am
i have a solution that will pay everything back really fast.
swallow a whole bottle of tylonel.
then
pure peace and jamba juice floating around
the best vocation……………..tylonel island. eminem did it
March 4th, 2007 at 2:33 am
i got something you want casey…..
200,000$ i know you want it.
wouldnt it help if i gave it to you.
im sticking my tounge out nahh nahhh
March 4th, 2007 at 2:45 am
first off b**** ….to mr dr house bubble there is no real estate bubble.
affordable housing will always exist. everyone needs a place to live. so bubble that.
a good neightborhood thats middle class will never depricate. ill go up to the ozone layer and spray it with arosel and nothing will happen. we can get the hottest air from another planet to blow up the bubble but nothin will happen. the stock market can crash? yes. real esate homes crash? no. its just buyers market to a sellers market and back to buyers. thats it. each year more and more highschool kids will graduate and all those kids will eventually be a lot of people buying houses making it a seller market again. so there is no bubble. only for really expensive houses thats above a million dallors.
March 4th, 2007 at 8:07 am
Casey,
If you want a sweet deal, watch Flip That House on AE. On the last episode, the Montelongo’s bought 2 propertys in San Antionio, TX for about $30,000 each. .3 weeks later, they had renovated both and sold both for a total of $48,000 in profit. Do that once a month, $600,000 per year! And they do 20-25 transations a month!!!
Real Estate investors need to be local and stay on top of their property if they are flipping. Otherwise, I know some friends that do well out of state in certain areas with rentals. .but they have a reputable local company manage the property.
You need to stop being soooo lazy. Go get a W2 pay check. .be responsible, call Cash Call. .why be a baby and avoid them? Just call them and tell them you dont have the money.
You are the laziest person I know.
March 4th, 2007 at 12:26 pm
My anti-spam word of the day is “cashback”.
So Casey, when am I gonna get my cash back?????
You owe me and I want my money NOW!!!!!!
March 4th, 2007 at 1:08 pm
Hey poster 106. Read…..
A year ago you could have made that argument and some people may have believed you. At this point it is pretty funny… Have you been overseas for the last year?? Zillo your house for godsake, it’s probably down over 10% from last year at this time. It’s only going to get worse before it gets better because of all the Casey Serin’s of the world dumping their foreclosures on the market.
March 4th, 2007 at 1:46 pm
jennifer said…
“i have a solution that will pay everything back really fast.
swallow a whole bottle of tylonel.”
It’s one thing to get frustrated with Casey and/or mock him for his continuously foolish decisions but quite another to suggest he overdose on ANYTHING, let alone a bottle of Tylenol.
Regardless of anything Casey’s done (or not done, as the case may be), he’s a human being and it’s obvious he’s depressed over his situation. How about some basic human decency?
You’re some piece of work.
Oh, and learn how to spell you illiterate piece of sh#t.
March 4th, 2007 at 3:54 pm
Trust me when I say this, Cash Call will be suing you kid. Not hard to do since you are in Cali.
They file in the OC and then YOU will have to come on down to appear. What’s that? You don’t want to show up? Well then they get a good ol’ judgement against you and there goes your credit some more.
LOL on you.
March 4th, 2007 at 5:02 pm
So, Casey, what happens after March 28th when you are no longer a homeowner? Will there still be a reason to check in here? When you get out of bed on Thursday, March 29th, are you going to look for a job? You might as well at that point.
March 5th, 2007 at 5:38 am
what? r u on crack? all that deprechating is comming from the east coast. southern cali is its own market. right now and for the past 10 years my city has been apprechiating from 9-11% way above the average. its a middle class market that is very stable and nice but not too luxury. so like I SAID your from another country the last year. im talking about southern cali. and those middle class neighbor hoods that you say “deprchiated” ? in my market it slowed down to 3-5%. ohhh wow!!! the bubble is bursting!!!! ur FAKE. ya other markets can deprchiate, im talking about cities in so cal. its apprechating rightnow. so like i said ur on crack. it may not go as fast as 9 or 11% but it will be atleast 5% going up. houses that r middle class will always be affordable, and will always be stable and go up in value. they might get slow sometimes, but they will always go up.do you really think, that all houses can get so expensive and the bubble will burts and everyone will be in the streets ? no. most people will always be in houses.
March 5th, 2007 at 8:33 am
To #112
CashCall will soon forget about Casey. All that Casey has to do is ignore them and after a while, they will stop.
CashCall is looser. As soon as a sweet deal comes along, all will be well with me.
Sweet
March 5th, 2007 at 10:16 am
That’s how you got into this mess in the first place, Casey.
March 5th, 2007 at 12:26 pm
Yes, recommending an entire bottle of Tylenol for Casey was clearly hasty. The correct prescription is an entire bottle of Tylenol WITH CODEINE (may be hard to find these days). You’re never gonna get a good high off the regular stuff.
Oh, and a rum chaser.
Seriously, though, I do not advocate drugs or alcohol for our host. He might end up having moments of lucidity.
March 5th, 2007 at 12:38 pm
BTW - it is nice to have the timeline all in one place rather than spread out among many posts and comments. Thank you.
This is an FEC-mandated “equal time” post. If the accompanying post bashing Casey does not appear, please contact the Federal Elections Commission.
March 5th, 2007 at 2:09 pm
DC Troll, don’t be a dumbass. She was suggesting that Casey “end it” by consuming a bottle of Tylenol… not get high.
I think anyone who’d urge Casey to commit suicide has much deeper issues that even our Casey has… it’s not funny, never was, and never will be.
March 6th, 2007 at 4:24 am
The original, 1969 dial-up technology was fairly simple — the local phone number in Cleveland, for example, was merely a line connected to a time-division multiplexer which connected via a leased line to a matched multiplexer in Columbus, which was in turn connected to a particular timesharing host system. Later, the central multiplexers in Columbus were replaced by my sweet hot carl on your face and then what happened was CompuServe network evolved into a sophisticated multi-tiered network incorporating ATM, Frame Relay, IP and X.25 technologies.
March 6th, 2007 at 4:49 am
forget about the foreclosers. casey already has 2 forclosers.
so now its……..
cashcall vs casey siren…
professional legal department with dilenquent account management(working 8 hour days on files like casey) vs….
“sweet deals and my partners” (sipping the bottom part of his jamba juice”
theres only 1 way casey can beat cashcall(besides the hollow bottle of tylonel)……….declare bankrupt and casey can shove the 96% interest up their butt…and cashcall cant do anything but…..”thanks for being a valued customer and refer us to your friends..heres our business card”
March 6th, 2007 at 5:14 am
this is how you get the party started……..we can mix in with bacardi dark….and when it kicks in casey can hardley talk….and he’ll be sick then and hardley walk….and my prediction is he’ll probly fall, either somewhere in the lot or the jamba juice wall (forehead to wall THUD!) …….and everything starts…..spinning again, casey is begining to think women are swimming in pink linen again, and in a couple of minuetes that bottle of jamba juice is finished, u ruiened ur credit…..You are now allowed to officially slap btches,
You have the right to remain violent and start wildin’
Start a fight with the same guy that was smart eyein’ you
Get in the car and start it and start drivin
Over tylonel island and cause a 42 car pile up, (sppshh!!) CASHCALL calling….looking for casey siren, no sign of him, just a big cloud of smoke…and casey is soo high he might die if he goes by it…But when it’s all said and done before he knows it
casey will be forty with a forty on his porch tellin stories
With a mix of jamba juice, with his daughter on his lap telling her why she needs to pay her loan back
while hes out waiting for smack…
March 7th, 2007 at 11:30 am
Casey,
I know that it seems like I am encouraging you to lie and steal, but who cares. This timeline has me thinking differently about your situation. To get in the country in 1994, and give it a shot took a lot of balls. Many people dont have the balls to even give it a run. That timeline actually gives you hope. Now if we can get another spurt of energy, instead of blogging you will be OK. Keep trying.
March 8th, 2007 at 3:07 am
Popping those pills would be a waste of (what I hope is) a perfectly good liver. I’m sure if the folks at Cashcall can line up the right buyers they can make a “sweet deal” and get some money for it as well as various other “spare parts” that Casey has to go towards his debt. ^_-
March 19th, 2007 at 12:43 am
Casey Serin Facing Foreclosure on Wikipedia - a Defense Couldn’t Avoid Foreclosure on Burdett Burdett Avoid Foreclosure Deadline Facing Foreclosure Story on CBS San Francisco Utah Trip a Success! Don’t Be a Dick. Do Some Sweet Deals. Timeline of Life, Houses and Foreclosure CashCall is Calling my Friends Get Foreclosure Help by Drinking Fresh Juice My First Trustee Sale / Foreclosure Auction Results Foreclosure Auction On Monday I am Facing Foreclosure Fan Mail Attorneys Say Corporate Credit is OK, Need a Plan
April 1st, 2007 at 9:31 am
”
first off b**** ….to mr dr house bubble there is no real estate bubble.
affordable housing will always exist. everyone needs a place to live. so bubble that.
a good neightborhood thats middle class will never depricate. ill go up to the ozone layer and spray it with arosel and nothing will happen. we can get the hottest air from another planet to blow up the bubble but nothin will happen. the stock market can crash? yes. real esate homes crash? no. its just buyers market to a sellers market and back to buyers. thats it. each year more and more highschool kids will graduate and all those kids will eventually be a lot of people buying houses making it a seller market again. so there is no bubble. only for really expensive houses thats above a million dallors.
ROFLMAO,
I do not know which is more funny, this persons spelling or his ridiculous statement.