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| February 14th, 2007 at 7:45 am "If my debt is forgiven I'm not going to send any money." February 14th, 2007 at 7:56 pm 92. Casey Serin Well, for starters, I think its time to grow up. It's time to face the real world and start thinking of EVERYTHING you do having a consequence that may, in fact, not only be NO FUN, but may affect your life in negative ways for a very, very, long time. You believed the promises of big bucks. You know nothing about being a real estate investor. You decided to flip houses for a living anyway. You have a group of us concerned cititizens worry about your statement that you may go "under the radar" if things go bad. February 14th, 2007 at 9:59 am Umm… I have a "job" you could do for me. B. Job, that is. You and your wife never meant to defraud banks what, 8 times? I may believe once, maybe 2 homes, but 8 in a row? February 14th, 2007 at 9:02 am Wow - Casey kept my comment off his site. I mut be getting better at this! February 14th, 2007 at 9:17 am I don't know if someone has told you about the IRS, so I will since it seems to be low on your radar of worries. Remember your outrage when wells fargo claimed money from your checking, you should know that if you are in deep to the IRS they can go into any checking account you own and clean it out. In fact, when thie happened to friends I know, the IRS actually OVERDREW their accounts by a few thousand, all without warning. February 14th, 2007 at 9:58 am Casey says, Disagreed. Many of the people I work with don't have great credit. Some have come out of college six figures in debt. However, most of the financial firms I interviewed with actually didn't make me sign for a credit history check (Goldman Sachs was the one exception.) (Maybe, i can do a short sale or two, then file) Lostsite, I'm glad you see it that way, and I'm sure Casey will be recruiting you for his jury box, but you're wrong. Think about it for a second. Pretend you're a lender. 171. Deep Thoughts Time what a waste Subscribe to Blog 113. star He did call a BK attorney. I would imagine that he is following what that BK attorney said and not the uniformed opinion of an Internet flame thrower. 46. Jim Having ready cash to pay for a good BK lawyer is the only way you're going to get those non government debts reduced. 63. Lonely_girl15 He has to fly out there, and is too broke to make it there. He can't drive the broken down Jetta there, and likely get stuck in the desert. At least he's not taking on more debt by buying a last minute airline ticket. 76. Chris Johnson He took out loans that collectively require at least a $300,000 income to service. An insignificant fact that should have appeared somewhere in his worst-case scenarios when he was planning his RE investment empire. But "worst-case scenario" is not in Casey's vocabulary. Neither is "planning", for that matter. 88. possum Here are some directions You live at home with your (wife's) parents. You are uneducated and unsophisticated. You look down on people with "W-2? jobs- i.e. employed people who contribute to the economy… unlike you. February 13th, 2007 at 7:30 pm "I can wish for idealistic things like repaying all my debt and stuff like that but in reality it's going to be a very hard thing to accomplish unless I find a way to refinance it." 98. possum Here is the plan: All this RE nonsense has done nothing but cause heartache pain. So, stop the pain, flip the switch and go underground. It's not easy but it certainly would be a worthy adventure for a young person. Very bloggable, too, I would imagine. I DO have a little bit of incoming coming in from various sources and I AM working. What does it matter to you HOW I make my money? " You want to see what a man is? What a person who is sincere about making their own way in the world is? Watch/read Cinderella Man, that guy took welfare, and when he finally got back on his feet, he paid it back. And getting 5 more night jobs and working 24hr/day is not the answer. No job is going to pay me enough to float my thousands dollars of minimum payments and tens of thousands to catchup all the past due balances. Look at my balance sheet a few posts back and YOU tell me how I can float those payments. I don't know about Texas. View All Entries " enter your email address: Anti-spam word: (Required)* I had also mentioned the difference between recourse and non-recourse loans. In California, first/primary mortgages are non-recourse, 2nds are recourse (as you are just starting to find out). New Mexico, both are recourse (also as you are trying to find out). I told you back then to identify which were recourse and which were non-recourse. Type of Document: Mortgage and Trust Deed Email Casey|View All Entries 116. WhoMeWorry I don't know the right answer to your first question. I'll find out though. Regarding the second question, the answer is it depends. It depends on if there's anything to go after. In your case there isn't. The lender may file a judgment against you in which case you will never own property in your own name again. No wrap arounds can skirt that. 127. Doug I have like 23 accounts between my wife and I. That's alot of forbearance agreements to negotiate. And usually the forbearance/repayment plans have a higher payment per month because they want you to pay minimum plus a small portion of the past due balance until I get caught up. 138. Catch me if you can I hope that most people can work out of a situation that they got into by poor luck, but you were given extraordinary opportunity (a free education/citizenship in the United States) and squandered it. That is the real crime. Not the millions of dollars lost or the fraud, but the opportunity that your eastern block countrymen/women or 80% of the developing world would kill for. 149. Mark I know I know 159. innocentbystander I may have to go under the radar February 14th, 2007 at 12:26 am Casey, if I remember the reason you wanted to avoid BK was because of the impact on your credit score and financial life. However, I have to wonder if you've got two foreclosures (soon to be anyway) on your record what the difference really is? (I know you believe the first one won't show up, but it's a public record and will show up sooner or later) February 14th, 2007 at 11:41 am #49. Nigel Swaby February 14th, 2007 at 11:28 am Casey, February 13th, 2007 at 9:47 pm Casey says: 17. Casey Serin I mentioned that bankruptcy will not discharge everything, but it will allow you to force the banks to accept short sales, and it will give you a way to reduce the interest rates you were being charged. Taking this path would have reduced the amount you would have ended up owing. It would have allowed you to force the sale of the assets (houses) at whatever price you could get w/o the bank trying to hold out for more at your risk (I mentioned that you should not expect a Real Estate turn around for a while). It would have forced credit lenders to lower their high interest rates. finances / income (16) 182. Captain_WFT I No Gotta Da Vida: It's all good. Hmmm, how true is that? What does it mean? It seems to me that feeding your. February 13th, 2007 at 4:41 pm If you do file BK, I promise to be there in court pointing out ALL of the fraud to the Judge and how the unsecured debt is tied to the properties purchased via fraud. February 14th, 2007 at 2:41 pm WHY PEOPLE HATE YOU, CASEY: 2. file bk I realize that with your massive amount of debt, the wages earned from even a $60k/year job will barely scratch the surface (you have said as much), but at this point it's the steady scratching (perhaps with a BK along the way) that will eventually erode away your debt until it is a thing of the past (however long it will take). Also, it seems that it is steady income that will keep your marriage alive, especially given that your wife is the type of person who needs financial stability. The floor is open for further suggestions! 29. is_this_real I said I will pay back every dirty penny" back a few months ago IF I can find a way to do that. So far I haven't found a way. I'm also OK settling the debt for less then full balance because if I can't pay it all back I feel good about paying back at least a portion of it. I will do what I can do. 38. Michelle I suspected one reason you don't want to declare BK is that you have other sources of money coming in, otherwise you would not be able to maintain the lifestyle that you maintain. This is not a rant, but an observation that the creditors out there also are going to suspect this, and will have a greater tendency to locate these sources so they can get their money back. They are not stupid, but driven by higher authorities (their shareholders or the Federal Reserve) to do everything they can to recover their lost revenues. 49. Nigel Swaby I think you should go to the auction and bid like a madman….then walk away right before the auctioneer says "SOLD". Then get one of your friends to do the same and continue this all day. That should give you enough time to work in the short sale… Which, guess what? 5. DrifterBee I Will Teach You To Be Rich 50. Sara I wonder how well that will ride with a Judge as you face criminal charges? Dallas (8) Good things are coming… The IRS tax debt is going to be an issue that won't go away with Bankruptcy, but $75K in debt isn't horrendous. At the ~8% interest the IRS charges, that's $6K/year or $500/month. That's relatively manageable. February 13th, 2007 at 4:23 pm Quote: "I can't keep living fantasy world, I must learn to be more realistic so that's why I am changing some of my attitudes that you may have seen earlier on this blog." 106. Kirk 51. Joyce iaminforeclosure.com? Bobsama in Korea ???? ???? February 14th, 2007 at 1:04 pm Hey Casey! you will probably not allow this post because you don't want to hear it. 52. LongShanks If (by miracle) all your remaining houses sold and you were only left with a few hundred thousand in debt, do you still comprehend the situation that you are in? For the next 7 years, you will be unable to by any property (because you will be in jail or no one will lend you money). An pragmatic, business minded person would have taken that money and earned a degree. You could have financed an ENTIRE IVY LEAGUE EDUCATION with that money. At that point, you could have made actual SWEET DEALS. But you have decided to deal out the best cards in your hand and pushed all your chips into the middle. People in the real world don't play the bluff. They have more at stake here than you do (their own money). You played like you wanted to go for broke and then left the table as if you were too busy to see what happened with your hand. I guess when you play poorly, you already know the outcome. That's all folks, thanks for your attention. Fascinating, actually. 101. Mark Disclaimer: The good news is you still have a precious little amount of time left. BK now, save a primary residence. February 13th, 2007 at 2:03 pm "Anybody going down the the foreclosure auction tomorrow?? Think about it Casey, if BK was permitted under FRAUD, then all people would have to do is to steal money from banks (like you and your wife did) then file BK and have the debt erase while you keep the money. See why they wont let you do it? 53. Mister Gash If I don't catch them up sooner or later the debt will get sold to collectors and/or they will try to collect in court. At that point I may have to seek bankruptcy protection or go under the radar somehow. There is a small chance I can work out some kind of a forbearance agreement and get my payments lowered. 54. T.White If I were you, I'd be less concerned with the FBI, and more concerned about Cash Call. After all, a federal prison is pretty cushy, expecially compared to a visit from a knee-breaker called Vito. 55. Mr. Crash If my debt is forgiven I'm not going to send any money." 56. PVC If someone lies about their situation to get you to give them the dough, you've been defrauded. Even if they INTEND to pay it back, the truth is they are not in a good position to pay it back, and if they told you the truth, you wouldn't give them the money and they know it. Their intention may have been to pay it back, but their intention was also to defraud you out of the money. February 13th, 2007 at 4:29 pm What do you mean by: forget jobs for now, bk first get debt wiped clean then get jobs. Sweeeeeetttttttt! Best of luck, Ideea man. Casey too busy to watch foreclosure auction. 102. Mark 57. Mort If the first forecloses and there is a 2nd, the 1st mortgage note plus interest gets paid, then all foreclosure costs, then the 2nd gets what's left over and then the foreclosee gets any remainder. 65. When in hole, stop digging If they are not disclosed, it's loan fraud. 66. GC If they go after the borrower it usually causes a bk and they don't get anything anyway. You now have a total income of 210K at best and 130K at worst. You need to then cut all your expenses: 67. Michael Cooke If yes, please report on what happens. Thanks." February 13th, 2007 at 5:33 pm Casey:I can't keep living fantasy world, I must learn to be more realistic so that's why I am changing some of my attitudes that you may have seen earlier on this blog. Get a clue. You're probably going to be facing a $75,000 dollar bill from the IRS. They aren't going to give you any type of deal. You can't BK your way out of it. You certainly can't avoid them forever. Your other debts will be nearly as bad. That decision has been made for you the second that house sells at auction. Read up on the new BK laws. A refinance of any type means you give up your right to have those debts discharged. 68. bobby If you followed some people advice + get two jobs, you could've stayed as a RE investor. Why the change? 7. akula If you listen to any advice on this forum listen to the one people keep screaming at you "Move into one of your houses and try to save it as a primary residence" otherwise we'll have to look forward to future posts of yours like "Maybe I should have saved one house instead of being a hard headed jerk" or "My wife keeps screaming at me she is tired of living the rest of her life in rented apartments". I know we'll get this one "The IRS looted my checking, AGAIN". 105. Jimmy C You fell for scam after scam getting you to pay thousands of dollars for the pleasure of learning $70 worth of material, presumably because when dry legalese is accompanied with promises of "You'll get rich!", it becomes more valuable. Casey, get your (insert bad word here) together and deal with the properties BEFORE two or three days out. You had problems with Texas because you sat on your hands until the day before, you had one lucky break that bought you a month in CA and now NM you have no runway left. You should've gotten a second job! You had so many chances. 70. Mister B If you see an option beyond this, please explain to us. Utah (5) 71. C If you want to see how a foreclosure auction works, why don't you go to one locally? You can pretend it's your own and see how much you learn. Alternatively, you can just wait for one of your local properties to be foreclosed and learn then, but that would delay the value of this knowledge that I'm sure you'd apply in some meaningful way. February 14th, 2007 at 4:23 pm What's with the trampoline pictures on your Flickr account? You look like an idiot. Shouldn't you be working on fixing this mess instead of acting like some r***** ? 72. Loads o Money I'll go if I can find out where and what time. What time is it? Do you understand what I'm talking about Casey? Flipper Nation What about when you wrote down you will be occupying the house yourself on each application? All 8 of them? Same questions as above. Wow, dude! You're sinking faster than the Titanic. February 13th, 2007 at 2:10 pm "I also wonder if the lenders ALWAYS pursue a deficiency judgment or if sometimes they don't bother with it. Anybody know?" With this many sources of debt it's also very, very hard to keep a mental picture of your running total. When will you come out of the FOG and get a "job", whether it is w-2 or not. You say you have a job, well why can;t you pay your bills and rent on time. I think the reason is because you just don't care. You have never been all the way to the bottom, to know what it means to have to work just to eat today! 73. Michael Cooke I'm not a realtor but I think that's how it works. 74. Fashion06 I'm not going to stand any more OH NO!!! THE FBI IS COMING!!!" type of comments. If you have something constructive to say, say it. Otherwise, go back to your hater club and spread your poison there." 78. Loads o Money I'm pretty sure if anyone is dumb enough to spend $5k on a foreclosure seminar, the goal would be to try to get educated on BUYING property in foreclosure. 79. Pelegirl I'm sooo confused Casey. I thought this blog was the hater club??? Is this blog your idea of a support club??? Then where are your supporters???? Your little cheerleader, Duane, went running to the hills. Even your good ol boy Nigel is finally starting to call you an idiot. I guess the stress is really getting to you. But it's all good right. Great things are gonna happen. Now go get yourself some jamba juice and sip away all the problems like you always do. Don't worry your magical opportunity is right around the corner. You'd said you'd pay them back, so you owe it. They should get a judgement for it and I hope they will. From their standpoint (reality), the answer is NO! 80. Bob Morris I'm taking care of my wife's school and I'm paying rent (it was late but better late than never). February 13th, 2007 at 2:31 pm Casey - 81. GET MULTIPLE JOBS I'm taking care of my wife's school and I'm paying rent (it was late but better late than never). You can lie to yourself all you want, but the facts speak for themselves and you'll find that society will not be as gentle and easy on you as you are on yourself. Burdett (11) 82. HungryBear I'm telling you that if you followed some people's good advices, you really could've avoided this situation and could've got back into the game. 11. YES YES 4. Flabbergasted 60. mejustme 110. Sam 41. prcheeseblintz 58. BJ 75. Tridog The good news is it looks like you will have 4 more of these Educational Opportunities much closer to your home in the coming months. You may be able to attend one of more of these. 109. Joey Bobo 42. The Trailer Park Boys 6. Michael GAME OVER 83. PMSPMS Imagine if it was allowed. All you have to do is go out and buy 8 homes, pocket the money and then ask a Judge to erase all debt. 84. HungryBear In 2000 I joined forces with a former friend. We mutually invested money into a co. in the dot com era. He lost 16 million and I lost $160,000 (a lot of money for me then). Although not proven it's pretty certain he committed various frauds as the financial director of the co. Today he's ill, struggling to make ends meet (he loved credit cards like you and your wife seem to) and desperately avoiding BK (and has been for about 3 years). I personally believe that if he had gone into BK he'd be better off - why? - because it would have been taken out of his hands and he could have moved on with less stress and would be in a certain place rather than uncertain place. In a way he would have paid back the karma. 85. GET MULTIPLE JOBS In case things don't work out between you and G, I have an ideal wife for you. 86. akula In my own mind, I would feel best if I repaid every single dirty penny I borrowed. That's a respectable thing to do. I've never NOT repaid a loan in my life. I don't want to just weasel out of it via a short sale and bankruptcy. BK will allow an interested third party to get involved and actually help you. So far your efforts have resulted in foreclosures. Forget about your credit. What do you think five foreclosures and multiple collections are doing to your credit? We're talking about your life and your future here. You are correct. You can't even being to pay what you owe on you 8, err, 7, err, 6 and declining rapidly houses. That is irrelevant thought. You're way, way, way past making mortgage payments. Your $20K/month burn rate will decrease as your houses are foreclosed upon. You're still going to have many, many other expenses thought, and they won't be small. February 14th, 2007 at 4:44 pm "I never had intend to defraud anybody" 87. Another Observer In retrospect, you haven't accomplished much to fix your problems. You haven't sold a single home in six months. You haven't improved the curb appeal of a single home in six months. You almost blew the one success you had being the Utah wrap. And you wasted more borrowed money going to that b.s. NR "college" in AZ. February 14th, 2007 at 12:28 pm From a previous poster: You need to file for BK to save your butt and your wife's. These forclosures are only going to pile up more debt owed on your credit report. We are not talking about Credit Card Debt of a few thousand dollars but thousands and thousands of dollars you will NEVER pay back. 89. Casey Serin In the meantime, you have spent a small fortune on Jamba Juice and Maccaroni Grille, $5,000 for a car and unaccounted amounts on silly RE courses. If you were serious about paying back money you owed, you would have forgone these extravagances and given the banks some more "dirty" pennies of the payments you owe. (You might think the dirty penny thing raises a question about the cleanliness of the pennies when the bank gave them to you.). Cut the guy a little slack. February 13th, 2007 at 6:01 pm "And getting 5 more night jobs and working 24hr/day is not the answer." You are too little too late. 9. Richer Than Casey In this case the law doesn't care what your intent was. And your intent is extremely questionable since all those loan papers you signed had the law stated on them. You just had to screw it up by SLEEPING AND SLEEPING AND SLEEPING. Grow up man. You're a grown man. You are not supposed to sleep like a child. 90. GET MULTIPLE JOBS Inbound Links 91. GET MULTIPLE JOBS investing and flipping (7) Will it last? Your only option at this point is BK, after foreclosure or handing back the keys to the lender. This will require an attorney to do it right as lenders will try to as$%#ck you into filing BK and not getting their debts dismissed. 92. Casey Serin Intellectually Stimulating 103. bobroberts February 14th, 2007 at 4:56 pm Casey, 104. EIC 93. GET MULTIPLE JOBS IRS taxes profits. IRS taxes relief of debt income, unless someone is insolvent. Casey does not have income. Casey does not have profits. Casey is clearly insolvent. 94. Casey Serin It appears to be a very short distance from your house there. Just a few minutes past it. With non-recourse, the banks can't come after you for the balance (deficiency judgment), but the bank WILL declare the loss and you will be charged for loan forgiveness as income. The reasons why the banks WILL declare the loss is that it allows the banks to offset any earned income with losses (net) and thereby reduce the taxes that the bank is responsible for. I mentioned that you needed to track costs here to find a way to show a capital RE loss to offset this income. (keep all records) 95. Nigel Swaby It is heartening to see you admit that you have not been living in reality; I guess your next several posts will show the degree to which you have awakened. 96. John Gage It's actually in Rio Rancho at the new courthouse. Can't figure out while their web page says Bernalillo. Your telephone, (if you have one), will be ringing right off the hook. You properties are gone, its just a case of whether they go by short sale or foreclosure. At this point it doesn't really matter. So all you will be left with is a quarter million dollars in unsecured credit debt and promissary notes ranging from 15%-30% interest (with a monthly payment around 2500-3000/month) borrowing / loans (17) February 13th, 2007 at 10:11 pm Casey, 97. GET MULTIPLE JOBS Its good entertainment- so props to making this blog- I think you have done well with it. 99. GET MULTIPLE JOBS I've always been a realist about Casey's situation. My first advice to him said declare bankruptcy. I'm not the type of person to rush to judgment without knowing all the facts. Once I spoke to him, I did reach some conclusions. Common Loan Fraud Schemes A debt instrument wherein the lender can legally require repayment of a loan from personal funds if the collateral is not sufficient to repay the note. As opposed to a NON-RECOURSE LOAN where the lender can only obtain compensation from the collateral or funds of the business. I've been thinking up a creative solution I think you will be pleasantly surprised with…Totally Win/win and obviously a sweet deal…very sweet! Ok so work the numbers out with me as we go… Then you wanted to pay it back because it was the right thing to do. Now that push comes to shove, you only want to do the right thing if it doesn't inconvenience you - or require you to earn a living. This will take you seven to ten years, which is about how long bankruptcy and foreclosure would trash your credit for. At the end, you'll know you worked hard to pay back every dirty penny, and you actually succeeded. These are your only choices… You'd be much better off now and in the future if you still had that w-2 job. A Girl Worth Saving Jeffrey: Anyone remember that Kids In The Hall sketch called "Creative Possibilities" with Kevin McDonald and Dave. A. Could you make more money by getting a job than you are making now (doing whatever you are doing)? Jim About John Ta Acceptance. Judicial: Used when lender will seek a deficiency or if the loan documents had no "power of sale clause." Actual amount of closing costs paid by the buyer Just curious, when is the last time you spoke to this lender besides today? Was it in December when you found out about the Utah wrap? Have you done anything regarding the deed in lieu suggestion I emailed you? Otherwise you're going to see this very same scenario play out three more times. At the end, you'll have six figures in judgments, no property and no ability to purchase property. Are you going to be proactive, or just let them all slip away? February 13th, 2007 at 8:47 pm Casey what do you mean you have 23 accounts? Bank Accounts? Again - you live off your inlaws. That little bit of income is clearly not enough to provide for your wife - get a job. You do not have enough money to pay any of your debt at all and you are too lazy even to contribute your time and sweat to painting and cleaning your houses to help them sell. You are not working. This blog is not work and anything that permits you to get up at 3 in the afternoon when you feel like it is not work. Land Chasers © 2006 I am Facing Foreclosure .com. All Rights Reserved. February 13th, 2007 at 11:30 pm Casey, Again, where I am living this is _very_ possible and can be done with little of my time being wasted. Is there a BK attorney here that would know anything about this? Larchmont (9) Flat Fee MLS Listing All the above was mentioned too… but seemed to be ignored. Maybe some of those 'haters' were just being honest, and recognized your real predicament. Law Student Blog: Keep it positive bro. "There is no failure except in no longer trying. There is no defeat except. The FBI is really interested in your blog all of a sudden, not sure why, but you really caught their attention this time around --------------------- Has the train wrecked yet ? Also I think you should try to get a small job even if it's just for a few hours as it will show you really tried everything and it can help no matter how small. If you get a job say with a grocery store, you may be able to get an employee discount which can help you pay for your food and lower your expenses. Last point: I've been to foreclosure auctions on the court-house steps and you should save your money. It's a 10-second event, and hardly sexy. The sheriff stands on the courthouse steps, brings up the case, begins the bidding and the lawyer for the bank or loan company makes the bid and gets the judgement. Only, and very rarely does anyone else make a bid. Casey, The words "5 more night jobs" suggests that you even have ONE night job. With just one job, be it night or day, you could have paid back several "dirty pennies", if not all of them, which I think was the point of everyone's posts. Jeez, I know an elderly Mexican man with a set of twisted limbs from childhood polio who goes to work everyday shining shoes at the car wash. At least he makes some kind of contribution to society - unlike you who just leaches off it and can't be bothered to open mail or go get a part time job to feed your wife. Sickening. View All Inbound Links " You should read "Down and Out in Paris and London" by George Orwell, a good account of poverty. Yowza! Sha-Zam! This is why you have detractors (haters). Also, BK is not possible when FRAUD is committed such as what your wife and you have done. Leave a Reply Also, I seem to recall you saying you didn't want to file bankruptcy because it would open you up to criminal prosecution for fraud. So it appears you ARE worried about prosecution. Stop lying, PLEASE! Less Urban What are you doing with your time- you keep missing the most important matters in your life for a tiny glimpse of fame. Falsely Claiming that the Owner Will Occupy Am I missing something? Let me guess. You were one of those kids in high school who never did your homework on time, and then used a charming grin and a half-hearted promise to get an extension on every assignment, weren't you? Am I missing something? Let me say one thing: An incurred $100,000 loss appears on the banks books which is written off. Due to the fact that his was a recourse loan, that $100,000 loss appears on Casey's 1099 as a capital GAIN. Which is taxable. Let them know? An MBA Fantasia on International Themes Let's say it sells for 5 cents on the dollar (because you don't really have that much to go after)…you are sitting around $2,000,000ish… anacronyms Listen to the interview Casey did with a guy who went to prison for mortgage fraud. (Apparently, Casey should give it a listen, too, because it seems he either never got the message or "forgot.") Circle the drain, baby! Casey, we hate because you lie. We hate because you are denser than a brick wall. We hate because when we try to help, you ignore us. Casey try get legal advice from blog. February 13th, 2007 at 2:06 pm It's getting close to the saga of Casey. ceud mile failt' and Loads O Money Foreclosure Auction On Monday You didn't tell her, did you? You couldn't resist getting cash back at closing. You took the money and decided you were rich. You were not. You laughed at people like me who aren't "financially free" like Robert Kiyosaki told you to be. You took a trip to Hawaii. And do you know why this is so? Loads O Money And here was Casey's reply: Look at the bright side: That bank has bird-dogged a SWEEEET foreclosure deal in New Mexico for you! OOOPS! Now, you owe them ANOTHER $500.00! AND MORE! Look, I believe you that you fully intended to pay back the banks and whoever else, AS LONG AS (and you were crossing your fingers behind your back here) you made the very large profits you were expecting from your flipping. Good things are coming… And so is Santa F. Clause Here's the answer to the question about your 2nd position lender: And THAT, me lad, means that your life is going to be a Living Hell. He's had time to work his way out of this and hasn't done it. And what will not working get you? Home Buyers And yes this month we didn't have enough to pay her credit cards so she will probably get a 30 day late if she hasn't already. That part sucks Honestly, with so many foreclosures being seemingly inevitable, I must say with brute force: February 13th, 2007 at 8:50 pm Casey, And yes this month we didn't have enough to pay her credit cards so she will probably get a 30 day late if she hasn't already. That part sucks but it's better than borrowing from Peter to pay Paul like I've done in the past in order to float her payments. We talked about it. It's all good. House eventually goes to foreclosure. G should have been calling bullshit on him and his crazy scam from the beginning if she had any idea about what he was really doing. AND, once more the cold, harsh grip of reality penetrates the fog of denial in which our lad resides. Notice the sober, Housing Panic Anger: We are seeing that How hard did you look? Did you send out ONE single resume? Just one? Type of Document: Trust Deed Get the foreclosures done, file BK, and start over. But even if you did condition your pledge, this is contemptible. It would be saying, in effect, that you solemnly committed to repaying "every dirty penny" as long as you can do it in a way that remains relatively comfortable for you, and doesn't require too much sacrifice. As long as someone will magically refinance your debt, the market resumes its flipper-driver upward march and you can repay those dirty pennies without too much of a hit to your lifestyle or your self-conception-well, heck, you're good to go. And you want your readers to applaud you. Angry? Not quite. It doesn't affect me at all. However, the fact of the matter if you haven't made a dime since you quit your w-2 job. In fact, you're several hundred thousand in debt and have made a huge mess of your life. However saying that I believe you are still "rich" - you're healthy, have family, your youth and many other things money can't buy. Why then - do you want to be monetarily rich? If you can find it in the library read "Busting Loose from the Money Game - Bob Scheinfeld" - the principle lesson I learnt from that book is that reality is somewhat of a mirage - it's only what our consciousness perceives - and that we are literally in a game - the game of life. Although I don't agree with a lot of the book (in particular the rather odd view Bob has of our friends and family!) it has helped me feel more relaxed and less stressed about financial issues. Why do you keep ignoring my comments, truth hurts? Casey - you live in a spare room at your inlaws house, you can't even make the utility payments and minimums on your credit cards, you owe millions of dollars, and you are a healthy young man who could clearly go work more than one job to provide for his wife and pay back even a little bit of what it owed. You are a slacker - you are lazy and it makes people angry to hear you say you work when the rest of us bust our behinds everyday and don't owe anywhere near the amount of money you owe. You should have gotten a job months and months ago. any intentional or negligent misrepresentation of this information contained in this application may result in civil liability, including monetary damages, to any person who may suffer any loss due to reliance upon any misrepresentation that I have made on this application and/or in criminal penalties including but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Sec. 1001, et seq. However, if I hold off on bankruptcy and attempt to short sale the houses first at least I would have a chance to avoid multiple foreclosures and show a proactive effort to settle the debt. But to imply that he has no IRS issues is completely incorrect, insolvency or not. February 14th, 2007 at 7:08 am Anyway, there will be deficiency judgements against you on some of the foreclosures. howto CA prisons are overcrowded as is. I doubt you'd ever see jail. But a criminal record is a distinct possibility. February 13th, 2007 at 5:56 pm you should have called this blog "iamdeferringbankrupcy.com." the fact is you've chosen foreclosures before bankrupcy rather than doing it all right once, through a court settlement among your creditors. instead of asking a judge to divide your assets, you want to steeply erode your position for a year or two more first, and simply let luck determine which bank gets screwed most. then when your "homes" are all gone you'll have so much debt that you are compelled to declare bankrupcy anyway. throughout this process you won't get a job to offset losses, and your skills will erode, so you'll experience marginal employability, making the bankrupcy an obvious last step to a long string of utterly unnecessary and inappropriate "attempts" to pull your balance sheet out of the fire. when in fact you should decide on bankrupcy today, file tomorrow, and get a job the next day. that would be the virtuous thing to do for your creditors, and the healthy thing for you and your family. the fbi needs to realize that letting you run around eroding the bank assets (unoccupied properties, ballooning debts you will never repay) is doing them a disservice. in fact i'm baffled the banks haven't begged the fbi to take you in, if only to strike a deal wherein you declare bankrupcy in exchange for state leniency. maybe they think you'll win the lottery. dunno. Anyways: http://slcrealestate.blogspot.lemma.html You just had to screw it up by buying jamba juice, starbucks, and so on disregarding overdraft fees. CS "Good things are coming…" To really work the system you need to let it foreclose and get whatever you can forgiven. Then buy your own debt on that one. From there you'll have to move in and start squatting immediately. Are you still tithing with this stolen money? http://www.legalfacs.org/districts/district_13.htm As always, http://www.nctimes.com/article._13_07.txt As far as whether they WILL come after you if they are allowed to, the answer is almost always "if it's worth their time and effort". If you owe a $5K and they can see no assets and $250K in debts they probably won't bother but if you owe $75K they probably will. Also, there's a statute of limitations on how long they can wait so if, by some miracle, 2 years from now your financial picture looks very different, they may come knocking. https://tips.fbi.gov/ February 13th, 2007 at 3:04 pm I do have a question for everyone here and I would like an answer. Why Should I Go To Jail For Mortgage Fraud? February 13th, 2007 at 2:53 pm Hey KC! Can you explain what you meant above by "under the radar"? As when you were doing your real estate stuff, you're making the wrong decisions now. I also looked up the foreclosure info for the other states where I have properties facing foreclosure (or already foreclosed): At least during this, you can determine your options, or, how best to proceed anyway. I am Facing Foreclosure Fan Mail February 13th, 2007 at 5:34 pm Casey is right about one thing, people. A real estate lawyer can't save him now. The best thing a bankruptcy lawyer could do at this point is to negotiate on Casey's behalf with his creditors to work out forebearance and repayment agreements. But because Casey has borrower money from so many different lenders, even that is unlikely to make much progress. If Casey doesn't go belly-up before summertime, it'll be a modern-day miracle. Attorneys Say Corporate Credit is OK, Need a Plan I asked them if I will be responsible for a deficiency (In some states the lender can sue me for the money lost during the foreclosure sale and obtain a deficiency judgment). The rep said, most likely, but wasn't sure. He referred me to a real estate attorney. But you know what? You can't charm your way out of a legal deadline. The government, the courts, contracts - there are few extensions and even fewer second chances, and giving them a winsome grin and fluttering your eyelashes won't help. audio (6) I bet you that your wife has seen a divorce attorney and a bankruptcy attorney. You're married and renting a room from inlaws. You're not self-sufficient like a man should be at age 24 and you're not providing for your wife. Whatever would you do without the charity of your in-laws? 117. Tired of it I can wish for idealistic things like repaying all my debt and stuff like that but in reality it's going to be a very hard thing to accomplish unless I find a way to refinance it. Why bother? But no, there's more. You spend money on all these February 13th, 2007 at 2:43 pm you wont even show your face at the auction because theres no JAMBA JUICE in 87144 118. Don't TALK just LISTEN I checked my binder from Bruce Norris' foreclosure seminar that I went to last year and it says this under New Mexico: SWEEEEEEET!!!! 115. Alexis 47. prcheeseblintz 64. star 77. Sharky Fantastic. 119. Robert Coté I DO have a little bit of incoming coming in from various sources and I AM working. What does it matter to you HOW I make my money? Guadalajara Dr, Rio Rancho NM 12. Rio Rancho Friend now you're lashing out at people who gave good advice (and very frustated -> so called hater) for writing "hate". February 13th, 2007 at 1:43 pm Of course you should have been working this months ago as so many posters suggested, MONTHS AGO. 120. Jacke Cousteau Of course you did, you knew you were lying and I'm pretty sure you know that lying on an application is wrong. I don't understand how you can say you didn't intend to defraud anyone. Good point. Getting a job would just be stupid. Doing nothing, as you're currently doing, is a much better idea. 121. Girly Rizer Modesto (5) 122. lawnmower man other stuff (41) February 14th, 2007 at 10:34 am Casey's got himself a repreive. Snowstorm in New Mexico overnight. The courthouse is closed. February 14th, 2007 at 8:20 pm >.RECOURSE LOAN February 14th, 2007 at 5:35 am He can't get a job at a financial institution, they do very thorough background checks. A BK would eliminate him from almost every job at a financial institution. It'd eliminate him from plenty other places too. You don't have this kind of s*** storm and expect everything in the future to be "sweet" as if nothing happened. Casey better pray the FBI doesn't come down on him hard or some other gov. entity. 123. DrifterBee Perhaps in your bright, but very immature mind, you can gradually come to understand why so many people condemn you. Is there any glimmer of cognition beneath your unbelievably thick skull? Which totally invalidates the statements you've been making for quite a while. You're giving lipservice to paying money back, you're hoping that by being apologetic and appearing to be sincere in a public forum your creditors will forgive you. 124. Flabbergasted personal / feelings (16) 126. Casey's Biggest Fan Peter Website February 14th, 2007 at 8:29 pm "Start going to Citigroup.com, MorganStanley.com, WellsFargo.com, UBS.com; wherever, and start applying for jobs. Framed the right way (A programmer who spent some time in real-estate investments), your background makes you a sparkling candidate for the finance firms, and they're desperate to get more competent programmers working for them. With your experience, six figures of compensation per year may be possible. " 128. Aelfscine photos (34) 129. EL Toro Energy Precisely because of s*** -wits like you. 130. subsonic22 PS: You may have a problem declaring chapter 13 now. Eligibility requirements indicate less than $307,675 in unsecured debts and $922,975 in secured debts for individual. note that this is also for those with regular income. (might have to be chapter 7, see also Chapter 13 hardship discharge). This could be an epidemic. Let's see. 131. Sprezzatura R/E Seminar Guru Deficiency: The lender may pursue a deficiency judgment. You have displayed a stunning lack of understanding for the basic rules of society and the laws that govern it. Unfortunately (for you), the consequences of your actions will be proportional to the harm that you have inflicted. -CONTENT GOES HERE (static)- To boost his spirits, given Casey's work history so far, I suggest we offer future occupations for Casey-ones to avoid, and ones to look into. 132. D. Nile Real Estate Investors TV 133. Steven real estate marketing (6) You started a blog and relished all the attention that you were given. Your name is synonymous with incompetence. You called it "falling forward" but the rest of us call a spade a spade. You may possibly be the worst real estate investor in America and you're proud of it. What has kept you from doing this so long is the delusion that you are salvageable. You're not. You're a failure. And the sooner you admit to this the sooner you can stop being a failure or at least stop getting yourself deeper in debt. If you do nothing no one will come after you since you obviously have no assets to speak of. But the moment you do get something, bingo it's gone. Seized. And the longer you wait the LESS likely your debts will be discharged by the judge. But, unlike the"you" in my hypothetical example, you have not repaid the money you fraudulently grabbed. You have not even made a start. And you intend to get around to doing so if and only if you can do it without taking a major hit to your lifestyle or to your silly conception of yourself as some kind of wheeler and dealer. foreclosure (17) 134. dcguy Rebates and credits to any individual as a result of a real estate transaction must be disclosed on the settlement statement. 135. Rob P Recent Comments Was That Wrong, Can I plead ignorance "If I had known that was wrong I would never have done it" George Castanza Types of Foreclosure: False information about the borrower's creditworthiness 136. Yougottabekiddingme Recommended win/win/win/win/win/win/win…. What's going on with UTAH? That appears to be the only house that isn't (I hope) in danger of foreclosure? Did you find that missing payment? It's YOUR responsibility because YOU sold this as a "wrap around" leaving you on the hook. Since you "technically" still own it, I wonder if any of the other banks are likely to slap a judgement on that one before the buyer finishes is work and takes you off title? That would be a funny plot twist. The thing is, and I'm no lawyer, so get the advice of one, I'm just passing on what I've heard/read. Casey's best tactic is probably to wait until everything forecloses and when all of the collections guys are on his a** he should declare bancruptcy at that point. Forgiven debt - If the property gets foreclosed and they are not going after me for deficiency am I supposed to just mail them a check anyway?? (if I have the money that is) You worry about having a car and cell phone and internet connection. The noose tightens. 137. Pelegirl Redemption: Not available to borrower if property sold at a trustee sale. In the case of a judicial foreclosure the property may be redeemed in one of two ways. If a deficiency judgment was obtained (the property sold for less than what was owed), the borrower has twelve months to redeem. If no deficiency, the borrower has three months. 139. Hater Club??? Remember yoru promise to pay back every dirty penny. I'm only sorry they can't go after you in CA. 14. Tibetan Monk Richer Than Casey 111. George Castanza 40. What took so long 59. John 141. dude 747 Rio Rancho (8) February 13th, 2007 at 2:05 pm As the previous poster mentioned, what does it matter if there is a deficiency? Didn't you vow to repay every "dirty penny." It seems like the only thing you can manage to be consistent in is the level of hypocrisy and arrogance that is evident in everything you're doing. So predictable. 142. info for casey Rio Rancho Friend 143. Been There Rio Rancho, City of: 2-hour delay Doug: 75 - John Your quote by Thomas Edision sounds suspiciously similar to another one I had heard: If wishes were. 144. Nigel Swaby Santa F. Clause 145. Roberto Search 146. John September 30th, 2006 at 4:46 pm Type of Foreclosure: 147. Mister B short sale (12) Even if you pay it all back which you have no intention of doing, think of all the people and your wife have affected by higher taxes and rates due to your FRUAD. 148. BT98 She is now up to 8 foreclosures with two more on the way! Now that would be a sweet couple! Undisclosed rebates to any third party (real estate agent, mortgage broker, loan officer, etc.) Depression February 14th, 2007 at 7:15 am You are being very mysterious about this alleged "income" you are receiving. I bet you are actually pocketing the mortgage payments from the Utah wrap, and not passing them on to the lender. And I bet the appropriate parties have already been alerted to the likelihood of this scheme. Best wishes, Casey has no education of any kind. And unfortunately, Robert Kiyosaki, Russ Whitney, Joe Scammer seminars and week-long boot camps at real estate kollej do not amount to squat in the real world. To this, add Casey's demolished credit history and rating (yes, that is a factor in many jobs he might be able to get). Gypsy had stolen peoples money which will constantly defeat your Hard to disagree with that one. Yes, they'll always try to recover their losses any way they can, especially when it's over $100,000 as this is shaping up to be. Lenders don't like losing this kind of money on a single loan. 15. Alexis Short Sale to Stop Foreclosure UpdateSnow Stops Foreclosure, Redemption Check Cashed, Jamba Juice Had190 Comments Yes, lenders and/or mortgage brokers are often complicit in the fraud, or they were before the market crashed, but that does not absolve the applicant of their fraud. In fact, it might make it part of a conspiracy. 150. Paul Simple questions - 151. Ideea man So much to say… The VAST majority of Casey's loans are recourse loans. Let me itemize how this works: 152. Reality Central So what's it going to be? You can't accomplish anything with your life until you pay off your mountains of debt or discharge it. If you try to pay it off you'll spend the rest of your life doing so. Cause you'll have to work at it penny by penny, you'll never be able to invest, save or start a business… all routes which can acquire wealth faster than working by the hour. February 14th, 2007 at 6:48 am "I never had intent to defraud anybody." February 14, 2007 at 12:30 PM, 153. Mister Gash So you are caught between a rock and a hard place: February 15th, 2007 at 11:01 am Casey, 1) Remain a sidelined failure forever cause the moment you work on the books your assets are seized. deals (32) 100. PMSPMS February 13th, 2007 at 11:08 pm @Nigel: if I don't care about trying to KEEP the houses, how does it hurt me to wait until the foreclosures run their course and THEN declaring bankruptcy on the unsecured debt? 1.) Call a Bankruptcy attorney TOMORROW. Filed under deals, foreclosure, Rio Rancho 1. Mining Nuggets Casey takes out loan for $500,000 to buy house. (100% financing) Below is the link to the district court that I called and asked. I called the "Sandoval County Judicial Complex" and they gave me those directions. 1) Get a good IT job (pays between 50-90K). 154. briguy So, find one who gives a FREE initial consult. (or spend $20, sign up for prepaid legal, it sucks, but beats what you have now.) February 13th, 2007 at 4:44 pm I wonder if that means BOTH the first and the second can sue me for deficiency or just the foreclosing lender. I also wonder if the lenders ALWAYS pursue a deficiency judgment or if sometimes they don't bother with it. Anybody know? 155. Sam So, most lenders will 'forgive' the debt owed them, and write it off as a loss. 156. Mayhem Some might handle this "in-house", but I'm betting that MOST of the outfits you shafted will "outsource" this unpleasant and public-image-damaging task. February 13th, 2007 at 8:57 pm Casey; You have one last chance here. Once these houses are gone, it's goodbye real estate for you, whether you like it or not. Blog: Is This Your Name? Customerservant.com Too bad they are so busy with the "rat race" to truly enjoy their huge salaries. 157. HungryBear Someone asked for future careers for Casey: 158. Pauly soon 16. Not sure how you'd attend? Spoke with 1st position lender this morning and told them I have an offer for 380 in hand. The rep said it's too late. I persisted by asking if it's the price or the time-frame. He checked with manager and he said there is simply not enough time to stop the foreclosure sale tomorrow. 160. JimDandy State: California 162. TRANSITIONed FROM HATER TO INTENSE LOATHER My Properties Based on all this, you have certain guidelines that you use to decide whom to lend to. Now we're not talking about lending $3, $300, or even $3,000. We're talking about lending $300,000 or more of hard-earned money. That's a lot of dough to lose. 163. Rob P Name (required) 164. Gypsy- Need To Be Debt Free Short term you are going to have a lot to deal with when it comes to criminal, civil and government hassles. Every open account, minimum monthly payment and forbearance that you DON'T have to worry about is going to be a godsend. what I'm complaining about today blogging (8) video (10) 165. Clotpoll New Mexico Foreclosure Rescheduled, More Time For Short Sale www.eltoroenergy.com 166. Bubbers Next, be honest - you didn't decide to not pay your wife's credit cards because you didn't want to rob Peter to pay Paul. Peter was MIA - you couldn't get any more loans, correct? I'll bet you tried. 167. Mr. Crash Nigel The lender may file a judgment against you in which case you will never own property in your own name again. February 14th, 2007 at 1:32 pm And Casey, please-pleeeze-spare us your faux rage at the FBI comments and your continued insistence that you never meant to defraud anyone. 168. Nigel Swaby No More Drafts for CashCall, for Now… What advantage is there in stalling the foreclosure process with bankruptcy if the lenders are going to foreclose regardless? Either way my credit is screwed and I will get foreclosure on my record. 114. star 45. WTF 62. Lonely_girl15 For some reason, you refuse to speak with a RE attorney, I cannot imagine why, other than the fact that you cannot afford a visit. The end will be when you just stop blogging, and the rest of us blog on www.whereiscasey.com 169. WTF No job is going to pay me enough to float my thousands dollars of minimum payments and tens of thousands to catchup all the past due balances. For daily notification of posts February 14th, 2007 at 2:04 pm Casey, 170. DrifterBee No. All the loan companies have to do is to go to court to get a judgement before foreclosure instead of going the other method and they can get a deficiency judgement. It's just an alternative way California has chosen of handling these issues. It used to be infrequent and the court proceedings protracted, but no longer because the courts are fed up with the caseload of these foreclosures and are simplifying the proceedings, and loan companies want their money or the right to state on their profit-loss statements that they have court-ordered judgements for X amount of money. It helps when the Federal Reserve auditors stop by. The banks and loan companies also have lawyers on their payrolls who handle these cases, and the lawyers have to have something to do. 172. Reality Central No. God, no. sweet media (47) February 13th, 2007 at 2:35 pm I said I will "pay back every dirty penny" back a few months ago IF I can find a way to do that. So far I haven't found a way. I'm also OK settling the debt for less then full balance because if I can't pay it all back I feel good about paying back at least a portion of it. I will do what I can do. 173. Hmm Non judicial foreclosure is most often used when a power of sale is included in the loan document. The process is very fast. Only 21 day notice has to be given prior to the sale. Recent Entries Casey, I can understand why you wouldn't have taken ALL that "advise," but maybe you could have acted on ONE of those suggestions? February 14th, 2007 at 10:43 am Apparently numerous people are in the similar situations like yours. Many bought 3-8 houses in the last 2 years and here are their stories: February 14th, 2007 at 3:56 am While I have a lot of issues with some of Casey's actions, most of my concerns have to do with his poor judgement. While its true that Casey did defraud lendors, and yes, that affects all of us, I don't believe Casey did this intentionally. He's was just dumb, and he's admitted that. 174. WTF Non Performing Notes Investing As jobs go, his and his wife's only hope would be to get two such jobs each for a grand total of about $120,000 to have any possibility of repaying the $400K-500K that they are/will be in the hole for, in the next 30 years. And even at that, this is an aggressive goal. 176. Santa Flipper Clause Now all you get are latecomers, sloppy seconds and law enforcement. 177. CONCERNED CITIZENS Now he'd better have a clean history in terms of crime. If he gets chased for mortgage fraud and gets convicted, that could cause problems. But most firms won't actually notice unless his wages get garnished or the IRS comes after him. 178. Taxpaying Citizen Now, what exactly did you mean when you posted that you might have to "go under the radar"? You realize that sounds an awful lot like intent to defraud and deny your creditors an opportunity to seek repayment. If you're so honest and upright, why did you say that? What did you mean? February 14th, 2007 at 11:23 am jamba jammy jam jam: February 14th, 2007 at 12:14 pm New Mexico is on MST right, so the auction is complete! What's the news? Maybe it got bid over your 1st and 2nd obligations and you can get some sweet $$$ back! February 13th, 2007 at 9:12 pm "And getting 5 more night jobs and working 24hr/day is not the answer." When you applied for these mortgage loans what kind of program did you apply under? (ie. Full dock, limited dock, no dock, signature loan etc) February 13th, 2007 at 10:15 pm Can someone video the foreclosure sale so Casey can post it here (or YouTube and link from it here?) Casey facing insanity. February 13th, 2007 at 5:52 pm They won't sue you unless you pissed them off. D'oh!! You went and pissed them off. If I were you I'd be more worried about a wire fraud conviction than a Jamba Juice. California might have a prison overcrowding problem, but the feds always have room for one more. See you in the funny papers. 18. Casey Serin Making a false statement to a lender is a federal crime. Don't do it on your own and don't do it because someone encourages you to. 180. mejustme many undercovers will be in foreclosure to catch casey 181. GET MULTIPLE JOBS MD: 74. Meg "Does it ever bother G than there's no money for nice things, new clothes, trips, etc.?" I would think. 183. Mayhem mistakes (8) You just had to screw it up by putting your financial priority in some idiotic things like CELL PHONE BILLS ($400 … in your situation… what the heck is going on inside your head?) Be sure to scope out places overseas and get prepared as much as you can in the meantime just in case. February 13th, 2007 at 10:01 pm Good grief. I can't believe this. John T Reed warns people of BK and now I know why. February 13th, 2007 at 6:55 pm In a prevoius thread to Casey Longshanks said: 184. Pelegirl mortgage fraud (10) Good Things Are Coming… Burdett Way, Sacramento CA February 13th, 2007 at 6:15 pm Pro bono attorney = friend who is attorney. You need a BK specialist. If your friend is worth their salt, he/she will tell you this. Do you have a special affinity for shareholders? 185. CaseyLandUSA.blogspot.com Muncy Dr, Modesto CA February 13th, 2007 at 4:11 pm For those who want to attend the foreclosure sale, I got an email from somebody with precise directions because apparently the address on the letter is misleading: 186. Lostsite My First Trustee Sale / Foreclosure Auction Results February 13th, 2007 at 6:39 pm So you managed to rack up all this debt, and we can't figure out why (and based on the lack of math skills you presented in the Kiyosaki video, you certainly can't provide ANY insight). Even IF you're this far in the hole, why keep digging? Even getting a small day job that meets your current basic living expenses will improve your situation or at least stop your sink rate. Who cares if you can't do much for the debt in that instance? At least then you wouldn't just be a huge leech. February 13th, 2007 at 4:53 pm This is about to really get good. I did foreclosure sales in San Joaquin County, California. If the debtor does not show up and no one else does (normally happens) the bank can bid $1 and have the property back and debtor still owes the entire amount minus $1 in the judgement. 187. GET MULTIPLE JOBS OK, so if he tops out at $15, and he and G both get two jobs paying $10-$15, they may not make enough to make much of a dent in their debt. But (assuming they also live frugally), they won't be adding to it. True Gotham 188. CONCERNED CITIZENS On all those loan applications, when you wrote down phony numbers representing income, when you knew you had none: Whoa, on second thought, for God's sake, don't trust my words. Trusting some guru's word is part of the reason you got into the incredible trouble that you are now in. February 14th, 2007 at 7:05 am Why do you keep taking my post down, Casey? 189. CONCERNED CITIZENS Once you have judgments against you, you'll never be able to buy real estate again until they're settled. 190. mejustme Only judicial foreclosure is allowed in the foreclosing of residential real estate. 2) Go into BK and start over. This time from the bottom with lots of hard work. You will be granted further opportunities only if you deserve them. If not you remain an hourly wage earner who earns his keep or starves. One of your properties is being auctioned off tomorrow and you're not going to even be there to see what happens? Seriously, are you that busy that the events that will decide your future do not warrant your time and attention? I think most people that cause harm because they were manipulated and have a vast lack of knowledge about the world and it's simple rules deserve a second chance, but you are riding thin on that assumption. I think the more you let other people control the course of your destiny, the more they will decide upon a route which will lead to ruin. I have a simple request: What exactly are these various income streams of which you speak? What are they? You've never mentioned income before. Sorry, let me be clear - to most of the world LOANS ARE NOT INCOME! Your problem is you've always considered loans to be your wages. 2) Pay off the highest APR debt first, minimums on all the rest. Open to strategic linking. Unopenned Mail Containing Problem = No Problem 2. I Wonder Too!! Or after this foreclosure is done, will he go back to thinking about buying 100-unit apartment buildings for no money down? 2.) Declare Bankruptcy ASAP. or subscribe to feed (huh?): Have you attempted to get a regular job in these past six months? 20. Alexis Over the past few weeks I have read your entire blog story from the first post onward, and I am finally caught up to the present. One thing I wonder, is what got you into the computer programming/web design field in the first place, and why did you leave it (other than to become a RE "investor")? You have said previously that you have nothing against a typical job so long as it pays well and you enjoy it. Well, it sounded as though you had no difficulty keeping yourself to a 40-hour workweek and still hauling in between $50-$60k a year. That's a great wage for a 23-year-old (I'm 25, I have a degree in Microbiology from UCSB, I work for the world's largest biotech corporation, and I still make less than that)! I would therefore have to conclude that it wasn't the wage, but rather the work that you didn't enjoy. But then here you are developing several web pages on the topics of Foreclosure and RE, so it seems as though you enjoy doing this sort of thing. What, then, was the problem with your job?? And what, then, is the problem with going BACK to the job??? Obviously you're not making enough and a normal person could fit whatever you're doing AND at least one fulltime "w-2 job" into your schedule. Casey has been dumb enough to list his creditors and how to contact them. 21. Bill from PVB Overcoming Bias 22. John Galt owner financing (5) 24. Jim Payments of $2000 to $3000 per month would be a killer. Casey declare bankruptcy! If it doesnt go your way then move to a nation that speaks Russian and take your computer skills and significant other with you. The United States is on the decline. Escaping the US would be a great oppurtunity. If I was offered a position in say - Australia I would sell my business and gladly move immediaty. @Jimmy C / Bob C: paying back every penny… yes I did say I want to repay all that debt without BK or short sale. However that was a few months ago. Going through this experience has definitely made me more aware of the reality of my situation. […] (That's a disclaimer) (Secure payments via PayPal) Clotpoll: Casey- Once again: What "skills" do you have to offer any "partnership"? You are multiply-foreclosed, on. 25. say it isn't so Peace February 14th, 2007 at 8:21 am Well, being 'tired' of something certainly doesn't make it go away. You've been operating as if bad things vanish if you just stop thinking about them, and surprise! They don't. Categories 26. NYNY People here are "haters" because you make bad decisions, while at the very same time ignoring the advice that would lead to a GOOD decision. Think of every poster who has offered you a good plan to get out of this situation. They've been doing it for months, and you ignore all of it. You sign bad deals impulsively, then you ask if you should have signed it. Lately you ask for advice first, we all scream NO, then you go and write "yes" anyway. It drives people nuts. February 14th, 2007 at 3:37 pm Its 4:37 here in the Mountain Time Zone. Any idea how the auction went? 27. Jimmy C phil.rice 28. Bob C. press and interviews (18) 112. Mining Nuggets February 14th, 2007 at 1:13 pm "Why are so many of you so angry about me not having a standard W-2 job? 43. innocentbystander February 14th, 2007 at 1:27 pm Problem solved dude! brain surgeon, air traffic controller, pilot, Secretary of Defense, Governor of any of the 50 states, accountant, controller, parent, any occupation which involves the handling of money OR the opening of mail. Everyone seems to agree that at some point the banks are going to give up on you and sell off your loans for pennies on the dollar. 61. redblue February 13th, 2007 at 10:41 pm Casey says: We're going to have to take some quanta of food from our family's table because Casey f***** ' Serin thought that he was a real estate "jeenyus". 3) Leave the country and don't come back. Redemption: The borrower has between one and nine months to redeem the property. All they have to pay is the amount owed plus 10% interest. You and G should both be working, with JOBS, to pay off all the debt. Afterall, you took out the loans. You spent the money. wealthyboomer: U.S. urges caution on subprime loans. http://tinyurl.com/2kj82l Some of these "unusual lending. 3) Your wife gets two jobs. She should be able to double up and earn anywhere between 50-80K. Rules and regulations related to Attempted Collection of said Bad Debt. February 13th, 2007 at 10:44 pm Good things are coming and so is the FBI my criminal friend and not just for you, but for wify as well. 3. find a job and start over Salt Lake City Real Estate credit score / fico (3) 107. WahWahWahWah -Back to train wreck watching. (or imminent impact with cliff wall). 3. Kevin settle with the irs for pennies on the dollar and even get garnishments and penalties refunded! bankruptcy (3) 30. Mr. Crash Snow Stops Foreclosure, Redemption Check Cashed, Jamba Juice Had Doesn't Mrs. Serin want to be a CPA? 31. mejustme So I'm just going to reiterate what other visitors have said: 33. damn_the_torpedos Sonora Ave, Albuquerque, NM (Sold - June 2006) endeavors. 34. Casey Serin Note: comment will moderated and will not appear right away. No profanity, inappropriate material or personal attacks. 36. xxx State: New Mexico Tip Jar 37. Casey Serin State: Texas Did you get your $250? Go to the COSTA RICA and invest invest invest invest. Go Casey. get Cash Back. IN COSTA RICA. February 14th, 2007 at 2:27 pm Isn't it about time to change the name of this blog to 39. Pootie Tang State: Utah February 13th, 2007 at 11:23 pm Casey says: February 13th, 2007 at 11:17 pm Casey my criminal friend, don't get so upset, good things are coming, sweet Denial : We've seen that - - - - - @Casey: Because we suspect that your income is as shady as your loan applications. (Stop the FBI Scare) GET A JOB. February 13th, 2007 at 7:46 pm you bet your "sweet" a** the deficiencies are coming. i've never seen a mortgage lender not do it… it is a tool for them, if you ever apply for another loan you will have to pay off that deficiency first to move forward (unless you've cleared them thru bankruptcy). You will absolutely be filing bankruptcy and you don't even realize it yet or want to accept it. I'd start apologizing to you wife now. You're gonna sink her ship also. February 13th, 2007 at 4:37 pm Casey, I have a simple question for you Trailer Flippin Guru Deficiency: A deficiency judgment can be obtained. Again the market value of the property will be subtracted from the amount owed to the lender to determine the validity of the deficiency. February 14th, 2007 at 6:22 am "I never had intend to defraud anybody" February 13th, 2007 at 10:34 pm @Nigel: if I don't care about trying to KEEP the houses, how does it hurt me to wait until the foreclosures run their course and THEN declaring bankruptcy on the unsecured debt? February 13th, 2007 at 3:42 pm I thought you said you would take care of this a very long time ago. February 13th, 2007 at 4:00 pm Yes, Casey, I think you would find it "educational" to go to the bankruptcy sale. Too bad you ignored all your Gurus' advice and bought out of state. Feels silly now doesn't it? February 14th, 2007 at 8:04 am I still can't believe why you won't file BK. There is no way you will ever pay anything back. Where will you get the money? Unless you win the lottery, you will never get a chance. February 14th, 2007 at 8:40 am The five stages of receiving catastrophic news February 13th, 2007 at 4:35 pm Casey, I like the idea of going underground that you mentioned in post #29 before you edited it. Let's be honest here - all this stuff has to be very depressing for everyone involved. And the fact of the matter is that it's just going to continue for years and years. Who wants that? What kind of life is that? February 14th, 2007 at 8:38 am You said, "I also wonder if the lenders ALWAYS pursue a deficiency judgment or if sometimes they don't bother with it. Anybody know?" Sweet but no cigar for you The best option for you right now is to declare bankruptcy. Every day you spend not moving towards bankruptcy is an extra day you have your wages garnished. Since you seem to be putting a lot of these things off to the last minute anyway, you're really not showing good faith by holding off on BK. This is part of my new seminar "The Big Dirty, How to beat foreclosure". You need to sign up, Dude! February 13th, 2007 at 1:58 pm Casey, February 14th, 2007 at 5:53 pm Not to mention the fact that the taxpayers of America will clean up all your mess. Can you spell RESENTMENT? They won't give you a door prize or anything else for attending this one in NM. Sorry you won't have closure, but it's better this way. The Bottom Line You are paying rent for a room at your inlaws and take out the trash for your "office" rent. That is not real rent for a family home, which you are expected to provide when you get married. Your wife goes to community college which costs a couple hundred bucks - thats the least you owe her after what you've done to her credit and I'am quite sure you'll find you can't keep paying it after this semester. February 13th, 2007 at 1:50 pm Deficiency = every dirty penny you still owe them February 14th, 2007 at 10:53 am @86 Akula: Too Late to Stop Foreclosure with Short Sale, Deficiency Judgment? What you did was decide to gamble. With other people's money. But in obtaining that money, you fraudulently misrepresented a number of key facts. You used other people's money, which you obtained through fraudulent misrepresentations (e.g. did you not know that you could not simultaneously inhabit eight houses as your principal residence(s)?) to gamble. The combination of business (real-estate investing) and programming experience would make you an attractive hire to a lot of finance companies. And there's a job boom in that sector right now. WalMart, Target. Lots of people with Masters degrees in San Jose took those jobs when the economy went to s*** . They were able to survive awhile until they could move back into real jobs. February 14th, 2007 at 7:33 am I DO have a little bit of incoming coming in from various sources and I AM working. What does it matter to you HOW I make my money? February 14th, 2007 at 7:10 am I never had intent to defraud anybody. You've never been able to reconcile those actions with your 11th hour claims of intent. Boise Real Estate GAME OVER! Bankruptcy is not allowed when FRAUD was committed, such as what you and your wife did. February 13th, 2007 at 3:44 pm I said I will "pay back every dirty penny" back a few months ago IF I can find a way to do that. So far I haven't found a way. I'm also OK settling the debt for less then full balance because if I can't pay it all back I feel good about paying back at least a portion of it. I will do what I can do. February 14th, 2007 at 8:26 am You know things have really changed around here when even Nigel is talking sternly to Casey about his mistakes. Casey isn't a cold blooded criminal, he was just dumb, and the authorities have better things to do than prosecute him unless a lendor files a complaint. If lendors did that for everyone who got in to Casey's position their employees would be spending a huge amount of time talking to prosecutors and appearing in court. It just isn't worth their time. February 14th, 2007 at 6:33 am "Why are so many of you so angry about me not having a standard W-2 job?" February 13th, 2007 at 3:33 pm Who wrote this on his blog? Casey Serin Why then the simultaneous multiple closings last spring all with misstated incomes and debts and signed where it says you are not engaged in multiple simultaneous closings, your income and debt are accurate? The Morning Dump What to do? Take care, February 13th, 2007 at 3:57 pm "I also wonder if the lenders ALWAYS pursue a deficiency judgment or if sometimes they don't bother with it. Anybody know?" SWEET! Where I live, I can purchase trhe rights to someones debt. If they don't pay me then I can force them (with other creditors) into bankruptcy. While in bankruptcy I can petition the court for criminal charges in the bankruptcy if fraud is uncovered. Further, as one of the creditors, can I substitute the Trustee Casey chooses for one of my own? Thanks you Rio Rancho Friend. - All the above? All 8 times? - did your fingers slip and accidentally write down bogus numbers? All 8 times? Thanks, hombre goals (20) - were you forced with a gun held to your head? All 8 times? (Casey)I bet you are no more than $500 to $700k in the hole. That works out to a loan amount of around $2000 - $3000 per month over 30 years 10. Finance Guy (I'll pay it all back, DOn't worry honey stay in school) 108. Jason February 13th, 2007 at 3:25 pm I would love to see Casey on the Apprentice, or even hosting his own contest reality show. |
