Real estate speculation train wreck
Bob Morris @ Feb 11th 2007 00:08 - Category: Credit crisis
When we last checked in on Casey Serin, he’d bought 8 homes in eight months with 100% financing, looking to fix and flip, make a fortune, then retire young.
Did it work? Here’s a clue. The name of his blog is I Am Facing Foreclosure. He’s facing multiple foreclosures and has a mountain of debt. Reading the chronicles of his mistakes and blunders is sobering indeed. Not sure how he’ll ever get out from under, especially considering that the recent bankruptcy laws make it much harder to do a BK and walk away from it all.
Worse, credit card companies now charge 30% interest on chronically late accounts, a rate that your old time neighborhood loan sharks might have been hesitant to charge.
Casey seems a hard working guy, if clueless, but really, what possessed a mortgage company to issue 100% financed loans on multiple properties to a 24 year old with no real estate experience or financial backing? Yes, he made about every mistake he could have, but the fault here isn’t just his. But he will be the financial road kill.
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1st time reader on 13 Feb 2007 at 2:09 pm #
If you think Casey Serin is a “hard working guy,” you have not truly read his blog. He is close to the laziest person God ever created, ever. He did not get -A- mortgage company to issue those loans. He bought the majority of the properties within 30 days from a slew of different lenders so that all the paperwork would cross in the mail and nobody knew that he was buying additional properties. He used stated income loans, and he -lied- about his income on all of them. He declared that each property was going to be his -primary residence-, again all lies.
The fault is -ENTIRELY- his. His complete lack of skill, knowledge, and sense was facilitated by the lending industry, but the fault is -ENTIRELY- his. If you disagree, please read his blog a little deeper.
Bob Morris on 13 Feb 2007 at 4:05 pm #
If so, then he’s committed fraud, along with all his other blunders, and may be in so deep in he’ll never get out.
another 1st time reader on 21 Feb 2007 at 10:38 am #
I’ve been reading his blog for months. There’s no doubt in my mind that he’s committed fraud many times.
He seems so clueless that I do believe he still hasn’t realized it. I believe he truly believes it’s perfectly ok to lie to lenders 8 times, in multiple states, about income, employment, assets, liabilities, occupancy, and the true sale price of the house.