Sputnick, the launch has been postponed. It is safe to post again.
Homey says those pimp shoes were last years anyway. AIN'T NO BIG.We have fishy treats and have disconnected the scrotal electrodes.
Promise. [Everyone else talkabout Casey here.]
Update:
My latest Casy bashing here for posterity as I expect him to go down soon.
Mornin' Sunshine. So, Casey... what's this about putting your wife's credit cards ~$30k into bankruptcy? It ain't a cafeteria, it's a courthouse. You don't pick and choose and besides, you keep acting like it is a choice you can make. You may have had a choice in Sept. not now. You are worse than bankrupt. Bankruptcy means you cannot go forward under current obligations. You are far worse off, you need bankruptcy for protection. At this point almost any scheme you try without court supervision is going to look like an attempt to defraud your creditors.
11 comments:
Yep, right on schedule. Casey is back. Didn't I predict this? Let's see next up a serious family illness, probably dad with cliffhanger moments. Maybe and anxeity attack. Most likely Galina is preggers! Imagine the response.
I think Galina has finally had enough and is threatening to leave him.
IF the Feds or another "interested" party questioned Casey, he may not have been booked. I don't buy his story of simply taking 2 days off for the hell of it. IMHO, someone met him upon his return and rattled his cage.
Mrs. Facingprosecution probably picked him up at the airport in their sweeeet Jetta ride and waved a freakin' 5 inch stack of registered mail covered with WE REALLY MEAN IT THIS TIME! in bold red letters. The Feds or AG or Da don't have any hurry. They bag him before the holidays and there's all that paperwork and press interviews. Nah, wait til after the holidays. Casey ain't goin' anywhere and everyday brings a new charge.
HOMEY SAYZ TOO FUNNY,
"#
Casey Serin
December 21st, 2006 at 11:32 am
Man this really sucks… Google banned me from AdSense, probably for click fraud on the part of my blog readers… I found out late last night after I moderated all the comments.
This morning I did wake up ontime and got up but then looked back at the cozy bed (and wife sleeping soundly) and thought about all the problems and collapsed back into bed for another couple of hours. That only brings temporary relief and more stress when I wake up. Man am I starting to have a hard time getting anything done"
Casey gots some issues fo sho.
Add to da list ADSENSE fraud.
BWAHAHAHAHA
Love,
Homey
The AdSense episode got me thinking. I know, dangerous but would anyone get pissed if I added adsense so I could see how it works? My clicks are waaaay too low to make any money but I'm curious as to how it works. Could I promise to donate any revenue to the "fishy Treats Fund for Wayward Kitties?" or just forget the research idea because it has so many negatives?
Meow. {click}
Meow. Meow. {click} {click}
Pffftt. {click, click, click}
Meow. {click}
YO Rob DAWG,
Goes ahead and do dat Adsense. You cool.
NOW about that cat Casey,
Here be my post dat he done deleted like all the rest of my posts. He don't like Homey. Dat's cool. Homey don't like jive ass punks anyway.
Y'all seen Sputnik? I think he done pooped himself out or rans out a shoozes.
IT'S HOMEY TIME!!
YO YO YO Casey.
So, you gots to give back da bling bling fo you scamming ADSENSE? Funny fo sho. Nowz dat you ain't gonna get dat money you tells da troof. Seems da only wayz you tells da troof is when it don't matter to you. You can't take a piss witout breakin da law, can you?
Yo Casey. Now dat you got NO JOB, NO MONEY, NO MOVIE, NO BOOK, NO ADSENSE, and you want to be MR. HONEST, why won't you GO ON RECORD that EVERYTHING YOU HAVE SAID IS DA TROOF?
Simply copy/paste ( you know how to do that at least) the following, and reply to it on your blog, with the following- ” YES, I ADMIT THIS IS TRUE AND CORRECT”
That’s it.
Here it is:
I declare under penalty of perjury as per “U.S. Title 28,§ 1746. Unsworn declarations under penalty of perjury”, and California Penal code 118 &118(a), that everything I, Casey K. Serin, have posted on my online blog known as www.iamfacingforeclosure.com is true and correct.”
Executed on December 22, 2005. Casey K. Serin
You say that this site is not a scam. PROVE IT.
Here be some righteous stuff YOU wrote: Dem DA'S gonna love watchin you twist. This be your "GREATEST HITS"
September 5th, 2006 9:17 pm
Why I am Facing Foreclosure
"From October 2005 to May 2006 I bought 8 houses in 4 different states, mostly with the help of 100% stated income loans (liar loans).
Since I didn’t have any money, I “juiced up” the equity on most of the houses by getting cash at close. The cash-back was to pay for the holding costs, travel, repairs, etc. So every time I bought one there was a “CHA-CHING” sound and my bank account got fatter. This gave me a false sense of profit and kept me going."
"The problem is that I was running the loan as a “second home”. Lenders’ definition of a “second home” is for PERSONAL use. Reading my old blog, it was clear that I am buying the home as an investment to flip it. If I ran it as an investment home, I would NOT have been able to qualify for the loan. So I was basically lying to the bank about my owner-occupied status and other things."
"Lying about the owner-occupied status and income was easy to do. Seems like every other investor was taking advantage of it. Since that was the only way I would qualify for 100% financing, I too was doing my deals via “liar loans”.
When I was caught, I felt very embarrassed and guilty for all the shady loans I’ve done. My wife never liked these loans. She hates “fishy” business. I knew she was right and I told her I’ll stop lying on these loans - “Just one last one!”. "
"So the irony is that I was cought through blogging. You’ve heard about people being fired by blogging about their work. Well, I may be the first borrower to be denied a loan for blogging about the deals.
It’s embarrassing to talk about this. Yes it’s my fault and I deserve the consequences."
September 17th, 2006 5:36 pm
Some Advice I Received
Sometimes she has more confidence in me than I do. “I know you can just pull money out of your butt, you’ve done it before!” - she says. Well, its not as easy as it seems, I tell her.
September 21st, 2006 7:49 pm
Brutal Comments and Honesty
Yes, I lied on my loans, but shall continue to lie and hide??
Some future “honest” topics may include:
• The truth behind stated income loans aka “Liar Loans”
• I would not blame mortgage brokers too much. Most are good people and are just selling the programs that the BANKS make available.
• The truth about owner-occupied loans and the intent to occupy
• The truth behind cash-back at close
• Is buying, fixing and flipping houses wrong / illegal?
• Does “flipping houses” cause housing inflation?
• The consequences of not having a solid exit strategy or two.
• The effects of the “Get Rich Quick” mentality in housing
• Real Estate Gurus in my opinion didn’t cause me to become over-extended - it was my own fault.
• When and why should you file for bankruptcy?
• And more on my situation, selling houses quickly, foreclosure, short sales, subject-to, etc…
• Did I miss something?
September 24th, 2006 2:39 am
Will I Go to Jail for Mortgage Fraud?
Armed with basic knowledge, I went out and bought 8 houses between October 2005 and May 2005, loosely in this order:
1. Calla Way, Sacramento CA - 100% financed, got cash back at close and traded for Burdett Way in January
2. Burdett Way, Sacramento CA - 100% financed, fixed and lease optioned, lease option didn’t work out, tenants are moving out - trying to sell now
3. Guadalajara Rd, Rio Rancho NM - lease back to builder for 10 months, lease back is almost over - trying to sell now
4. Sonora Ave, Albuquerque NM - 100% financed, got cash back at close, fixed and sold via round robin auction this summer
5. Larchmont Dr, Sacramento CA - 100% financed, got cash back at close and started fixing it but ran out of cash - trying to sell now
6. Muncy Dr, Modesto CA - 100% financed, got cash back, fixed it - trying to sell now
7. W 10250 N, Highland UT - 100% financed, got cash back and just recently sold it on a wrap
8. Angleridge Rd, Dallas TX - brought about 30K down and financed rest with hard money loan, fixed and am trying to sell now
Here are the details of some of the potentially “shady” aspects of the deals.
1) Cash Back at Close
Out of 8 houses I got cash back at close on 5 of them. The amount of cash ranged between 15 and 50K.
I used the cash for:
• Doing the deals - travel costs, fix up costs, mortgage payments, utilities, etc.
• Living expenses - since I quite my full-time job in January and didn’t have any other income
• Additional RE education - real estate conferences, seminars, home study courses
Unfortunately, due to bad planning, mis-management, lack of construction experience and buying too many houses too quick I ran out of the cash in June. I couldn’t continue to pay the 15K+ holding costs on 6 houses so I stopped making payments.
I was planning on one more cash-back deal to close but that fell through at the last minute. “Borrowing Peter to Pay Paul” strategy came to a halt.
Is Cash Back At Close Wrong or Illegal?
When I was doing these cash-back deals I got some mixed advice. Many of the experience investors I associated with and learned from didn’t think there is anything wrong. Most Real Estate gurus out there have courses that show you cash-back at close techniques.
Some of the mortgage brokers said that I can’t do cash back through escrow but if it happens directly with the seller then it might be OK. Other mortgage brokers and real estate agents told me its illegal no matter what.
But when it comes down to it… How is getting cash back any different then a builder offering incentives (free upgrades, etc..) to sell their homes quickly? The seller needed a quick way out and the cash-back was the incentive to the buyer (me) to buy their house quickly.
2) Stated Income and Owner Occupied
I bought all the properties using 100% stated income owner-occupied loans. The 100% was usually made up of two loans - 80% first and 20% second.
The only exception is Anglridge. I used a “hard money” 70% loan. I had to actually put some money down on that one.
Stated Income:
I am not a mortgage specialist, but as I understand it, stated income means you state (or make up) how much you make. The bank does not ask for pay stubs. They just call the employer to see if you really work there.
If you’re self-employed then they just want to see a letter from your CPA explaining that you have been self employed in the same line of work for at least 2 years.
However, I’m told the bank DOES check to see if the stated income is reasonable. They check the income against an acceptable range of salaries for any given job title. So if I’m flipping burgers in McDonald’s and claim $20K/month, I am NOT getting an approval for that loan. If I am a real estate investor or a business owner and claim $20K/month - that’s very reasonable!
The bank charges higher interest for these loans to cover additional risk. They also require a higher FICO (credit) score. So the lender DOES take an additional risk with these “liar loans” but they balance that risk with higher fees.
Owner Occupied:
Again, I’m not a mortgage specialist, but… as I understand it, an owner-occupied loan means you have the intent to live in it as your primary residence. Owner occupied loans have the best rates and are much easier to qualify for 100% financing.
The alternatives are a) second home loan or b) investment property loan. Second home is like a vacation home and assumes that you will not rent it out and will be living in it part of the time. Investment property is pretty much everything else - buying a property for investment that you will not be living in.
I bought the first house Calla Way in Oct 2005 as owner occupied. I didn’t own any real estate at that time. I owned a condo back in 2002 but sold it in 2003.
I was told I can run it as owner-occupied loan because a) I didn’t have any other houses and b) I would not be able to qualify for 100% financing with my credit score at the time.
I was told that if somebody ever questions it I can say that I “intended” to occupy the property but later changed my mind.
I did have intent. I was thinking that if I buy this house, get the 30K cash back at close and for some reason can’t flip it fast enough, I will have to move into it. It was a little bit far from work and the payment was over our budget but I figured we can float it some how. Maybe rent out a room or two.
However, my primary intent was to buy and re-sell without ever moving into it. Which does NOT mean I didn’t have at least SOME intent to owner-occupy it.
I ran a few other houses as either owner-occupied or second home. That’s because I was buying the houses so fast the credit reporting wasn’t keeping up with my activity. In most cases I would NOT have been able to qualify for “investment property” loan anyway.
So there you have it! Did I commit mortgage fraud??? Am I going to jail???
NOTE: I am NOT blaming anybody who was involved in any of the deals. I was fully aware of what I was doing and take full responsibility. My goal is not to point fingers at any one person, lender, etc. I just want to figure out where I crossed over the line.
• Casey Serin
September 24th, 2006 at 4:30 am
After I get feedback on this post and talk to some attorneys I will hopefully know if jail time is a realistic expectation.
I honestly didn’t think the stuff I did was that bad. Just grey area type of stuff. Especially since all the people helping me do it (gurus, wholesalers, investors, mortgage brokers) didn’t seem to think there is much to worry about.
They are good people and wouldn’t cause me to do something truly “illegal”.
I think taking the blog down is a little too late. I might as well keep going.
My Plan:
1) explain what I did [done]
2) figure out what I did that was so illegal and HOW illegal is it?
3) appologize
I think that would be a good use of free speech and personal journalistm.
Yes I will have to take whatever consequences that come.
September 27th, 2006 at 8:37 pm
Bill Bond - honestly… my lawyers told me to SHUT UP!!!
But I’m still out here. I am definitely NOT following legal advice with this blog.
My altruism has been on this blog all along and has always been a motivating factor. It’s my nature.
Am I trying to save my butt? Not really. If I did something wrong I need to own up to it.
Can I maybe make some money with this exposure? Probably. Why not? If you have no money left to pay bills, no money for groceries and no money to send your wife to college to finish her degree… Wouldn’t YOU?
And NO i’m not saying a regular job is BAD. I’m looking for one right now.. just in case.
• Casey Serin
September 30th, 2006 at 12:09 pm
Some people seem to think I should shut-up and lay low and avoid being investigated or whatever.
You know, if the legal process finds me guilty of something and the punishment is fair then I must pay it… right?
Would you tell a “criminal” to run and hide from the law?
But am I a “criminal” in the first place?
September 27th, 2006 7:48 pm
Stupid or Not, I will Keep Blogging… Carefully!
Last Sunday I pulled the plug on this blog with the following message:
That was Stupid!
This blog was the WRONG kind of exposure. I APOLOGIZE to my friends, family, associates and especially EVERYONE WHO HELPED ME with my real estate transactions.
I DO NOT BLAME ANYBODY for ANYTHING and take full responsibility.
What started as an honest desire to share my experience turned into something dangerous - playing with fire. After talking to a business associate this morning I realized I went TOO far and shared TOO much. I turned something small into a big exaggerated mess. Others were telling me
this too, but I wasn’t getting it. Now I crossed the line. I misused my ambition.
I have damaged my reputation and I have damaged many good relationships through this. I never meant to hurt anyone. So to stop any further damage I am shutting down and laying low.
September 29th, 2006 12:40 pm
No Judging! Just Surviving and Helpin’
While, I personaly have always had MORAL issues with these loans, the reality is that Liar Loans are pretty normal.
Consider this:
1. Seems like, everybody is doing it - just ask your mortgage broker! (Hey, I know this follow-the-herd mentality is not a good excuse for me… but nevertheless)
2. Lenders/banks allow it and turn a “blind eye” to it.
3. The account executives at the banks actually tell the mortgage brokers how to “sugar coat” the application.
4. Lenders make a killing on EXTRA INTEREST and fees for stated income loans - you pay to lie.
5. Lenders package their loans and sell to mutual funds on wall street. The extra default rate on LIAR LOANS has been pre-calculated. The extra risk is accounted-for in most cases.
For those who are still judging me, I will just say this (and forgive me if I’m stretching it):
How many of YOU have “stolen” a music CD or software program by burning a copy of it? Did you NOT know that it’s ILLEGAL?
Look into the copyright law. As far as I know, burning a copy of a CD and giving it to a friend is AGAINST THE LAW - even if you are NOT selling it for a profit. Most people don’t realize that that.
Shall we throw half the population in jail?
Perhaps we need to address the issue of WHY this “liar loans” are so common. We need to investigate what caused such relaxed loan practices. We need to see why there is no enforcement of guidelines. Maybe, we need to change the entire industry… or maybe there is nothing wrong with it. I don’t know.
The bottom line is…
1) I didn’t go too far with my loans (As in Criminal Activity). It’s more the gray area type of stuff. True, I always felt a little uncomfortable with it. My moral compass didn’t like it, so to be on the safe side, I will probably stay away from this type of stuff in the future.
October 1st, 2006 2:00 am
Hardship Letter and Short Sale
October 4th, 2006 8:20 am
Yes, I Lied on My Loans!
No more excuses! It’s true. I lied on my loans.
I overstated my income, and misrepresented my owner-occupied status and concealed the cash-back-at-close from the bank. I knew it all along. Nobody made me do it. It was my fault. I take full responsibility. And, that’s how I originally started this blog.
But then… I started to spin it.
First I though I will be some kind of “whistle blower” - exposing the industry, bad real estate gurus, etc. I then realized how stupid that was - I have no expertise or credibility to expose anything. I am guilty myself.
Second, I tried blaming the banks. They made these loans so easy to get, so it’s their fault. WRONG! Easy or not, a lie is a lie! I am guilty and should not try to weasel out of it.
That was WRONG and STUPID.
I want to apologize to all my friends, associates and readers of this blog.
What started as an honest attempt to write about my situation turned into a spinning act and subtle blame shifting.
I even went back and edited some of my earlier posts to make myself sound better. I am truly sorry I let myself fall into that. I will be restoring my posts to the original version later today or tomorrow.
[UPDATE: I restored my first post and added some good detail. That’s where I first mentioned “liar loans”. Check it out: Why I am Facing Foreclosure. ]
Now what??
• No more lying to cover up old lies.
• No more blaming - I did it
• No more spinning and trying to make myself look better
• I take full responsibility
• I will pay whatever price I must
• I will do whatever I must do to MAKE IT RIGHT!
• . I need to cover my hosting bill, so I can stay online and help more people with my story.
So… I lied on my loans. I got over-extended. I am facing foreclosure. The lenders stand to lose hundreds of thousands of dollars over my mistakes. My questions to you is….
What can I do to make it right?
Casey Man, you is one crazy white boy. You been drivin wit da pedal down to da flo. You drove off a cliff. NOW youz tryin to hit da brakes cuz you seez the ground comin?
It don't work dat way fool.
PS NOBODY BELIEVE YOU.
PSS. WE ALL KNOWZ ABOUT YOU AND CHRIS.
PSSS. WE ALL KNOWZ DA NAME OF DAT "COLLEGE"
Love,
Homey
Please do host Adsense for a while. I would be very interested to hear about how it works.
And I'd be happy to volunteer to generate fraudulent clicks to help you see how the process of being banned works. :)
im confused
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