On the twelfth day of Serin my broker gave to me:
12 twisted tales
11 ignored opportunities
10 tangential distractions
9 NODS
8 Housing hellholes
7 Snivelling sycophants
6 howling haters
5 fuuucked uppp fliiips
4 future foreclouses
3 blue balls
2 bipolar episodes
annnnd a sweet ride into bankrputcyyyyy....
37 comments:
Pure melody. What do you think will be the pebble that starts the financial avalanche--Cash Call? I'm not very familiar with them, are they a West Coast outfit?
Which debts can be discharged through bankruptcy? He obtained his home loans through fraud. Doesn't that sort of negate that course?
CashCall employes "drivers" with names like "No Noze,"Tiny" and "Eel." Their phone calls include comments like, "funny, you say you aren't home but right now I see you through the window with your puppy playing right outside with your lovely wife." You get the idea. Nothing explicit involving kneecaps but they leave no question as to who should be at the top of the repayment list. They knew full well what Casey was when they gave hm some money. His type are their best customers. They saw his shriveled blue balls and wholesale desperation and made a loan. They'll get a few pmts at 36% and a few penalties that bump the effective rates double that and then get a couple more partial pmts and then they'll sell the rest of the loan at 20 cents on the dollar but more like 100 cents on their actual costs to "Big Bubbas Midnight Debt Collectors" who will assign this account to "We Are the People your Mother Warned You About Collection Agency and Bailbonds" who will get one of the their bail defaulters to work off their debt by paying Young Casey a "visit."
Nah, Casey is gonna do a perp walk within 6 weeks for the local DA. He'll initially be denied bail "pending extradition and further charges." Then the real fun starts as ome smarmy lawyer takes his case. "Where's Galina?"
Bankruptcy is a crapshoot. Get rid of it fast under the radar is no longer possible. I'd fly/drive up to Sacramento if that's what it takes.
The simultaneous closings won't be discharged. NOTHING accrued in the 6 months prior to fling certainly won't qualify. Unless he has a wheelbarrow of reciepts a lot of the personal debt will be assumed to be an attempt to hide assets. I'd go so far as to presume his not renting out the properties would be considered additional hidden income.
Look, at some point the DA throws up his hands and says; Casey listen carefully. You are going to jail. Got that? Take a minute to let it sink in. We are here to decide how much and how hard. Right now me and about 10 other jusrisdictions behind me are lining up hundreds of years of penalties. We don't give a crap to slam you sorry ass in hard time on our dime. Here's the deal. Mark me young man, mark me well. THE deal, not A deal. 10 years out in 6 classified nonviolent. You'll only do 2 or so in the lockup before going to a farm or somesuch. In exchange you sign every damn thing we put in front of you no questions. Starting now. Sign here....
Casey is a total tool. Guess who is going to pay for all his bullsh@t in the long run, you guessed it, you folks.He has probably got money buried in the back yard to pay his bills from his cash out deals.This is what happens when credit runs a muck.The guy is a total loser and needs a real job.
@ anon at noon,
Don't fret grasshopper, I am SURE that the DA's and such will be keeping a shrp eye on the entire Serin clan for years to come. Tax returns, bank statements, credit reports, asset searches, etc. That is what happens to convicted felons in white collar crime.
This is a CERTAINTY if he opts to file for bankruptcy. The bankruptcy trustee will be probing sooooooooooo far up their collective asses they will be squeeling like a hog. Those people are like a dog with a bone, once they get a hold of you, they do not let go. They have unlimited resources and unlimited time, two things Mr. & Mrs. iamfacingjailtime
don't.
I hope that they are stupid enough to try and spend some of that stashed money. The feds will lock them up and throw the key in the Pacific.
Mr Rob what makes you so confident about the timing of the perp walk? I confess I don't understand why he hasn't already been arrested, considering the high profile treatment in the mainstream media and the surge in his blog's popularity. I suppose it takes time to build the case, but he looks to have put it on a silver platter for the local DA.
What makes me sure? Nothing. I'm a freakin' small time blogger and this Casey bit is just a public service sidebar to my ranting and raving about land use/transporttion and housing policies. I know less than squat.
What I do know is entire city councils by first name. I know how govt agencies work. I know math. I think I know macroeconomics despite the facts slapping me silly on a regular basis.
My guess on the timing is based on how agencies work. There's a sort of countdown clock that asks; you knew about this 6 months ago and did nothing? That clock is wnding down. Then there's the territorial bit. Every day the locals don't act makes Federal preemption more likely. 'Bout now all the under DAs are back from vacation and ready to kill something quick and easy. He's easy but not necessarilly quick.
Somebody once mentioned how serin might have upwards of $300K cash stashed from his cashback deals. That might not seem like *that* big a stash in the US, but how well could one live on $300K USD in the 'Stan? I'm guessing decades of Soviet mismanagement would set a person up quite nicely with a wad like this, maybe even leaving enough on the side to invest and live some more off the interest.
Now, you say Casey isn't smart enough to think on this level, and I agree but I think maybe Casey isn't the brains of this op, he's just the "talent". I'm thinking maybe the brain is higher up, maybe Alexey, or maybe somebody not even in the US.
Never attribute to malice what can be explained by incompetence. Casey just plain old isn't smart enough to squirrel awa an emergency fund. He'h have had to start early and be consistent and keep careful track and covered his actions and planned ahead and... See? Not Casey. I mean how many of us have the recommended 4-6 months of living expenses in liquid and distributed and accessible places? Casey couldn't slum in the 'Stan anyway. Beneath him for one. And the high life in Moscow? More expensive than NYC.
No, Casey is just slouching towards mediocrity.
So why hasn't Casey been arrested yet? Simple. No one has brought the DA's a slam-dunk. Until a lender steps forward screaming "FRAUD!", or a trustee in bankruptcy court does the same, or the FBI asks for a meeting, the DA has nothing to really go on.
Now now, before you all start making frantic cries across the intertubes for Sputnik to befoul my paid-in-cash loafers, think about it. All we really have to go on is our own gut feeling, intellect, smooth-jazz rantings of H.T. Clown, and what Casey hisself has told us. Which isn't much. There is a little we do know, and a lot we don't. Our main source is CS, and contradicts himself so often, it's hard to know what's really going on.
So basically, if anyone, the FBI is snooping around, but are going to have to put together reams and reams of evidence before the DA will meet with them for anyting more than a Jamba Juice. They wants them a home-run.
-jbjbj
Anon 12:54-
I am one of the people who thinks he has some cash somewheres. He definitely has had some pretty sizeable amounts of cash at one point or another.
For one thing, he's gotten an LOC from WF at some point. My customers have to jump through MAJOR hoops to get LOC's from their banks, and to top it off, it's costs them $$$ to set them up. It's not like getting a credit card. Not in my world, at least.
-jbjbj
Look at Casey. When pressed about facts, he dances and wiggles. This running gag of his that " I don't know my bills", or" gee, I don't know where the money went" is too staged and phony.
The biggest r/e fraud going on now is twofold of phone appraisals in order to extract out fraudulent cash at closing. MANY scam artist are being prosecuted on this. Check out www.mortgagefraud.com and see.
Casey's main guru himself eluded that he did the same thing and more when he was flipping. The difference is RK wasn't as stupid or blatant with his deals.
It's a tossup for me if CS has a few hundred thousand buried or if he really did blow through it all on jamba juices and such. Rest assured, when the DA does put the screws to him, it will all come out.
Out of respect for Robert, I figured I'd let the people here know first:
his property on Muncy Drive has been foreclosed on and is going up for trustee sale. It has tax liens on it as well.
Auction sale date is Jan 24th.
They say loan amount is $274K (first loan)
Remember, you heard it here first!
Ahh, yes, City Council. Reminds me of the excellent Showtime series "Weeds."
The prosecutors have enough to go on, from Casey's own blog, for a judge to issue a warrant to obtain copies of all of his applications for "stated income" loans, etc.
Casey won't have to testify against himself but his unsolicited public admissions will be admissible as evidence against him in court. It's not like a confession during a police interview where you can try to prevent its admission based on coercion, torture, or whatever; it's a statement against penal interest.
FYI, Casey himself is unaware about the foreclosure at this point (assuming he hasn't opened his mail). But I know the source who gave me the information has already tried posting a comment about it - we'll see if he lets it go through.
anonymous @ 2:10 PM:
If true, we can look forward to the following over the next two weeks:
Casey tries to buy the house at the trustee sale, but is unsuccessful. He spends the majority of his time over the next two weeks trying to come up with a scheme to do so, instead of working, which would have been far more productive, useful, and boring.
I'm actually kinda bummed that he posted a comment about it. I wanted to see if it was possible for one of his houses to be foreclosed upon and auctioned off before he even realized it happened.
I can't believe he keeps insisting on "saving his wife's credit", despite everyone telling him that both their credit scores are now 100% hosed.
These are some of the hits Casey has received- OH BOY- check out the names.
Domain Name (Unknown)
IP Address 12.38.31.# (NATIONAL TREASURY EMPLOYEES UNION)
ISP AT&T WorldNet Services
Location Continent : North America
Country : United States (Facts)
State : District of Columbia
City : Washington
Lat/Long : 38.8954, -77.0297 (Map)
Domain Name wellsfargo.com ? (Commercial)
IP Address 151.151.21.# (WELLS FARGO BANK)
ISP WELLS FARGO BANK
Location Continent : North America
Country : United States (Facts)
State : California
City : San Francisco
Lat/Long : 37.7758, -122.4128 (Map)
Domain Name (Unknown)
IP Address 199.173.225.# (Social Security Administration)
ISP UUNET Technologies
Location Continent : North America
Country : United States (Facts)
State : Maryland
City : Baltimore
Lat/Long : 39.2847, -76.6205 (Map
Domain Name (Unknown)
IP Address 70.42.39.# (Bernstein Liebhard & Lifshitz, LLP)
ISP Internap Network Services
Location Continent : North America
Country : United States (Facts)
State : New York
City : New York
Lat/Long : 40.7449, -73.9782 (Map)
Language English (United
Domain Name ca.gov ? (United States Government)
IP Address 151.143.72.# (State of California)
ISP State of California
Location Continent : North America
Country : United States (Facts)
State : California
City : Sacramento
Lat/Long : 38.5568, -121.4963 (Map
Domain Name cahwnet.gov ? (United States Government)
IP Address 169.2.240.# (Health & Welfare Agency Data Center)
ISP Health & Welfare Agency Data Center
Location Continent : North America
Country : United States (Facts)
State : California
City : Sacramento
Lat/Long : 38.5749, -121.4652
If you want proof, just go here:
http://www.criis.com/stanislaus/srecord_current.shtml
Put "Serin" in as the last name and "Casey" in as the first. It went into foreclosure 1/5.
Segfault-
While I agree with your logic, I think the feds are going to go the old-fashioned route, and build a paper trail, and ignore the blog (mostly) for now.
In other words, when I brag to you about my sexual exploits with Zooey Daschenel, ask me how many beers I have had, because I may not be telling you the truth, no matter how much I believe it.
Make sense?
-jbjbj
At 2:10 PM, Anonymous said...
Out of respect for Robert, I figured I'd let the people here know first:
I am honored sir or madam.
Muncy Drive has been foreclosed...Auction sale date is Jan 24th....$274K (first loan)
Remember, you heard it here first!
Wow, I'm usually late to the party and always underdressed. Thanks.
Anonymous 2:21 PM said...
These are some of the hits Casey has received- OH BOY- check out the names.
Yep, and in the interests of full disclosure my sitemeter is spiking with all these wonderful posts you people are providing. Since I haven't monetized and have no dog in the fight that's jusrtego stroking but I thought I'd mention it.
bing bing bing, we have a winner.
Here is the public notice in the today's Modesto Bee:
http://www.mypublicnotices.com/ModestoBee/PublicNotice.asp?Page=PublicNotice&AdId=358898
I'm up in Roseville/Rocklin, and would prefer to go to the auction for either the North Highlands or Florin area homes when they happen, but I might just drive down to Modesto to see it.
Uncle Robert-
We came for the Casey news, and stay for the snarkiness, insight, and colorful explainations.
No egostroke; you type it, we read it. Plus, you seem to have attracted the kind of posters that enjoy polite and thought out discourse. In other words, the kids play nice in Uncle Robert's sandbox.
-jbjbj
That's some pretty sweet bird-dogging there on the trustee's sale, but you should have told Casey about it first. He pays $500 for info. on deals like that.
Seriously though, how does the auction work if no one's willing to pay the amount Casey owes? Do they just keep lowering the amount until someone buys it and then go after him for the difference?
Will Jan 24th also be the day they begin to prosecute him? It's probably easier to get someone on mortgage fraud if you wait until a bank forecloses and loses money. I've thought for a while that they might be holding out on him in case he pulls out a miracle and avoids the foreclosures somehow. The hard money one in TX is a little different, I don't think fraud was involved on that loan.
In an unrelated story, three Russian teens from the Fair Oaks area (Casey's parents apparently live in Fair Oaks, which is a for-the-most-part-very-nice small community within the suburbs of Sacramento) are currently on trial for murdering a fourth.
http://www.sacbee.com/101/story/104913.html
Check out the quote regarding the woman involved and the "male-dominated Russian Christian culture". Okay, who said Galena was driving the ship? :-)
For all the people that don't know where all of Casey's money went, consider that in the last couple years he's made about $35k from working and has spent money on the following:
-Dating as a high-roller
-Wedding
-Honeymoon in Hawaii
-Living in LAKE TAHOE w/o a job
-Multiple trips to visit all of his properties
-Noveau Riche real estate school
-Real estate guru (forget the name of the first one his wife took him to) @ like $2000 and $15000
-RK/Donald Trump Real Estate Seminar
-Trip to see RK/be humiliated on TV in AZ
-Beat-up Jetta
-Rent to his in-laws
-"Business Credit" courses
-Tons of overdraft fees
-College tuition/books
-Jamba Juice and Starbucks
I can easily see blowing through a few hundred thousand in a couple years. There's probably lots I'm leaving out (furniture, vacations, and clothing come to mind). Casey has champaign taste and a tap water budget.
JBJBJ:
I agree as well--the paper trail is much more damning...
Anonymous @3:21 PM:
I'm not sure how it works in Casey-fornia, but in my state, the property is auctioned on the county courthouse steps after the notice is published in the paper. Back in the old days, you could pick up some sweet deals at these auctions, as the newspaper notice does a very poor job of marketing property. The banks got wise to the fact that their properties were (in some cases) being sold for pennies on the dollar, so it's now SOP for them to send a proxy to the auction to bid up to, say, 85% of the market value of the property. Often, the bank ends up owning the property after this step, and they can then properly market and sell it. State law varies as to whether this satisfies the debt or the bank can, having done the above, sue the debtor for any remaining deficiency.
I have to admire some of the detective work you guys do on this caset serin crook.Anyone no what type of toilet paper his wife wipes his hiney with?
With the rate Casey goes through cash, she probably uses $100 bills.
Gosh, I take the little one to CCD and everybody posts something interesting.
Auctions in CA are literally on the Courthouse/Gov't Center steps. The auction is NOT for the property but rather for the note. Really, really none of this is binding or accurate advice. Auctions are not simple. Usually what happens is that the auction opens with a bid at note value plus any taxes/fees owed the County. Then opened tor any bids if no takers. If there is only one note and no other encumberances a bidding war starts at 25% or so and quickly ramps to anywhere from 50 to 80% of the note value. If there is a second lein they usually bid around this point. Remember they are screwed if the market value is below taxes plus 1st plus their position. Costs them nothing to try to run the price up. Then the weird part. If the bidding isn't to the liking of the 1st they can and often do reject the winning bid. Then the House becomes a REO and usually gets cycled through a sales process within the bank.
This is a big subject and I've barely touched the edges. More later after dinner. Broiled steak, alfredo noodles, salad, pineapple chunks, pink wine. Wait, don't make fun of pink wine in January. 80 degrees today here in Ventura County.
In terms of what will happen in Casey's bk case, that depends on whether the trustee or the lenders take action to argue before the judge that either (1) his case should be dismissed as abusive; (2) he should not receive a discharge as to certain fraudulent debts; or (3) he shouldn't receive any discharge at all. I'm unaware of any per se six month rule, but that may be a good rule of thumb. There is a 90 day presumption against purchasing luxury goods, however.
I'm actually anticipating that Casey might file bk the day before or morning of the Muncy foreclosure. This happens *a lot*, and it won't win him many points with the judge. Some of the bankruptcy judges in Sacramento are pretty tough cookies. By the way, nobody here needs to worry about whether Casey's trustee and the judge will know about his blog and his admissions. I can guarantee you they will. ;) I'm checking every week or so to see if Casey has filed bk yet without saying anything. I'll let you know.
As to foreclosure sales, my understanding is that only judicial foreclosure sales are "on the courtroom steps." Lenders in California don't generally judicially foreclose anymore though. Almost all foreclosures are nonjudicial foreclosures of trust deeds. Some even take place in a lawyer's office. Often the first trust deed holder simply credit bids, as Robert was saying. Assuming these properties are as underwater as Casey makes them sound, I anticipate the first trust deed holders winning the auctions of the respective properties. If there were any equity in the properties after the liens, I might expect a handful of other bidders. Since there's not, they would really be taking a chance bidding on any of these properties for a number of reasons. There's no warranty as to the property's condition. If a junior lienholder down the line was not properly noticed of the sale, then it retains its lien. Finally, if the second trust deed holder is foreclosing and not the first, you might not have any idea how much the debt to the first lienholder is. That can make a huge difference, particularly with the accrual of late fees, default interest rates and attorney fees. Nobody is obliged to tell you either.
BK Boy-
Excellent post, thanks for the clear explaination. I hope we hear more from you in the future.
Let me ask you something though, to see if I have this straight. Someone could buy one of these "underwater" properties, at a FMV, then later learn there is a 20k lein and suddenly find themselves an FB?
-jbjbj
@ jbjbj,
Happens all the time. Many novice foreclosure buyers end up with liens, unclear titles, and owing more than the properties are worth.
Now, you don't think that someone like Casey would get 2nd's or 3rd's on properties without disclosing it, woulfd you? hehe
The prospective buyers may not be aware of these incumberances, even with a thorough title search.
@BK BOY,
Great post. You must see these kind scams more often than the rest of us. I would appreciate your analysis on what Casey's true game plan has been and what his prospects are.
BD
BK Boy, Esq. said...
Many great points. The judicial path has indeed fallen out of favor. Essentially give back the house and that's good enough. I agree for now and in the past but things change. Also this only applies to the first lienholder (original mortgage?). Everybody else can chase both the the asset and the person AFAICT.
Your best point is "other" encumbrances. Not all potential parties are satisfied on the steps or in the lawyers office. There's even consequences regarding contracted obligations; carpentry, lawncare, etc. that aren't even billed yet.
Then there's beyond Casey issues. When I sold a rental in April '06 with my then current renter it was gawds awful paperwork as to my last rent and the renters preserved rights and the buyers new responsiblities and discharges.
Me? I'll wait for all the wacky 2003-2006 deals to crumble and only then pick up a few pre 2001 straight up distress sale, no refii, no 2nds foreclosures. Just like on the way up, on the way down the deals are gonna be crowded with shysters. Patience is the word now.
DUM DEE DUM DUM...
On Casey's sitemeter... THE IRS, Wells Fargo, Countrywide, HSBC, USPS...
Uncle Robby, are the vulture's circling the wagon? Will our masked hero ( Casey) survive the week?
Actually, I've been posting here and on Casey's site for a while now. I just recently decided to go by BK Boy, Esq. instead of anonymously or by the names I've used on Casey's site. I'm enjoying this site and am glad Robert is letting us share our thoughts here. It's becoming too time consuming and annoying to sift through all of the comments on Casey's site now.
FYI, I just saw usdoj.gov on sitemeter @ 11:13 a.m. Excellent!
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