Appears there will be another riveting 3 hours of the "minkeee dance" this Friday. LossMitPro will be, get this, discussing a real topic; mortgage issues. Let's not make this about personalities. Use this thread to make suggestions as to questions to ask or get any confusion you might have cleared up in advance.
LossMitPro said...
I had a phone conversation with Serin last night, and Casey has asked me to speak about his mortgage issues during the next Foreclosure Friday (5-25-07) podcast. I agreed.
60 comments:
FIRST!
Wow, that was an early post. You fell out of bed today Dawg ?
Dude probably got lazy thinking he had the Dawg's habits nailed.
Rob, can you move the info on your right side bar to the top or something, so you can expand the width of your posts/threads? Man, after Duane posts, my right finger has gotten quite a work-out on the mouse roll thingy.
Seriously I sometimes do a little precacheing of topics and the timing depends on east coast clients and also today I have a meatspace appointment in Thousand Oaks at 8:30. " June Gloom" has arrived. I can't see the farm fields and can barely make out the golf course. One of those tough to drag yourself out mornings. Time to thin out the blood that built up in my cafeine circulatory system overnight.
Questions for LossMitPro
Casey obviously committed fraud in his cashback purchases that were subsequently foreclosed. Normally, after foreclosure, a bank would not be able to go after the person for more money. Because of the fraud, if Casey won a million dollars, could the banks go after him? Would they be likely to?
Another question for Casey.
You have raised more than $1000 more than needed this week. Which loan are you going to pay $1000 on?
Let's first start with an identification of LossMitPro. Real name, company he works for, years experience, etc.. If Casey is looking to be an information source, people have a right to know who is dispersing the info.
The only other issue I would like addressed is Casey's (or other individual's) loan fraud and if/how that is handled by the lenders or PMI companies. Are there 'different' rules or guidelines?
lurker @ 7:05 AM:
”Normally, after foreclosure, a bank would not be able to go after the person for more money. Because of the fraud, if Casey won a million dollars, could the banks go after him? Would they be likely to?”
I like this question! :)
There is a difference between pursuing a deficiency balance and converted unsecured debt. When a second mortgage encumbrance for example is wiped by foreclosure, it becomes an unsecured obligation not deficiency balance. The recovery process at that point becomes litigation to obtain judgment, and execution to effectuate the judgment.
If Casey suddenly gained a cool mill in his pockets, and STILL didn’t pay creditors. Then it would make sense for a formerly secured creditor to pursue litigation for recovery, and perhaps engage injunctive relief to secure against a squandering of funds.
As to weather or not a lender is likely to do that? Depends on where the debt is (still in-house or at a collection agent) and who is on the desk (in upper management) and whether or not that person is aware of the (hypothetical) million Casey had.
~Mark
LossMit,
Didnt feel the need to copy and paste. I responded to you in the other thread and also asked a question. Would love to hear your response. Thanks. Also, I am willing to bet you use the word "sweet" in your daily travels in the next week... it just kinda happens.. :-)
I'd like it reitterated, and repeated and reinforced and regurgitated and reminded until he says it that the debt forgiveness from his foreclosures is income, taxable income, taxable income this year regardless of any 1099s being issued. He won't say it. He CAN'T say it. He'll do everything and anything to avoid acknowledging this tax liability. He'll say he's gotten different opinions, that his income isn't enough. He'll be solicitous and say he'll be sure to bring that up with an accountant/attorney/whatever.
Trust me, this is where you'll see the manipulative scammer side of the fliptard. He knows he owes tax on the debt forgiveness but in caseyworld the tax obligation does not exist because he doesn't want it to exist.
Sac RE Agent @ 7:27 AM:
” Let's first start with an identification of LossMitPro. Real name, company he works for, years experience, etc.. If Casey is looking to be an information source, people have a right to know who is dispersing the info.”
Fair enough, although I really haven’t exposed who I am and what firm I own up to this point because I never actively sought to profit from the Serin story. Granted folks may think they have some RIGHT to know, but that’s not necessarily the case. All I’ve agreed to do is talk with Casey (live, via the podcast) about his mortgage issues.
If you wish to question my expertise, fine, then it stands to reason I should have some ability to inspect yours as well? What’s your REAL NAME so I can research the DRE and determine whom I am dealing with... The blade cuts both ways you see, fair is fair.
~Mark
PS- Duane, too funny (I hear ya), no haven’t done the “Sweet” thing yet. :)
Someone......anyone......ask Casey how it feels to be living a far more comfortable life than most people on the planet could even dream of? I just saw the picture of the 20 year old man who gave his life in Iraq to defend Snowflake's freedoms to be a con artist and general leech upon the rest of us in this country. Such a young fresh face doing a dangerous job. Contrast his sacrifice with Snowflake's lazy sense of self-entitlement. This dead Marine has eternity-he'll never do the "sweet deals" Snowflake does; he'll never toss his kids a football or have the true and enduring love of a woman he marries.
Ask Snowflake why he deserves to be alive and free instead of this hero! Vent off I am really pissed off obviously.
Lost Mittens (sorry, I just like that name better) ...
So all Casey's second mortgages became his unsecured debts once the properties foreclosed? But are you saying it's not automatic and they would have to sue him first, or that's the only way they can try and collect?
I would think they would/should go after him (and anyone else foreclosed on) no matter how likely it is to get paid.
I mean, I can't see Casey fighting the lawsuit and I certainly can't see him winning.
Would the judgment be subject to the CA statute of limitations (4 years)? Maybe his out-of-state properties would have longer SoLs.
And if he declared BK, would having a judgment give them any priority as a creditor over other unsecured debts (not that there would be any assets except the Ikea shelves)?
I don't suppose Casey is counting all those unpaid seconds as his unsecured debt now, is he?
I think it would be great if you talk about this on the show.
"Dude probably got lazy thinking he had the Dawg's habits nailed."
...Dude knows Dawg's habits....
Dawg always stops to lick himself before posting new topic.
I'd suggest someone call in and look for answers on the taxable issue only. Don't let him change the subject, avoid it, or brush it over. Have one goal only to make him answer that one question only. I think some callers get caught up in things and tend to lose sight.
Any other questions should be asked by other callers in this fashion. One question at a time. Press him only on that question. If he "accidentally" loses your connection, someone else pick up the question.
If he's not answering the questions you're asking he's just wasting your time.
@lossmitpro:
How much did you pay Casey for the interview?
I should probably say the word "question" a dozen more times ;)
You get my drift though.
Suddenly, Loss shows up to the dance and is Mr. AnonoExpert. Added sleaze to a sleazy scenerio.
Casey thinks his friend in Dallas paid him back $2,000 of the $8,000 Casey lent him. He doesn't know?? He doesn't remember getting two thousand dollars? WTF?
@119: Hey James…
That was not a stranger that I loaned $8K to. That was my contractor on the Dallas property. I become friends with him and felt I can trust him. He was in a bind and needed some money.
...
He already paid me back $2K of it… I think. He promises to pay me back the rest “as soon as the houses closes”. He has an investment property he has been trying to sell for like a year. Sounds familiar.
Bill @ 7:49 AM:
Hi Bill:
Just as an FYI, I intend to speak on the 1099c issue tomorrow night. This is a much misunderstood subject so perhaps I can clear up some details better by speaking about it, rather than posting more. At least that is my thought, and YES, Casey knows I’m going to go over some tough subjects -- this being one of them.
~Mark
For $50 he will put my name as a "Supporter." Sweet!
Sorry Casey, I don't donate/give money to criminals, I don't buy support, nor will I ever associate myself with a fraud.
Anyone gullible enough to cough up $50 to be a Casey Supporter?
I meant no disrespect to you LossMitPro. Just with so much garbage surrounding Casey, and his desire to portray things in a different light, I feel that if he's got some to give some advice on one of his TalkFests, then the listeners should know who is giving the advice.
As for me, my name is Kevin Boone. Been licensed since roughly 1990. Just an average agent. Have worked for a home builder/developer, mortgage company & in residential sales.
Mark,
Can you confirm that Casey's going to get hit with a few 1099's? I would think he would be.
I'd like to see the following questions asked
1) How much unopened mail does Casey have? How much is from creditors?
2) What is the status of the 22K combined loans?
3) Is he paying his SS taxes, federal, state, etc, from his website business? Has he moved IAFF under Hammar Investments yet?
4) How much corporate credit is available to Casey through Hammar. How much has he spent? How much has he repaid?
@Mark (LossMitPro)
You can email me at
caseyserininfo AT yahoo DOT com.
I got outed by Nigel Swaby a few months ago, but I want to talk to you offsite. I'll exchange RL info there.
ALL:
Otay, good folks, gotta work on some files so please forgive me if I don’t respond right away? I do encourage all to jot down questions and either post them here or ask during the podcast tomorrow night.
And for whatever it’s worth?
I’ll consider exposing my real identity and credentials, so folks know I’m more than new to the mortgage subject matter. I don’t promise that, but some of you here on EN know the truth regardless. My only concern (ala, Duane’s experience) is that I don’t feel like demonstrating I can walk-the-talk as an “Internet Tough Guy” when it comes to defending my interests (reputation and standing in the mortgage field among them).
In any regard, hope everyone has a great day!
~Mark
PS- Sac RE Agent: no worries, Kevin, appreciate your being open. No disrespect taken, believe me! :)
R-Boy,
Someone is gonna eat your lunch over this one.. Benoit?? Benoit?? :-)
"I got outed by Nigel Swaby "
Crisp facing foreclosure on 8 homes. He needs some sweet links:
http://www.bakersfieldbubble.blogspot.com/
Question: If you live up to your promissary note to Galina, you will have a guaranteed income of 4K a month. (If you make it 4 weeks...)
Is there a plan in place for that money? According to the note you posted, it goes, in cash, to Galina.
Will Galina pay all the bills with this money?
Does she plan on paying your debts? ALL of them? Will she follow common advis and tackle on card at a time, until they are all paid off? Or pay each account as much as she can, even if it's only $20 per?
Is there a plan of action for this money at all? If not, why not?
Is she going to put half of it away each month to cover self-employment taxes? (thus making your income 2K a month). if not, why not?
What are you doing to reduce your monthly bills, which you have talked about endlessly, like reducing your cell phone bill? Especially in the light of you increasing your monthly nut with new hosting charges?
I propose:
-One sip of beer every time he says "That's a good question."
-Two sips every time he pronounces it "Egg Super Nation Dot Com."
-Three whenever he answers a question with a question.
And if he begins talking about honesty and integrity and trying to do the right thing ("pay back every dirty penny" etc.)--chug.
Listen; President Bush is talking.
Journalist: "Why is Bin Laden still at large?"
"OOoooh ooh oooh ooh Ahh Bin Laden. Oooh ooh Ahh... Terrorists will kill your puppies an children..." ::picks some mites from Laura's hair and eats them:: Ahh oooh ooh ooh oooh aaah... we will continue to work to bring them to justice, ooh ah.. we are under threat... ooh It's a danger to your children Jim. Ohh ah. The terrorists will blow up your children.. oooh aah"
Journalist: What would you say to those who say what we've done in Iraq has only helped Al Quaida's numbers and power grow?
Bush: "Ooooh aah we thought they had weapons, they had the *capacity* to make weapons... OOOhh aah hhaaaaahh AAAAAHHHH... Saddam should not have been left in power...Ahh oo OOh ooh" :::flings poop into press corps::: "Changing ideology will defeat terrorism OOOH AAAH oooh ooh aaaah :::scratches butt:::
OOOOH AAAHHH No child left behind... AAAHH OOOOOOHHH AAAAAAH! No it is NOT Amnesty AAH AAH OOOH AAAH Guest workers AAHH Deficit.... OOOOooh aaah reduce taxation... AAAH balancing the budget in five years OOOH fight the war on terror ooh ahh common ground with those fucking democrats :::climbs up curtain jumps down::::
Well, if there's going to be some stuffed-shirt talking-head on the talk program instead of Casey; there's no point in my calling him with my questions.
new home sales skyrocket while prices drop over 11%....DOH!
http://news.yahoo.com/s/ap/20070524/ap_on_bi_go_ec_fi/economy
Well, that just shows that home builders are dumping inventory fast.
Welcome to the start of the real panic.
this podcast is turning out to be one big circle jerk(gonna have to add that one to caseypedia.com (please see my most recent entry of mangina also--shameless plug)
I already made plans for the time he is going to be doing the podcast..maybe I will call in on my cell on the way to where I am going.
It is going to be a 3 hour long advertisement.
Shoot me please.
Here is my caseypedia.com page for mangina.
Nodebtwhatsoever didnt think it was funny and took it down...so here it is for you all since I think it is hillarious.
This will also be posted on my blog about casey too.
A renowned world researcher from Goatse University has discovered some startling consequences for wearing a [[murse]] for extended periods of time.
This researcher, [[Nigel]] Swaby, an aspiring seller of custom Koi shaped Olympic pins, has already attained notoriety with his numerous award winning blogs.
In his research he has found that their is a solid timeline to developing a mangina while slowly emasculating onesself with a [[Murse]].
Week 8--You slowly start to let your hair grow long.
Week 16--You get highlights in your hair (usually blonde)
Week 24--You rationalize a man getting a manicure and a pedicure as being socially acceptable and hip.
Week 30--You will start to see some noticable detioration in your [[Scrotum]] area. This is the beggining of your physical emasculation.
Week 36--You will start using the word sweet, and contractions of the word, such as bitter sweet.
Week 40--You will watch "can't buy me love" and a dozen other teen angst movies and come to the realization that you must have a chick car, VW Cabriolet. Some will need to negotiate with themselves and settle for a [[vdub]] if they cannot afford a total chick car.
Week 46--One of your testicles should have fallen off at this point or removed from your significant other and placed firmly in her purse or his [[murse]].
Week 54--Both of your testicles should have been either removed or fallen off at this point, thus making your transition to spandone complete.
Week 60--You find yourself with long hair, a fecal finger, and an androgenous look. These people are easily identified as they all look the same. Please see [[casey]] for photos.
Some suggestions for redirecting Casey's redirecting:
When he doesn't answer a simple question, keep asking the question.
When he says, "So you're saying that ..." and tries to twist your words, say, "No, you said that. Don't put words in my mouth." Even if you agree with it. Then repeat the question.
When he says he can't answer about the stock or something else because he needs to keep something to troll us with, say, "Don't play games. If you want respect, give us respect" and repeat the question.
When he asks you about yourself, just say, "Doesn't matter" or "It's not about me" and repeat the question. If he explains that he wants to know if you're a successful RE investor whose advice is good, just say, "Doesn't matter" or "Just judge the advice on its merits, it's not about me."
So - if Duane was essentially "offering" Casey $6K p/mo, why has Galina and the family not forced him to make that amount???
Did Casey even tell Galina about Duane's offer? If I were Galina and knew about Duane's offer, I would have been so very pissed that Casey let it slip away and not waited until May for the confrontation and intervention with family and friends......
What do you want to bet he didn't discuss Duane's offer and conditions with Galina?
re 8:22
R-Boy/Duane
"I got outed by Nigel Swaby "
Man, does that sound like a great T-shirt. Anyone who smiles, well you know know that they are a haterz too! And you keep the money while "Curly" gets zip.
Sweet!
CHJTS - you seem to have a fetish for mangina's, fecal fingers, & the word GAY BITCH...
You need to talk? We're here for you.
Yes I do have a fetish for them.
See it all started way back when..I didnt learn how to read until I was 5.
been a long downhill spiral since then.
LossMitPro -
How about killing two birds with one stone? Ask Casey this:
He has admitted mortgage fraud, but claims he did not mean to commit it, that he thought it was all on the up and up ("everyone is doing it" when asked about claiming eight houses as primary residence).
Why did he do all of the loans within a month and with different companies / agents?
Two birds: First, getting an answer from Casey (he's been asked this before and refuses to answer). Second, you'll get a chance to see the avoidance / non-responsive answers we've all grown to expect from CS when hit with a serious question.
Press him on it until he answers - as an invited guest, you are in a unique position to do so. He knew it was illegal and he knew they would not lend to him if they knew of the other loans... but he still tries to claim he is innocent of any devious intent.
Give it a try, the answer (or non-answer) should be interesting.
http://money.cnn.com/2007/05/22/real_estate/subprime_melltdown_yielded_fast_changes/index.htm?postversion=2007052308
Speed of subprime bust surprises lenders
Many mortgage lenders expected a subprime meltdown, but not one that came so fast and strong.
And speaking separately from his Atlanta office, Duane LeGate, president of House Buyer Network, a specialist in short sales and foreclosure prevention, said one of the real estate agents he works with had six deals blow up within four days because, "The loan originator told him, 'We're not offering [these products] anymore.'"
According to LeGate, this kind of thing just started to happen in the past month or so.
**
i would love to see that answered
The CNN reporter made a mistake... I am a short guy in sales..
What I think are good questions:
1. What's he going to do about last year's taxes?
2. What's the latest with Cashcall?
3. Does he actually intend to pay off any of his unsecured debt?
Not that I'd expect a straight answer from him on any of these questions.
I'm not going to listen because as others have pointed out it's basically going to be an infomercial with the illusion of feedback from the audience. I say an illusion because nothing really gets through to him that he doesn't want to hear.
"April new home sales, expected to be +0.6% to 860K units (ann), were up 16.2%!! to 981K units (ann). WOW!!! March sales were revised to -1.4% from +2.6% originally reported. NE +3.8%, Midwest -4.0%, South +27.8%?, and west +8.5%. This is a huge number which bothers me as to its accuracy; nevertheless it is what it is and they arte ripping the bond and mortgage markets on the initial reaction to this whopper."
Quoted from the David Shermyer daily report..........I wonder how they cam up with these figures like shermyer is questioning
http://www.calyxsoftware.com/news/shirmeyer.asp
Shirmeyer free site
I try to follow daily
New home sales are extrapolated from self reported homebuilders. The margin is something like +/- 11%. Volume is still 10% below last year and that was a lousy April too. The uptick is a couple things. The one I haven't heard mentioned is that with credit tightening these are stealing from summer sales. The 10% price drop is also a lie. Sales price does not account for freebies.
Casey's newest post shows he will never answer the questions about his actions/inactions. A new post filled with should I/shouldn't I? He's setting the stage for the fraudathon...
Debt Settlement… Settle Debt From Corporation?
In trying to update my debt list, here is what I found in my sea of mail the other day:
It’s a debt settlement offer for one of my credit cards. So, I’m wondering…
Is that the best they can do? I’m guessing it’s 8-9 months late at this point. I can call and negotiate but I don’t have the money to pay them. And I don’t want to be playing games. Remember, I asked CashCall how much they will settle the debt for. The guy wouldn’t answer because he knew I didn’t have the money.
I’ve also received a verbal debt settlement offer from Wells Fargo on my 30K line of credit. They’re offering to settle for 80%. I told them I’ll think about it.
I can probably settle my debt via my corporation… should I?
Here is the thing. It’s no secret that I found a way to borrow money via a corporation. I’m able to do it regardless of my awesome credit using a credit partner.
The credit partner helps me get started by personally guaranteeing my first couple of loans. After 6 months of successful payments I can take the credit partner off and the credit lines become non-recourse. (Sweet!)
The only problem is that I’m not sure if I should be refinancing or settling personal debt via the corporation. There is nothing technically wrong with taking a draw or or borrowing from the corporation according to my attorney.
As long as the corporation was not created with the sole purpose of transferring debt. For everything to be “kosher” the corporation needs to be making money and carrying on some kind of legitimate business activity.
Corporation not making sweet returns… yet.
Well, that’s the goal. I bought the corporation in order to continue doing real estate and other types of investing inside it. Not just to get corporate credit.
However, I’m not quite there yet. We’ve already been approved for some starter credit which allowed me to pay off (refinance) the seed money.
We’re finally in the process of getting our first set of juicy lines and investing that money. But it hasn’t happened yet. So the corporation is not making any money, just borrowing. That’s why I’m not sure I want touch it yet.
Don’t want any perceived shadiness!
However, even if the corp DOES start making some money, it may STILL look a little shady for me to pay off my personal debt with corporate funds. (Even if I do everything right).
I need to get some additional advice to make sure I’ve covered all angles. I don’t want to be accused of co-mingling, “alter ego” or any kind of corporation fraud. That can’t be too good.
There is my “reputation” too.
I mean, a lot of you unfortunately think that just ‘cuz I’ve made some mistakes on loans before, I must be some kind of a criminal or fraudster - always up to no good! Some people are quick to judge, what can I say.
That’s why I want to do everything above-board and be as CLEAN as possible.
And another question…
Is settling debt same as paying it off in full?
I know, I know. I’m not stupid. It’s NOT the same number wise. I’m settling for LESS THAN full amount. That’s the whole point of it. I’m actually wondering about the moral issues and my credibility:
Is me saying “I settled all my debt” same as “I payed off all my debt - every single dirty penny of it!
Do people really care how I did it? Settling debt requires the agreement of the creditor by the way. So it would be a WIN-WIN agreement. But still… I’m wondering what the “right thing” to do is.
There is still the question of filing bankruptcy…
I also think this is reflected in smart home builders flooding the market with sales and dumping property before folks realize the over-supply problem.
Duane said: I am willing to bet you use the word "sweet" in your daily travels in the next week... it just kinda happens.. :-)
If you want to stop using the work 'Sweet,' make a consious effort to replace it with the word 'Groovy' They really mean about the same thing, but 'groovy' will make you really sound stupid and stop using inane colloquialisms.
Try it!
Sweet Links = Groovy Links
Seet Deals = Groovy Deals
HA~!
That settlement letter is dated 4/13/2007
Only a month and a half later, he opens it.
So Snowflake basically made me set aside 1 hour on Monday to call Agent J.
Can somebody tell me how Casey plans to pay taxes and social security on all this new income from links?
The SSA will go after him so fast it will make his head spin. They do NOT like not getting paid.
As for his corp, answer me this...Is the money generated by IAFF going to Casey K. Serin, Mortgage Fraudster or is it being booked by Hammar Investments?
If it's Hammar does he not realize he has to pay the feds and state quarterly estimated taxes?
Another question is this...does he also realize that no matter what state Hammar was incorporated in he has to file taxes in California since he is based here? They require a minimum of $800 per year regardless if you lose money or not.
Does Casey realize that messing with the FTB and SSA along with the IRS is going to be worse than anything his lenders can do?
forgot to paste the link to the settlement letter casey referenced in the newest post.
http://www.flickr.com/photo_zoom.gne?id=512307249&size=s
Anonymous - Casey has said over and over on the last call he not only trolls but does run his site from an "entertainment" perspective.
If my memory serves me right he told one of the last callers that the word Hater is for entertainment. It's all about the "entertainment." He could give a rat's ass about doing the right thing.
> The credit partner helps me get
> started by personally
> guaranteeing my first couple of
> loans. After 6 months of
> successful payments I can take
> the credit partner off and the
> credit lines become non-
> recourse. (Sweet!)
So Casey will make payments on the corporate loans until he can remove his mother, then stiff the lenders yet again.
> Don’t want any perceived
> shadiness!
Oh... nothing PERCEIVED about it.
Nice to see this documented before the fact, when he defaults shortly after the six months, it can be shown as intentional fraud... with his mother as an accessory.
I think it it time to re-post a link to my nice little Clicky Link Primer.
Really folks, it is NOT hard to make clicky links!
Okay folks, explain where the money that paid off Yulia for rent came from. He's saying he's only used corporate credit to pay off the 'seed" money (ie. another loan).
Where did the rent money come from?
Was it a real story, about the rent?
Another "inconsistency" that needs to be cleared up.
Mouse and Pencil, I didn't read that he used the corp *only* to pay off the seed money. He has admitted to using it to pay for the rent and Tahoe. And I believe he said that he's used it a couple of other times.
Pointed questions to ask Casey:
What is the interest rate your corp is charging you to borrow?
What is the payment plan for each of the loans your corp made to you?
Have you begun paying back your corp?
How would borrowing from the corp lower the APR on the WF money when the corp has to pay its lender interest and you have to pay the corp interest?
Did you buy the GSPG stock? (BTW, is there that much activity on that "looser" stock that some sleuth can't find out if a 1.4 million share trade was made that day? I'm sure someone here has tried.)
How can you borrow from the corp given the agreement you signed?
Now that you have a few thousand bucks, will you be paying that missing payment for the Utah house?
@ Duane: Someone is gonna eat your lunch over this one.. Benoit?? Benoit?? :-)
Sorry Duane... heh, couldn't get to E.N. today at Looser Work™. Plus I'm away until around Tuesday, so no double entendre commentary until then ;-)
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