Ah, America, where you can get $2.2 million in loans fraudulently, lose it all, tell every about it, and go on about your business as if nothing happened. And get on TV and become a celebrity of course!
So, to recap, lie on loan documents and get $2.2 million, no trouble. Light up a joint, go to jail. I don't condone either, but come on, how F'd is our system?
Here's the video - click on House Flipper 1 and 2.
He seems like a nice, optimistic, naive, go-getter kid, just got conned (to the tune of $15,000) by Carleton Sheets, Donald Trump, et al. Nice, go-getter kids used to borrow $1000 to start a t-shirt company, or maybe get a job selling used cars. Not today - nope, now they can get $2 million in cold hard cash to become real estate tycoons. Or so they thought.
Oh, kid is at it again by the way - borrowed $3,000 from a friend to "launch a comeback". And of course, some mortgage broker will help him lie on more loan documents, get another half million or so, and hey, who cares? China will own the loan anyway! Party on!
God I love this story! It seems to encapsulate everything wrong about the late great housing ponzi scheme, and keeps on giving.
October 14, 2006
Iamfacingforeclosure.com kid gets on TV, borrows more money, and the system keeps spinning out of control
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20 comments:
He should go to jail. Period.
Can I get some confirmation that this guy is actually for real. Does he, or does he not, own the houses on his site.
If he does, you don't need to tell me he's also more than 2 mil in debt, that's sort of obvious.
So he goes BK and starts over
Never loan money to friends.
When you find yourself in a hole, the first thing you do is stop digging.
Alas, Casey has not learned this yet. But what an entertaining blog he has.
No Joke. Kid, go to debtors anonymous. YOU HAVE A PROBLEM!!!!
WAKE UP!!!
He probably won't go to jail because of his age. People will feel sorry for him when he takes the stand. A lot of people will go to jail though, and probably for a lot less.
Only in Amerika, comrade!
I saw an interesting legal decision the other day that ruled all profits obtained from a fraudelent loan application (mortgage fraud) were proceeds from a criminal act and were subject to seizure as profits from a criminal enterprise...
if he goes to trial, the majority members of the jury were probably in the same predicament than him.lol!
Patch Tuesday-
Now that is interesting news. Do you have a link?
A law like that could put a big chunk of money back into the system.
Here's the link to the mortgage fraud article:
http://tinyurl.com/y2xrx2
I heard him on the Jon and Ken show (talk show in So Cal) the other day.
Hahahaha! Whatadouche! Very good!
I can't believe he wants another dose of poison! I've been a real estate investor for 15 years. I've made a great deal of money. I've also come close to losing money on a few deals. The one thing I've learned is that it isn't easy. If you're not properly funded, you can lose everything. When people from around the US started calling me for advice last year on buying properties, I decided it was time to sell. I sold most of my investments and have been sitting on the sidelines.
Casey is going to lose everything. He'll be bankrupt and sued. I can't believe he doesn't see it coming.
Keith!!!
Did you see this quote on Casey's blog:
"I may need to recruit some moderators too, or implement some kind of system. Approving comments is starting to take a lot of time. On the other hand, I still want to read every comment myself. This way I can learn from your feedback."
You may have found your mission in life: Being a moderator on Casey's blog! What a dream gig, LOL!
I'd nominate you...
this guy is definitely a hoax. Someone needs to check that he owns the properties he says. he keeps asking for more comments, more ideas, then he ignores everything and "borrows" again. he's either mining data for a book or he's doing a media stunt. Ignore him.
I'm the real deal guys... no hoax. USA Today people verified my paperwork and ownership of properties before reporting on my story. I'm glad they did. I started wondering why all the other media sources didn't bother to ask me for the docs.
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