Just read the iamfacingforeclosure.com kid's situation, multiply by 1,000,000, and you get a picture of what's happening in over-leveraged collapsing homes across the US tonight
You just know it was the type-A guys out there who mortgaged their way to the hilt, told their unsuspecting wives that they were well on their way to getting rich, and then POW! the music stopped.
Now the wives, who loved it when the money was pouring in, are pissed. And soon, very soon, they'll be on their way out.
Little do they know though that their credit will be as screwed up as their condo-flipper-fool husband's.
2008 career tip: Divorce Lawyer.
Pressure is Increasing and Marriage
We had to borrow 4K to pay basic bills including my wife’s minimum credit card payments which jumped from 1,000 to 2,500 because of late fees and going over credit limit.
The thought of relief via bankruptcy has been on my mind lately. However, she will not let me ruin her credit. I promised her at the beginning that no matter what happens I will save her credit. That was the only way she would let me use her credit cards for real estate deals. She is right. I must keep my promises.
She asked me if I have a plan. The base salary with Chris is not enough. She is saying that almost three years of marriage on a financial roller-coaster is getting old. (Added for clarity: My entrepreneur adventures are putting a big strain on our relationship.)
Even though she has been very supportive through all of this, everybody has a limit.
You see, I unintentionally gave her the impression that I was successful when we were dating (I still had some money left from from my first condo flip).
Later, right before the wedding, she found out that I was really “broke as a joke”. I even bought the ring on a credit card and went into debt for the marriage expenses. She came into the relationship with no debt and excellent credit expecting stability and married into a financial storm without really knowing it.
She also expected for me to pay for college so she can finish her 4-year degree. Her parents were paying for it before but stopped as soon as she got married. I told her not to worry about it. I have it under control.
I’ve set some high expectations. No wonder she is feeling disappointed. I owe it to her to make it right.
December 04, 2006
Housing collapse unintended consequence #345 - the divorce rate in the US is about to explode. Watch what happens to Casey Serin.
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37 comments:
Borrowed to buy the ring! LMAO.
I bet he hasn't gotten laid in weeks because she is afraid of his bad genes.
...multiply by 1,000,000?
Try 4 million which is about the number of households above trend that now "own" homes versus traditiional measures.
Yep, 10 million new "homeless." The new Democratic congress is sure to feel their pain and see the need to do something.
anyone want to bet on Greg Swann getting a big divorce (if he even married that tramp?)
I am gay! Please leave me alone!
Casey will be in jail, bankrupt, foreclosed on and divorced by end of 2007
"However, she will not let me ruin her credit"
Uhh...she didn't ruin her own credit already? If I read this correctly, even a $1000 minimum payment figures to a $40,000 balance at 2.5%. Personally, I don't consider this gal a financial genius either.
I am a newly divorcee as of 12/05. My ex wife waited for the peak of the real estate market to file. Even with 2 children she was eyeing her 50% equity in our WLA home. Unfortunately, she took her half and bought in Vancouver, Canada. She assumed Canada would never be affected by U.S. real estate prices. I put my money in a diversified portfolio including gold. My investments are up 15%. She bought her home at top dollar in 2005 and will probably never see that money again. Greed is really a killer. I live simple life and am enjoying a good bud whenever I want. Yeah!!!!
2008 career tip: Bankruptcy Lawyer
I seriously doubt Casey's wife is as innocent as he tries to make her out to be.
She helped make the bed. Only fair if she gets to sleep in it with her husband.
"She assumed Canada would never be affected by U.S. real estate prices."
I think both BC and Alberta are going to burst, however, Ontario, Quebec, and NS will probably be all right since they were never really affected by either the 90s dotcoms or the easy money/stupid spending sprees of the 00s like the US northeast or west coast.
I wish Casey Serin would just shut up! I mean you screwed up.....and more bad things are headed your way, but for the love of god how bout trying to retain a shred of dignity by just shutting the hell up.
Hilarious blog comment from that page:
"Mak
December 3rd, 2006 at 1:03 pm
Clearly you need some “sweet deals” to bail you out. I would recommend you take a week off to meditate and listen to guru tapes, for the purpose of attracting success."
I stopped reading Casey's blog because it was just too silly. He's broke but living large. Everything seems like a contradiction.
Does this mean that in Next Great Depression, thrifty, sensible and fiscally conservative nerds will finally get laid?
Or will they just be laid off as their jobs get sent to China.
Seems like Casey put the real estate on wife's credit cards:
"I promised her at the beginning that no matter what happens I will save her credit. That was the only way she would let me use her credit cards for real estate deals."
Mrs-soon-to-be-Ms-Serin: it's time to pull the rip cord. Both of you already jumped out of the perfectly good plane and you're hurtling down at terminal velocity.
There's but one parachute, and Mister Einstein ain't gonna be getting it.
Just pull the damn cord.
Hey j, you thought that one was funny? Check this out (edited):
Grog: Unga bunga! Calm down, She-Grog. Why She-Grog so angry? Did She-Grog fail test again at Neanderthal Community College?
She-Grog: Grog ruin She-Grog’s credit! Now She-Grog not can get sweet job counting pebbles! She-Grog hate Grog!
Grog: No worry, She-Grog. Grog have everything under control. First, Grog take nap. Then Grog work on cavelog for a few hours. Next, Grog go on 12 hour Jamba berry fast. Grog MAY even go 24 hour. Then Grog flip a few caves and make serious pebble. She-Grog, call She-Grog-Daddy and ask borrow 4000 more pebble.
She-Grog: Unga Bunga! She-Grog-Daddy say no more pebble for you! She-Grog call divorce shaman because Grog is looser!
Grog: Unga Bunga? But She-Grog-baby, what about for richer for poorer?
(A sweet blue exercise rock flies out of the cave entrance and hits Grog in the head. Behind him, unbeknownst to Grog, a giant tyrannosaurus rex with Neanderthal Bank of Pangaea written on it is sniffing Grog and licking its lips.)
Ontario
______
Big Real Estate Bust in 1985.
Divorce rate has gone up due to women entering the workforce and a lack of social stigma associated with divorce. If the economy actually tanks, then folks can no longer afford the luxury of living single. It's simple economics. It costs less to be married. One house payment, one electric bill, division of labor (household chores, earning) etc.
If the housing bubble pulls down the economy hard, I expect the divorce rate to decline.
++++++
Spouses of either gender are not gonna want to be stuck with debtor-losers. They'll divorce and go live with Mom and Dad....
You know, this kid Casey is a real numbnuts.
It's not because he took a shot and screwed up. Had the boom not stopped in its tracks, he might have been a hero; albeit a reckless one.
No his problem is he still wants to be a player. He's gotten some good advice in replies on his blog. He disregards it all.
The reality is he should hire a good experienced bankruptcy attorney. His case is relatively simple. He turns over the keys, and because he has no history of making a lot of money, he probably walks away debt free. To my knowledge, there are no income taxes on mortgage shortfalls "forgiven" via bankruptcy as opposed to, say a short sale."
People have routinely filed bankruptcy to get rid of 10 to 15k of credit card debt. What a waste of a bankrupcty! But for Casey, it should be a no-brainer. He could have a great bankruptcy. Take all that risk with its attendant reward if it works, and in this case, when it doesn't work, walk away.
People do just fine with a bankruptcy on their record, and a bad credit rating can be overcome with time.
And as far as criminal fraud charges, or no discharge in bankruptcy because of fraud, my guess is that because of limited bank resources (or interest in such things), he could slide through unscathed. (He's not helping himself, plastering his name and face out there in cyberland.)
No, Casey's biggest problem isn't what he did in the past that got him into this mess, because as messes go, this one really isn't all that messy. His problem is that he still wants to be a player. He's not where he should be mentally at this moment, to wit, deeply depressed and thinking his world is coming to an end, and that there is no way out. If he were in such a depressed state, one of us older and wiser guys would have a chance to truthfully tell him, this aint the end of the world. You're young and you can get past this; start by getting an honest job.
But Casey doesn't want a chump job.
And Casey's not ready for good advice, because Casey's not ready to grow up. That's sad, because there are guys his age out there that are grown up (some of the best of them are fighting our war this very moment)and ultimately his wife will probably bail, and find one of those guys to make a life with.
I love the part where Casey says he unintentionally (read: lied) gave the impression to his soon to be wife that he was more successful than he truly was.
So not only did he lie on his mortgage applications he also lied on his marriage application. Oh well, no pity for his wife from me.
I get the impression from Casey's writings, particularly with regards to him financing her education, that she is just another gold digger who now realizes her gold mine has no gold in it.
Thousands of women around the country just like her. I can almost hear Bob Dylan in the background singing, "now you don't talk so loud, now you don't walk so proud, without having to be scrounging your next meal"
He could go to Ebay and pay $10 bucks and get the answers to any Real Estate exam in the U.S. (example ebay item # 290058581966) and becaome a REALATOR !!
How do you divide up the pizza in a divorce?
Some cannot afford to split up into two separate homes even with lower prices in some areas. They are in it together, for good times and bad.
Part of the deal was not needing two refrigerators, but sharing one.
what's casey's next story in order to keep his blog going? his dog is sick and needed to borrow money for the medicine? he is all illusion.
"when you fail to plan; you plan to fail." simple!
No doubt it's cheaper to live with your spouse rather than on your own, but I don't think it's likely that that rational thinking will be enough to overcome the emotional storm within marriages created by the housing crash and massive amounts of debt. These people weren't thinking rationally when they decided to buy houses at insane prices. U think they're suddenly going to start thinking rationally and decide to stay together because they'll be financially better off?
this guy is a phoney.
I will be flippin' Casey's wife by next weekend.
The dude is a putz but I don't think he ran up $140k on her credit cards without her knowing anything.
Anonymous said...
"Does this mean that in Next Great Depression, thrifty, sensible and fiscally conservative nerds will finally get laid?"
They'll be buying the hottest women for cans of soup!
LOL. I have to hand it the guy. At least he's honest! I'm rootin' for him.
Foobeca,
You forgot one other way, if he takes out a bunch of insurance policies and then gets offed. I would not be surprised if he commits suicide.
if she is hot she should have nothing to worry about if she dumps him.
But Casey doesn't want a chump job.
And Casey's not ready for good advice, because Casey's not ready to grow up. That's sad, because there are guys his age out there that are grown up (some of the best of them are fighting our war this very moment)and ultimately his wife will probably bail, and find one of those guys to make a life with.
God help those poor guys. They deserve something better than some twit who is more concerned about her credit rating than her marriage.
All woman by nature are gold diggers, but some are just as happy with fool's gold.
I once read somewhere...
"Women are realists who pretend to be romantics, while men are romantics who pretend to be realists."
I think Casey and his wife fit that bill. Casey is the one with dreams of "making it big", and he doesn't want to face the reality of his situation.
Meanwhile, his wife... although having enjoyed the "roller-coaster ride" for a while, is now quickly becoming bored with it.
And DAMMIT! Just make sure you don't wreck her credit rating - even if you have to go to jail!
The romantic that Casey is - I'm sure he'll even say to the judge that he committed fraud against his wife and get a few more years in jail (just to save her rating) - thinking that his sacrifice will somehow make a difference to her. Whada ya think? Will she stay with her man... or will she just pack her things and move on to greener pastures?
Romantic or realist?
She should divorce that loser!
Foobeca, that is great advice for lil' Casey! Gay porn is probably the only way out for him, I don't think he could land a role in a regular porn flick, way too ugly.
Man, can you imagine being this guy? Ugly, stupid, broke and naive??????? Casey, if I were closer, I'd buy the gun and bullet for ya.
Here's a way to some team building exercises with couples like the Serins' - winner take all gladiator style cage match death fights!
the winners get absolved of their debts and keep their homes free and clear. the losers - well, uh, they lose big time.
For richer or poorer, till death do us part!
last time i checked...wouldnt the divorce rate have an impact on housing? if you have, say, 5 million couples about to divorce, the need for housing would jump from 2.5 mil to 5 mil overnight! granted, i think this will hurt the rental market more than housing, bu still, it cant be ignored
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