Here's the poor little kid FB's update after HousingPanic's post yesterday, now picked up (without credit) on many bubble blogs
Is this a scam? Is this a brilliant marketing ploy to sell "ugly homes"? Or is this guy the real deal?
I was featured on The House Bubble Blog with Attitude and received a flood of mostly angry comments. People are giving me a beating!
Yes I do deserve a beating. I fully own up to my mistakes and choose to take the consequences! However, some people are taking it a bit too far with obscenity and just pure HATE. I had to delete a few comments to keep this blog PG. I am all for honest feedback but lets be reasonable.
Aside from the brutality, there has been a lot of good and constructive feedback. You can look through the different posts in the sidebar and check out the comments.
It’s true I got into some shady loans this year including…. 1) Calling investment properties OWNER OCCUPIED and 2) Stating a high income that I can’t prove
But…Shall I continue to lie to cover up my old lies?? That’s not right! I am braking the lie cycle. On this blog I will tell the world the full truth. I will take whatever consequences that come as a result.
Hopefully people will learn from my mistakes and be positively encouraged by the way I handle it. The Truth Hurts… as they say.
September 23, 2006
Update on 24yo kid with $2.2 million in "liar loan" properties at iamfacingforeclosure.com
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62 comments:
Put me down for "he's a fraudster!"
http://money.cnn.com/2006/09/22/real_estate/help_home_for_sale_young_ballanco/index.htm?cnn=yes
check out these idiots! "we want to start a family and need a bigger house with a pool" their current house is 2800sqft. Thats not big enough for a family? It's these kind of spoiled, greedy dipshits like our buddy casey that deserve the *ss reaming they're going to get.
Live by the sword,
Die by the sword.
from his site on one of his homes at
9524 Angleridge Rd,
Dallas TX 75238
Sue Cangelosi
September 13th, 2006 at 6:19 pm
Casey,
I lived in this house for 7 years. I purchased it in 1987 or 1988 for $135,000. It’s a strange house. It was practically falling down when we bought it. We did quite a bit of remodeling. We sold it for about $137,000 in 1996. There’s NO WAY it’s worth what you are asking. I realize you’ve done quite a bit to it. My son has been there and has sent me pictures. I am also a real estate investor and am always looking for below market deals. You don’t have this thing priced below market. The house backs up to a busy street, has no garage, and frankly, is somewhat crooked. We had the foundation repaired twice. Thank goodness it’s pier and beam. My other comment to you is why don’t you list it with a realtor who specializes in the Lake Highlands area of Dallas. I noticed your realtor has an 817 area code. It’s sort of a close-knit community, and name recognition is important. Anyway, if you want about $140,000 for it, I am interested as it could be a vialbe rental property. I would never, however, look at it as a re-sale investment. Just my thoughts.
I was also wondering whether this guy may is real or a scammer or a marketing "genius". But if this is just a marketing gimmick than it is quite over the top.
I do not know if misstating your income is criminal (but why should it not be) in order to qualify for a loan. But shouldn't someone investigate whether the kid or the mortgage broker was the culprit. I have a sense of compassion but somehow I think my tax dollars may end up paying for this. I would rather the money feed the poor somewhere else in the world.
The Fed's should charge him as an adult criminal.
At 30 he'll be doing the same shit
fife symington, governor of arizona, got impeached and I think did some jail time for lying on loan documents
Mortgage fraud - lying on loan documents to deceive lenders - is a federal crime punishable by up to 30 years in prison and $1 million in fines.
How much involvement did his mortgage broker(s) have in falsifying those loan applications?
Somebody's going down because of this. The bank isn't just going to eat 5 houses when the owner readily admits he lied on his loan applications.
Cut him some slack, he is a young guy with a dream of financial independance who had the guts to go for it, at least he has the excuse of his youth in makeing bad decisions, wich is alot more than can be said about 1000's of other flippers who are older and more worldly. Mortgage brokers knew what they were doing offering these exotic loans. No one forced him to take the loans but it was made tooo easy. I am glad to see him takeing his medicine and not blameing everyone but himself like we know is comming soon with the blame game!!
CASEY take your site down!!!!!
You will end up in jail!
I don't believe him. He is going too far out of his way to say that he has no liquid assets. My guess is that he is planning to go BK at some point and has at least 100k in cash or gold hidden somewhere. My guess? Start digging in his momma's basement. The dude is a tittie baby through and through.
He should play Russian roulette with a semi auto. I got a 45 he can borrow.
Actually I got a 45, 380, 30-30, or 12 gauge. All are great for Russian roulette. I just picked up a scope for my 30-30 today. You never know when you may need to kill to eat…
Larry u wanna check out my guns? Just playing.
"The dude is a tittie baby through and through."
Assuming being "a tittie baby through and through" means he's an adult male still suckling at his mother's teet, that's great! I may have to borrow that one.
"My goal is to rebuild and refocus. Instead of going all over the country I am going to stick to my backyard - Sacramento. Spreading myself thin is one of the main reasons i am in trouble now."
This kid is full of sh*t. Even if it is true, he does not realize what he has done and is in no way remorseful. "Spreading myself thin is why I'm in trouble" No, asshole, you lied and cheated that's why!!!
Plus, how the hell can be talking about rebuilding in his own backyard when he's still 5 homes? And, he now has an account for contributions!
If you believe this POS, I got a bridge to sell you- really cheap.
I've just emailed his link to the attorney general, he broke numerous laws in his fraud scam and should be facing about 10 years in jail.
After that he will be a great addition to "Stupid Crimminals" TV show for posting his criminal activity on the Internet.
Listen up! He may be getting himself into trouble now, but he will be laughing all the way to bank after he publishes his memoirs on the whole experience that he is having today. Just you wait!
There's really more to Casey's sad story. Feeling sorry for him is one thing, but his ads still has some signs of deception.
1.)"Below Market" - It is not belowe market when the said property is roughly 40% overvalued.
2.)"Take over Payments" - only amatuer and stupid investor will fall for that. His (combined) monthly payment is roughly around $2,650/month, excluding taxes. No one in Modesto will rent that house for that amount, let alone afford it.
3.)"Or use my financing" - what's the catch!
4.)"Bad credit is OK" - another catch. This is precisely one of the reasons why you have people like him.
5.)"$7,567.00 equity" - seems reasonable, but not to an overvalued property to begin with.
6.)"$8,836.00 late payments" - what is this? You do the crime and I'll pay the fine?
No - this is another creative way of selling a property. Be careful folks!
There's a famous story of the world's greatest salesman; The guy was about to jump off the bridge when a passerby stopped him and asked why he would do such a thing. Then the guy told him his very sad story. All of a sudden, the poor passerby was the one who jumped off the bridge, for him.
It won't be long, all those 5 houses will be sold due to his story.
the guy is not listed on any of the foreclpsure sites. He's not in foreclosure, not even in pre-foreclosure.
"now picked up (without credit) on many bubble blogs"
Dude, you take stuff from other people's blogs all the freeking time and try to paint yourself as some sort of prescient genius/guru. I wouldn't complain if I were you.
ocrenter wrote:
"the guy is not listed on any of foreclosure sites."
He has all the property addresses in his website. I wonder if that can also be checked off of the county recorder's office. I hope he is legit.
this blog cites the other blogs all the time and gives them kudos except calling bens blog boring
i don't think this is on the up and up i think it's a marketing ploy to sell houses and i think you'll see more and more fraud using the bubble as the hook
Nightmare On Elm Street
http://tinyurl.com/z5my9
This guy is very savvy although he's got a lot of balls to post a blog about this. His marketing skills are very good. It sounds to me like he's been to some of the real estate seminars that I've been to. Unfortunately, if these properties are indeed headed for foreclosure, I'm pretty sure his goose is cooked. No matter how much flexibility he gives his buyers, I don't see how he gets out of any of these other than a short sale.
But, since it's obvious he went to real estate seminars, he should also know that many of the people who host these seminars also do short sales of their own...so why isn't he contacting those people? He should be contacting Jeff Kaller aka Mr. Pre-Foreclosure to get out of these.
WHERE IS LARRY WHEN YOU NEED HIM?
You had something to hide
Should have hidden it, shouldnt you
Now youre not satisfied
With what youre being put through
Its just time to pay the price
For not listening to advice
And deciding in your youth
On the policy of truth
Things could be so different now
It used to be so civilised
You will always wonder how
It could have been if youd only lied
Its too late to change events
Its time to face the consequence
For delivering the proof
In the policy of truth
Never again
Is what you swore
The time before
Never again
Is what you swore
The time before
Now youre standing there tongue tied
Youd better learn your lesson well
Hide what you have to hide
And tell what you have to tell
Youll see your problems multiplied
If you continually decide
To faithfully pursue
The policy of truth
Never again
Is what you swore
The time before
Never again
Is what you swore
The time before
24 is an adult...
He should serve time to fit the crime. People like him have caused this bubble which is hurting ALL of us.
No mercy here...I hope his lesson is a painful one otherwise he'll just be out scamming again.
C'mon people! Let's give this kid a break. He had a vision for something great and he tried his best to make it happen. Not every business succeeds, in fact many fail. He had the guts, the vision and the nerve to be great.
Don't go to bed with no neg-am on your head
No, no, don't do it.
Don't do the crime, if you can't do the time,
Yeah, don't do it.
And keep your eye on the sparrow.
When the equity gets narrow.
Don't do it, don't do it.
Where can I go where the FBI don't know now,
Well, well, well.
A Reading from the Book of Armaments, Chapter 4, Verses 16 to 20:
Then did he raise on high the Holy Hand Grenade of Antioch, saying, "Bless this, O Lord, that with it thou mayst blow thine enemies to tiny bits, in thy mercy." And the people did rejoice and did feast upon the lambs and toads and tree-sloths and fruit-bats and orangutans and breakfast cereals ... Now did the Lord say, "First thou pullest the Holy Pin. Then thou must count to three. Three shall be the number of the counting and the number of the counting shall be three. Four shalt thou not count, neither shalt thou count two, excepting that thou then proceedeth to three. Five is right out. Once the number three, being the number of the counting, be reached, then lobbest thou the Holy Hand Grenade in the direction of thine foe, who, being naughty in my sight, shall snuff it."
"WHERE IS LARRY WHEN YOU NEED HIM?"
Larry is in his library studying and looking for ways to rebutt all your views about the bubble.
I don't know WTF the holy hand grenade has to do with this topic.
...But I just can't get enough of it.
"Three shall be the number ... and the number ... shall be three."
Hi! My name is 'stupid', i might be a scammer, maybe i'm legit?
But, i'm getting great publicity!
'Could this be a "Lonely Girl" hoax? '
This listing looks real:
http://www.netoffer.com/reagent2/ra_view_listing.php?ListingID=1536
Would someone create real listings for a "Lonely Girl" hoax?
This guy is just looking for press and gettin his name out there!
I hope this guy gets prison time where he will contract AIDS and Hepatitis B. May he be dead by 30 years of age.
This guy is getting a lot of free publicity...
It's not good publicity.
There is a guy on this blog called Retired FBI who commented, "So let’s find the real adults who lead him on and took advantage of his good business abilities and prosecute them!" -
Since when is a 24 year-old not an adult? I'm not generally a hard case, and generally I have quite a bit of empathy, and I'd call myself a left-leaning liberal, but this is the most namby-pamby, softy bleeding-heart crap I've ever seen. Personal accountability really has gone out the window. This "kid" wanted to get rich quick and live high on the hog at the expense of other "kids" like myself with JOBS that CONTRIBUTE SOMETHING TO SOCIETY being shut out of the market - unless we make the same clearly bad financial decisions as this guy. And as he's seeing that hey, RE doesn't continue to go up forever at 20% per year (surprise, surprise), he wants to simultaneously (1) "take responsibility"; (2) whine about the crooked brokers that loaned him a ridiculous amount of money; and (3) get out from under his problems by appealing to people's sympathy. How exactly is this "taking responsibility"? The responsibility is there! You've already got it! You don't take it by writing a blog and whining, you take it by cutting your losses, going into foreclosure, declaring bankruptcy, and learning. And frankly, I don't want to hear about your learning! I don't have this guy's lack of wisdom, he does.
As this genius is in the middle of this situation he wants to dispense truths to us about risk taking - "Risk taking is a good thing, that’s the only way to learn something. How many times did you fall down when you were learning to ride a bike for the first time?" Hey thanks for the advice! Risk taking looks like it IS a good thing for you, isn't it? Genius! Got any investment tips while you're at it? And meanwhile people like "Retired FBI" are buying into this garbage. God damned Oprah nation. Yes the brokers that steered him in this direction were human waste. But this guy was the dumbass architect of this house of cards and now he can get schmucked by it good and proper, and when more of his kind do get schmucked good and proper, prices will come back to reality and the people like me with JOBS that CONTRIBUTE TO SOCIETY will be able to buy a decent house without first bending at the waist and preparing to have our cornholes reamed. Good! Everyone in this country just wants to get rich quick without producing anything of value for anyone else. I look forward to him and his kind smoking their responsibility, they deserve it.
4 Mike in Pacific Beach
Casey is hardly an eastern european name
This is kinda like that time I lost my wallet when I held up that 7-11.
Ah well... sometimes you win, sometimes you lose.
Except admitting to a crime like that on the internet requires a special kind of stupid, which common sense tells me would preclude one from orchestrating this kind of coverage.
I say bogus, until I see county documents that state otherwise.
-EmptyK
here's the kid's latest post:
Is This a Scam? Why am I doing this?
Reading through the initial feedback I received, many people think that I am making this up. They think I’m just blogging about facing foreclosure to get traffic, exposure, leads, whatever.
First, I was amazed that people mistake my honesty for a scam.
You may also be thinking:
Why would I share my financial details with strangers and risk being embarrassed, criticized, made fun of or taken advantage of? Don’t people in distress normally want to hide and save face?
Why would I admit to doing “shady loans” and risk going to jail?
Why does my blog look so professional?
Why did I start serving ads? Am I just trying to make money on the traffic?
Am I doing this to get leads and buy more houses?
Am I really facing foreclosure on all these houses?
Here are my goals for IamFacingForeclosure.com:
1. Market Non-Performing Properties. When I first realized I am facing foreclosure and that I need to sell all the houses very quick, I started marketing everywhere. I sent an email to everybody I know. I posted ads on craigslist. I brought my deals in front of investment clubs. Keeping track of all the details and keeping everyone on the same page was hard. I am using this website to solve the problem.
2. Sell Fast by Being Honest. It was embarrassing at first to tell everyone that I’m in trouble. But then I figured, I will have the best chance to move my properties quick if people understand that the time is running out!
3. Demonstrate Genuine Hardship. I share my financial details to show publicly that I’m really in trouble. Banks want to see if you’re really in distress before they give options like loan-modification, payment plans, or allowing a short sale. I’m not just sending the bank a hardship letter. I’m going one step further and posting my situation for everyone to see.
4. Show You What NOT to Do. By telling my story honestly and in detail I have the best chance to help others learn from my mistakes. The lessons I’m learning are costly and painful. I don’t want people re-inventing the wheel like I did. Whether you’re looking to buy a house to live in or you are a beginner real estate investor. Learn from me!
5. Expose Shady Industry Practices. It’s amazing what goes on in the financial and real estate industry. Too many people lie and cheat in the name of profit! Yes, I am not innocent. But I decided to take a stand. No more compromise! Lets “blow the whistle” together and help improve the industry.
6. Expose Bad Real Estate Gurus and Education. Don’t get me wrong. There is a lot of good books, tapes and seminars out there. However, a lot of them teach you just enough to be dangerous and reckless. They sell low quality education in the name of profit. They don’t care of you succeed or fail. There is a lot of “shadiness” too. I’ve seen the good, the bad and the ugly.
7. Help You Stop Foreclosure and Recover. I know the feelings of denial, desperation, helplessness and intense financial pressure you feel if you’re in the same boat as I am. As I learn and get out of my situation I can help you. I will help you to either save your home, buy it from you or help you sell it fast. I want you to understand the foreclosure process, the time line, your options, forbearance, loan modification, short sale, etc. Know when (and if) to file bankruptcy. Learn how to rebuild your credit. Learn how to get back on your feet!
8. Try a New Approach with Blogging. I’m a ENTP / ESTP personality. I take risks. I analyze. I try new things. I’m not afraid of criticism. I have a desire to share and promote. Blogging is a great new way to share and build a community. I’m giving “blogging” a shot.
9. Put my website design skills to use. After I quit my web development job at Pride Industries in January I started loosing my tech skills. Now I am keeping my HTML, CSS and PHP alive by tweaking this blog.
10. Make a few bucks. If I can generate a little revenue via advertising on this site, why not? I’m sharing valuable information for free. If I can help a few people out of foreclosure by saving their house, buying their house or referring them to somebody who can help them AND make a reasonable profit or referral fee in the process, why not? I’m providing a valuable service. I’m helping people avoid foreclosure and rebuild their lives.
Bottom line, why this is not a scam:
A couple of weeks ago I sent an email to everybody in my address book - friends, family, real estate contacts, associates, past clients and co-workers. In the email I shared the situation and provided a link to this blog. Why would I lie to EVERYBODY and destroy my reputation?
You can check all the facts. Drive by the houses. Call the lenders and verify. Check the public record next month for Notices of Default. It’s all legit!
What do you think?
He may end up becoming the Martha Stewart of the Housing Bubble.
Sucks to be poor.
Sucks more to be famous and poor. (Screech)
I think the financial fallout from this, as long as the taxpayers don't end up paying for these people's mastakes, balances out in the end.
This kid is bankrupt, and whoever owns his loan is stuck with a plummeting asset.
Prices will return to the mean, and perhaps a little lower (due to very negative sentiment) which is the bonus that buyers who have been patient will receive.
Casey's coming "clean" and "honest" after the fact won't help him in court.
The fact remains he knowingly and willingly partcipated in mortgage fraud. He's going down. It is a HUGE problem in the mortgage industry. The Fed regulators have been quietly arresting or sueing fraudsters for many years.
Our town has had 3 mortgage companies, their appraisers and some clients go to jail in the past 24 months.
Casey better go find an attorney quick. Your fraudulent mortgages were purchased from/for Fannie Mae and you're subject to the same rules and everyone else. You lie, you go down.
:24 is very young.
Horseshit!
I'm in my mid thirties and I clearly remember those days like it was yesterday.
Those years are suppose to be spent in entry level jobs, busting one's tail, like 50 to 75 hours per week (sometimes working every other weekend Saturday or Sunday) to learn the ropes of the work world or defining one's own position if one's a semi-independent contractor.
When I was 24, I wasn't thinking about speculating but I was thinking about 'how can I get such and such experience in order to get such and such a position'. What's the matter with you people on this board?!
And yes, occasionally I didn't save the leftovers of that measley $36K/yr entry level salary (back in the early phase of the 90s) to go out and party once in a while w/ ex-college pals but the focus of my life was to "make it" and transition into those $75K-$80K/yr senior level type of careers. I can't believe that I'm the last generation of Americans who still believe in the value of using one's twenties to build something for the future like a career.
I don't know what to think.
I'm still trying get my head around getting a loan of that magnitude at 24 years of age....
What kind of a lender would do that...?
voice of san diego picked up the story (again not citing HP)
http://tinyurl.com/l6tr4
Casey Serin is a 24-year-old Sacramento man who bought seven properties in four states within the first three months of 2006. Even after selling a home in Utah a few weeks ago, he's $2.2 million in debt and will be four months behind on all of his mortgages come October.
He started a blog to tell people about his experiences and his mistakes as a novice investor -- it's called iamfacingforeclosure.com.
I talked to Serin this afternoon and he told me he first got into real estate as a 19-year-old in 2002, buying a condo as his residence in Sacramento. Originally from Uzbekistan, Serin and his family immigrated to the United States 14 years ago. His parents own their home in the Sacramento area, but haven't invested in any other real estate.
He sold that first condo in 2003 and made about $30,000 in profit, he said.
"That was kind of my first experience," he said. "This real estate is a good business if you do it right."
He financed all of the mortgages 100 percent and has been paying only the interest on those loans. He used “stated-income” forms that don’t require lenders to do background checks to make sure the borrower actually earns as much as he says he does.
This man committed fraud - no if ands or buts. But, I'm sorry, the bank absolutely deserved to get hosed for marketing such asinine products.
The bankers were awfully coy before the Senate hearings when asked to disclose how much of the "alternative" mortgage products (interest only/negative amortization loans) were stated income/no doc/no ratio loans. I'd love to know what percentage of these loans were to investment properties and second homes. They must QC these products, what percentage were occupancy fraud?
Gee.... i defaulted on a condo when i was 21....didn't get this kind of coverage!
I guess I'll rob a bank and if I don't get caught I win! If I do get caught, I'll just say that I made a mistake and get everyone to feel sorry for me and rescue me.
My advice to you....
Take your beating and shut the f*ck up!
markus arelius wrote:
"...getting a loan of that magnitude at 24 years of age...what kind of a lender would do that...?"
Answer: A 24 year old lender.
i told you so.
Anon 7:38:03:
You are nuts! Quit blogging you useless piece of sh't. You're just as worse as Casey.
"...getting a loan of that magnitude at 24 years of age...what kind of a lender would do that...?"
99% of them....hell, if I had a dog, he could get one too!!!!
Seriously though, why doesn't MSM do more stories about all the hard-working people who DON'T have 2800 sqft houses who really do want to start a family but have put their lives on hold because the REIC has priced them out of the market. There's the real tragedy. Like the song says 'only stupid people are breeding'; responsible people who do the math on home-ownership realize they can't afford to buy a home and start a family. Thank you Greenspan, Lereah, Fannie and Freddie.
The idea that responsible individuals will foot the bill for the greed and ignorance of the masses is unacceptable. This can not be allowed. Americans as a whole, and the young generation, need to learn fiscal responsibility in the school of hard knocks. If they're wiped out and need to start from scratch again, so be it. American tax money shouldn't be used to bail out greed and irresponsibility.
"Is this a scam? Is this a brilliant marketing ploy to sell "ugly homes"?
OF COURSE IT IS- BUT IT'S A MARKETING PLOY BY THIS BLOG - great way to get a subject on the table for discussion though.
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