I just don't get the whole cash-back at close thing. What would stop me today (besides ethics and morals) from going out and buying ten homes, getting $100,000 cash back on all of them, taking all that tax-free cash and putting it into a Swiss banking account, then never making a payment on any of the homes, getting foreclosed on, and turning in the keys, $1,000,000 richer?
Seriously, what, if anything, would stop someone from doing that today?
Casey lost another one to foreclosure this week. And still no call from the Feds. And you know there are thousands, THOUSANDS, of Caseys out there.
Larchmont property no more. This is my second foreclosure, after the Dallas house got foreclosed several months ago by the hard money lender. This was my first experienced visiting a foreclosure auction.
I feel a slight sense of relief. One less house to worry about. Now just memories. This was my biggest cash-back at close and the worst deal as far as numbers go. I’m going to have to write the full background story on this deal soon, including why I bought it, and what my plan was (or the lack thereof).
24 comments:
And what does he do? He goes have a Jamba Juice with his purse. Whatta heck are the Feds doing? This must be the biggest scam in the US after Enron.
Casey is a multi home owner and deserves respect as such. Most of you drooling rent-tards are either too mentally defective or just plain old maliciously envious that you haven’t got the cojones to do what Casey bravely did. Time to pack up your old lump sack and head back to moma's sofa where you can wank off into the sunset.
PS: Blowfly has no mofo brother - watch it numskulls!!!
Keith, are you blowfly? Why do you have comment moderation?
Isn't he on the hook now with the IRS for the value of the forgiven/foreclosed loan as "income", especially as he has not declared bankruptcy.
And blowfly, it is quite telling that Casey is your hero. Enough said.
So Casey fucked up, at least he took a chance, took some risks.
This country was built on people taking chances and risks. Sometimes you succeed sometimes you fall flat on your face.
What do you socialist renting twits do? Ever take chance? Ever take any risks? No, you invest your money in a 5% CD and blog all day long about how smart you are and laugh at the Caseys of the world like 5th graders.
Grow up.
Morals and ethics....Yes, yes. I used to think like you Keith. But ask youself this. What kind of morals and ethics do the jews at these lending institutions have? I for one really, really, really hope they all lose their asses. And the way I see it. Casey's just helping them along, he's out jewing the jew. So I say to you, go ahead and buy those ten homes with as much cash back as possible, file chapter 7, and take a permenant trip across the border. Hell, at the rate that the criminal mexican invaders are pouring across our border, there may be less mexicans in mexico, than in America pretty soon.
What lender is going to do cash back at close when sub-prime has blown up? The time to get the dough and skip town came and went with Taiwan Lee. Though he was barely out between incarceration stints for other things. Truly a loser. But he still bought a bunch of homes in Colorado. Had one hell of a New Year's party a year ago in one of his homes. All his ex-con friends rolled up into the suburban gated community...
blowfly's good even if he is a fiction. as any writer or good reader knows, that doesn't make him any less real. btw keith - love your site - its a retarded kind of pleasure. many others obviously feel the same. congrats to you!
And KC gets a loan from Cash Call at 49% to 95% interest. Really a smart business decision.
Your right blowfly, Casey is a man of high morals and deserves respect, he is a roll model to the next generation. Ummm, no he is a stupid Russian who has dropped a nuke on our financial system.
There is nothing to prevent you from perpetrating this particular version of fraud--as long as you don't mind risk going to prison and paying hefty fines.
The appraiser and seller will also be on the hook to for participating in the scheme.
Oh, and let's not forget the mortgage originator that put the whole deal together. Shoot with so many parties complicit in the scam perhaps you all could work out a "group room" at "Club Fed".
Trust me, there will be thousands of cases just like Casey's that will be prosecuted before this is all played out over the next few years.
Keith,
I'm missing something here. Why would the feds call Casey because he foreclosed on a house?
if you were a true evil genius you would have half of the properties as meth labs or pot farms and rent out the others UNTIL you had foreclosure~
January had the highest number of monthly Massachusetts foreclosure filings in at least two decades as local consumers struggled to hang onto their homes, according to a new report.
Last month, 2,207 foreclosure filings - or 110 every business day - were submitted in Massachusetts, more than double the number of a year ago; filings in January 2007 were up 105 percent from 1,076 filings in January 2006, according to ForeclosuresMass.com, a Framingham firm that provides online Massachusetts foreclosure data to investors, real estate agents, and lenders.
"The flood of foreclosures in Massachusetts is not only continuing; it has reached a new high," company president Jeremy Shapiro said in a statement. "The fact we are starting the year with the highest number of foreclosures we've ever recorded for a single month is more than significant - it's ominous."
Once upon a time foreclosure was pretty bad for your credit report. But nowadays just how much harm does it do to your credit report and ability to spend like there is no tomorrow?
Bankruptcies used to be the death knell to your credit but it seems like they are just swept under the rug anymore and then there is the complication of the new bankruptcy law. I really am not sure if people are hampered anymore by these financial traumas. Is there anything more to it than you can continue to borrow only at higher interest rates?
Can anybody shed some light?
blowfly said...
Casey is a multi home owner and deserves respect as such.
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Psssst! BwaHahahaha! There went my drink spraying the monitor. No wait...
HAHAHAHAHahahaha! Oh God, make it stop!
Hehehe! Hahaha Ouch, my side hurts!
Yeah, after this, I agree with mort. Blowfly IS keith in disguise.
Jeez that's a good one kieth (I mean "blowfly")
hahahaha - god damn, here it comes again. :)
You can still grab the cash today. I am bombarded by emails and cold calls to take out refi/HELOC's all the time, more so now than ever before. With Heli Ben and his presses running at warp speed, I think that this " tightening of loan qualifications" BS, is just that, BS! All that money has got to go somewhere! As the under funded, operating on a shoestring little guys are going under, the bigger fish up the food chain who can afford it just gobble them up for pennies on the dollar and go on with life. Think of it like this, if the bank that you send your mortgage payment to is the next to go belly up, do you honestly think that you WON"T be mailing a mortgage payment to somebody?
There's more "free money" out there than ever before! Might as well take advantage of it!
Good question Mort!
Back to the cash back at closing thing.
It does sound like about the best street crime scam going. Better profits than your average robbery and no violence involved.
Very odd that The Powers That Be would allow it to continue for so long.
Maybe if Wall Street gets pissed about it we'll see some action taken?
What IS going on here? Why IS this allowed?
I think we need some answers.
The Feds should be rounding little Casey up for mortgage fraud pure and simple
I think blowfly is a 12 year old girl in Kansas just having fun
Nobody could be that dumb on purpose
This guy's an idiot, failure scumbag. Let's see, he owns several houses and is paying rent to live with his sister?
The only way I can interpret this is his credit is too poor to get the utilities turned on.
Deal.
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