Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

"I am facing foreclosure..."

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Archives » General Discussion (01/01/06 through 01/22/2007) Donate to DU
 
nosillies Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-23-06 08:51 AM
Original message
"I am facing foreclosure..."
This "kid" is getting some attention lately, and is a little controversial. His story is here:
http://www.usatoday.com/money/economy/housing/2006-10-2...

If there's a poster child for everything that went wrong in the real estate boom, it just might be Casey Serin.

In one year, the 24-year-old website-designer-turned-real estate-flipper bought eight homes in four states and in every case but one, he put no money down. At his peak, in April, Serin had $93,000 he'd taken out of the homes as he bought them. By July, he was broke, desperate for one last deal.

Now? Serin has $140,000 in credit card and credit-line debt and five houses in foreclosure. Last month, he started iamfacingforeclosure.com, a blog that's drawn both notes of condolence and expletive-laced condemnation.

"I did some stuff shady, but I'm not going to hide from it," he says. "Somebody can learn from it. I've already had people contact me and say, 'Hey, I'm in the same place.'"


Note in the third paragraph that he does have his own website. On a sympathy scale of one to ten, with ten being having lots of sympathy for him, I rank about a one. But maybe someone in the Sacramento area can help him find a real job.

Printer Friendly | Permalink |  | Top
hatrack Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-23-06 08:53 AM
Response to Original message
1. I hear that some California orchards can't find workers lately . . .
Maybe he could pick up something at $8 or $9 an hour?

Printer Friendly | Permalink |  | Top
 
babylonsister Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-23-06 08:57 AM
Response to Reply #1
5. Ideally, it'd be $5.75 per hour, or whatever minimum wage is.
That's the rethug way! :eyes:
Printer Friendly | Permalink |  | Top
 
hatrack Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-23-06 08:58 AM
Response to Reply #5
6. But with this year's labor shortage they've had to . . .
RAISE WAGES!!!!! AAAAIIIIIIIIEEEEEEEEEE!!!!!!!!!!!!!
Printer Friendly | Permalink |  | Top
 
toadzilla Donating Member (814 posts) Send PM | Profile | Ignore Mon Oct-23-06 09:05 AM
Response to Reply #5
10. $5.15 ! n/t
Printer Friendly | Permalink |  | Top
 
babylonsister Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-23-06 09:48 AM
Response to Reply #10
18. Welcome to DU, toadzilla, and that amount is appalling.
x(
Printer Friendly | Permalink |  | Top
 
terip64 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-23-06 08:54 AM
Response to Original message
2. Looks like he's on it and probably has already had some offers n/t
Printer Friendly | Permalink |  | Top
 
bigscott Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-23-06 08:54 AM
Response to Original message
3. gosh golly
why do i have ZERO sympathy for this idiot? As far as I am concerned he should do time as reparation for his debt - THIS is a case where bankruptcy should NOT be allowed

try keeping your real job instead of this get-rich-quick crap
Printer Friendly | Permalink |  | Top
 
Crankie Avalon Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-23-06 08:57 AM
Response to Original message
4. It's creeps like this who drive housing prices to insane, artificially...
Edited on Mon Oct-23-06 08:58 AM by Crankie Avalon
...high levels so that it becomes impossible for real families to afford to own a home they can, you know, actually live and raise their kids in rather than play these "flip" games.
Printer Friendly | Permalink |  | Top
 
nosillies Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-23-06 09:35 AM
Response to Reply #4
17. I wrote essentially the same thing in the comment section on his blog
Don't know if it will be posted, though.

Get-rich-quick, usually young flippers tend to know jack shit about real economics. They have helped to create the artificially inflated home values that led to the current glut of homes on the market. Now everyone is paying the price with crazy property taxes and the inability to sell their home, if need be, without taking a loss.
Printer Friendly | Permalink |  | Top
 
jmowreader Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-23-06 01:34 PM
Response to Reply #4
21. They also screw everyone else in the neighborhood
The real objection I have to house-flippers is how they mess up comparative value for everyone else in the neighborhood.

I live in a $70,000 neighborhood. The crazy neighbor lady from hell (the one who had her lawn man whack up my maple tree--some of you remember her) has done all this shit to her house that will do one of two things:

Thing 1: push everyone else's house into the $100k-plus range, and there's no way any of us can get $100,000 for the homes we have

or

Thing 2: she'll lose her ass on all the renovations, but we won't be able to sell at all unless we're willing to drop $30k making our homes look like hers.

Either way, we're screwed. And this happens all over America with these flippers.
Printer Friendly | Permalink |  | Top
 
pinerow Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-23-06 09:00 AM
Response to Original message
7. zzzzzzzzzzzzzzzzzzzzzzzzz...
Greed is its' own reward....
Printer Friendly | Permalink |  | Top
 
cosmik debris Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-23-06 09:00 AM
Response to Original message
8. This reminds me of that truly awful Bankruptcy Bill.
And this guy is the reason for that bill!
Printer Friendly | Permalink |  | Top
 
sarge43 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-23-06 09:04 AM
Response to Original message
9. Pssst Serin
Only a member of the Bush jackal pack can get away with that kind of gaming. Welcome back to real world.
Printer Friendly | Permalink |  | Top
 
shadowknows69 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-23-06 09:07 AM
Response to Original message
11. Maybe next time you'll skip buying the get rich quick scheme
sold to you by at guy on an infomercial at 3AM.
Printer Friendly | Permalink |  | Top
 
RB TexLa Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-23-06 09:09 AM
Response to Original message
12. He lays out why he fails
from his site.


I will not work more than 8 hours a day.

No working on weekends.

I will keep all work in the office. No taking work home
Printer Friendly | Permalink |  | Top
 
survivor999 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-23-06 09:11 AM
Response to Original message
13. Greedy and stupid... n/t
Printer Friendly | Permalink |  | Top
 
jwirr Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-23-06 09:13 AM
Response to Original message
14. My sympathy for this speculator is nil but seriously he is not
Edited on Mon Oct-23-06 09:19 AM by jwirr
a poster boy for foreclosure cases. Our papers are full of foreclosures on single family homes that are all many young couples have to their name. Many of these young families will technically be homeless when it is all done. The agencies that are trying to help them are so backed up that it takes months to get an appointment and I have no idea if they can be helped.

Predatory lenders are one of the biggest problems and if the above guy is addressing that issue - good. They lend to young couples who are low-income and do not have any other source and they charge at least 18% interest. There is no way the couple can continue to make the payments so they lose everything. There needs to be some laws made to stop this type of lender and Housing Finance Agencies (government) need to address this problem.


Edited: Oh and the economy is rocking - went over 12,000 didn't it?
Printer Friendly | Permalink |  | Top
 
flvegan Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-23-06 09:24 AM
Response to Reply #14
16. Bingo.
The poster child for what went wrong in the real estate boom is not the poor investor who now is on the losing side. That's what investing is about...some win, some lose.

The true poster children are exactly as you stated, though not all are young couples. Many are simply new homeowners that didn't have worthy credit or a downpayment until recently. Many were subject to predatory lending, less-than-honest appraisers, etc.

I'm house-hunting now, and I've met a good number of folks that are selling their homes because they "can't afford it" anymore. Many of them are facing foreclosure, which in many cases is a lose-lose situation for both borrower and lender.
Printer Friendly | Permalink |  | Top
 
Blue Diadem Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-23-06 09:21 AM
Response to Original message
15. My sympathy is reserved for the person/family that loses their home
not someone who bought real estate for profit. This young man's choices were business decisions and he has to live with that.
Printer Friendly | Permalink |  | Top
 
warrens Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-23-06 09:59 AM
Response to Original message
19. An EXPENSIVE holiday in other people's misery!!!!
I have absolutely no compassion for the little punk.
Printer Friendly | Permalink |  | Top
 
MichaelHarris Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-23-06 12:05 PM
Response to Original message
20. That boy
needs to lay off the late night infomercials. I bet he has a wonderful steak knife collection though.
Printer Friendly | Permalink |  | Top
 
Javaman Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-23-06 02:08 PM
Response to Original message
22. I think this dolt is trying to be one of those people who...
lose millions but then make millions. You always hear about the "type" but have anyone of us ever honestly met one?

This kid, and he is a kid, is a fool of the highest order.

He's of the type of losing that million first before actually making it.
Printer Friendly | Permalink |  | Top
 
Blue_Tires Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-23-06 02:16 PM
Response to Original message
23. must have got his financial advice from this guy!
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Mon Oct 20th 2014, 11:24 PM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Archives » General Discussion (01/01/06 through 01/22/2007) Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC