Casey Serin

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Casey Konstantin Serin

Born September 10, 1982 (1982-09-10) (age 25)
Tashkent, Uzbekistan
Residence Sacramento, California USA
Occupation Speculator
Website
iamfacingforeclosure.com

Casey Konstantin Serin (born September 10, 1982 in Tashkent, Uzbekistan) is a former real estate speculator and blogger. In a newspaper article, USA Today called him the "poster child for everything that went wrong in the real estate boom".[1] Serin immigrated to America in 1994. In his early twenties, Serin worked as a web developer, but then decided to quit this job to pursue his dream of becoming financially independent through real estate investments. Beginning in October 2005 and continuing through the following year, Serin purchased eight houses in four southwest U.S. states, and then began blogging about the foreclosure[2] process on the properties he was unable to resell. In time, six of the eight properties foreclosed.[3]

He flew to Australia in June of 2007 for several weeks, leaving his wife with little or no financial support[4]

As for his real estate investments, Serin acknowledged to the Sydney Morning Herald that "the stuff I did is technically mortgage fraud, but it's not officially called that until someone prosecutes me and proves that that is indeed mortgage fraud," [5] asserting a presumption of innocence. On the Jon Ronson show, Serin confirmed his use of so-called "liar loans".[6] On July 11, 2007, Serin disclosed that he was under investigation by the FBI.[7]. In an interview conducted by ABC News, his attorney reported that Casey Serin is under investigation by the FBI, but "no charges have been brought against Mr. Serin. However, based upon conversations with the U.S. attorney's office in California, federal charges related to Mr. Serin's real estate transactions are expected to be brought against him" [8].

After staying offline for a few months, Casey Serin has resurfaced as a partner of Damion Lupo (author of Maverick Mistakes in Real Estate) on ForeclosureHelpBook.com. This partnership dissolved in October 2007. Casey resurfaced with a new blog, EscapeMyHouse.com, which was taken offline in November 2007. He most recently (January 29, 2008) started and then stopped a blog based on his information on gold stocks, most specifically GoldSpring (GSPG) called MillionaireByChristmas.com. This site has gone thru numerous edits, some within minutes.

Contents

Background

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Serin wrote in his blog that he purchased eight properties using stated-income loans between October 2005 and May 2006.[1][9]. These loans required no documentation of income or down payment. Serin said that he left his programming position in January 2006, but claimed projected income on subsequent loan applications,[10] reasoning that many borrowers use similar strategies to obtain credit.[11] [12] He stated that several of the properties were purchased with owner-occupied loans; these generally provide more favorable terms than loans for investment properties.[1] A Voice of San Diego article suggests that Serin's initial loans may not have appeared in credit reports pulled for subsequent loans because he bought in several states over a relatively brief period, so "the banks couldn't trace the pending loan documents to check up on his story."[13] Serin received cash back at closing on six of the properties, sometimes exceeding California's legal maximum of three percent of the selling price. A contributor to the Scotsman Guide, a trade publication for the mortgage industry, stated in an article discussing fraudulent practices within the mortgage industry, that the largest amount of cash Serin received for a transaction was $50,000, and that the money was paid either to the seller or a third-party company (which the contributor alleges was bogus), then returned to Serin after closing. The author, CEO and senior legal counsel of Investors Mortgage Asset Recovery Co. LLC, concludes that responsibility for fraud in cases such as Casey's lies with "everyone who knew about the undisclosed cash and knowingly assisted in the scheme, including the sellers and any real estate agents, appraisers or closing agents."[14] Serin disclosed on a Sacramento news program that he likely would not have been able to qualify for loans under more traditional terms.[15] Months later, Serin became unable to pay the mortgages or sell the properties; at one point, he estimated that he was approximately $2.2 million in debt, with a net worth around negative $600,000.[9] Serin's house-buying concluded when a lender rejected a loan application for his ninth property after discovering his blog.[16]

Blog, and media attention

In September 2006, Serin started the blog IamFacingForeclosure.com describing his situation. Interest in the blog first developed among readers of other blogs devoted to the United States housing bubble.[17] His story was featured in USA Today,[1] National Public Radio,[18] New York magazine[19], the San Francisco Chronicle,[20], The Economist,[11] The Suze Orman Show [21][22], and, on April 13, 2007, ABC's Nightline.[9] Because of the sheer magnitude of Serin's debt and the improbability of his story, some question its veracity—an article at The Motley Fool expressed doubt over "whether or not this [isn't] just a somewhat elaborate hoax."[23] However, public records confirm that Serin purchased the properties in question.

On May 14th, 2007 CNET.com writer Declan McCullagh published a review of Serin's blog-history, referring to the 24 year old as "the world's most hated blogger" and describing his blog as "irritainment". This story was subsequently featured on MSN.com on May 15th. [24] Casey's blog had an "enthusiastic -- if unrelentingly critical -- audience known as 'haterz'."[25] Jon Ronson recently interviewed Casey with his trademark wit on BBC Radio.[26] While in Australia, Casey Serin appeared on Top Shelf Radio with Robbie Buck[27]. The Official IAFF (I Am Facing Foreclosure) Theme Song received 400 plays in one day during Serin's rise to fame -- a small example of his cult-like status among bloggers.

Attempts to resolve debt situation

In January 2007, Serin discussed his situation on The Suze Orman Show; the segment aired on April 7, 2007. Orman recommended that Serin file for bankruptcy and attempt to increase his take-home pay. [21]

Serin also established two real estate websites in early 2007: ablebuyer.com[28] and buyingapartmentbuildings.com,[29]. However, as of January 2008, both sites are devoid of content and are listed for sale.

Serin now owns a corporation.[30]

Current status

Serin created an online financial statement, summarizing his budget and net worth.[31] This was last modified on January 29, 2007, and has not been updated to reflect his foreclosures.

On May 31, 2007, Serin deleted his blog after violating his published contract with his wife. A week later on June 6th, his blog reopened.[32]

On June 11, 2007, Serin went to Australia, leaving his wife in Sacramento[33][34] and working on his book deal with his newest partner and publisher. According to his blog, he returned to the United States on July 1st, 2007.

In July 2007, Serin said in a mass e-mailing that he would be closing the blog, abandoning the book, and getting a "regular W-2 job," citing the stress his family has experienced.[35]

Throughout 2007, Serin has hosted semi-monthly talkcasts where he speaks to callers about personal and financial matters.[36].

Blog Closure

As of 07/28/2007, Casey's commentary on www.iamfacingforeclosure.com has been removed. His final entry was dedicated to his wife. Aaron Krowne, an Emory University library researcher and owner of ml-implode.com, purchased the blog. Serin says he used proceeds from the sale to pay off $45,000 of consumer credit debt in his wife's name[37].

A Return to Blogging

In October 2007, Serin began a new blog, Foreclosure Help Book. This partnership dissolved in late October 2007[38]. Casey then started a new blog, EscapeMyHouse.com, which he shut down in November 2007.

Foreclosure book

Alexa web searches revealed a joint venture agreement between Casey Serin and Marty Stewart, an internet marketer. Their joint venture agreement along with a series of audio files was found within Google cache.[39] The book project, named The Foreclosure Code: My Bubble Burst! How I Purchased and Lost $2.2 MILLION in Real Estate, was originally scheduled for release in Fall 2007.[40] According to the book's website www.foreclosurecode.com, Serin's numerous violations of the joint venture agreement nullify his rights to the work, and the book itself has yet to be released.


Properties previously owned by Serin

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Purchase Date Property Parcel/Lot Number Purchase Price Status End Price Assessor Price
3-8-2002 Salmon Falls Drive, Sacramento, CA N/A $110,000 Sold 3-13-2003 $157,000 N/A
10-7-2005 8256 Calla Way, Sacramento, CA 115-0710-018-0000 $360,000 Sold 1-4-06 $365,000[41] $360,000
1-3-2006 6842 Burdett Way, Sacramento, CA, 95823 039-0227-001-0000 $295,000 Foreclosed <$247,500[42] $149,745
2-6-2006 6021 Guadalajara Drive, Rio Rancho, NM, 87144 $497,000 Foreclosed <$407,000
2-24-2006 6209 Sonora Ave, Albuquerque, NM 101006348417440403 $345,000 sold Jun 06 $212,386
3-6-2006 1910 Muncy Drive, Modesto, CA, 95350 $323,000 foreclosed (April 27th, 2007) <$287,825.87
3-10-2006 6656 W 10250 N, Highland, UT, 84003 514530008 $360,000 Wrapped? $399,000 $184,195 (Market Value $334K)
3-4-2006 6500 Larchmont Drive, North Highlands, CA, 95660 217-0171-009-0000 $330,000 Foreclosed <$216,000[43] $180,167
5-4-2006 9524 Angleridge Road, Dallas, TX, 75238 00000792898000000 $269,600 Foreclosed[2] $211,222 $227,970

External links

References

  1. ^ a b c d Knox, Noelle. "10 mistakes that made flipping a flop", USA Today, 22 October 2006. 
  2. ^ a b (Type in Serin Casey) Dallas County Record 200600425251 (2006-11-15).
  3. ^ Foreclosure: When Will Casey Serin Pay ... (2007-05-15).
  4. ^ McCullagh, Declan. Hated Blogger Leaves US. Retrieved on 2007-06-13.
  5. ^ Hutcheon, Stephen. Blogger learns how to monetise hate. Retrieved on 2007-06-18.
  6. ^ Ronson, Jon. Jon Ronson On.... Retrieved on 2007-06-19.
  7. ^ Serin, Casey. I Am Facing Foreclosure. Retrieved on 2007-07-12.
  8. ^ ABC News. ABC News: Housing Bubble Bursts for Investor.
  9. ^ a b c "Facing Foreclosure Video Segment on Nightline", 13 April 2007, p. 1. 
  10. ^ "Facing Foreclosure Video Segment on Nightline", 13 April 2007, p. 3. 
  11. ^ a b "America's Housing Market:Cracks in the façade", Economist.com, 22 Mar 2007. 
  12. ^ Knox, Noelle. "Homeowners stuck as lenders cinch standards", USAToday.com, 4 March 2007. 
  13. ^ "My Life is an Open Blog", 22 September 2006, p. 1. 
  14. ^ Simpson, C. Robert. "Truth or Consequence", Scotsman Guide, January 2007. 
  15. ^ "Central Valley Man Poster Child Of Mortgage Crisis", CBS 5 Eyewitness News, 7 March 2007. 
  16. ^ Britton-Simmons, Geary. "From the Top: April", Scotsman Guide, April 2007. 
  17. ^ Lloyd, Carol. "As bubble sags, market critics are busting out", San Francisco Chronicle, 5 November 2006. 
  18. ^ Arnold, Chris. "Loose Credit Standards Boost Real Estate Woes", NPR Morning Edition, 19 October 2006. 
  19. ^ Nussbaum, Emily. "Say Everything", New York magazine, 12 February 2007. 
  20. ^ Lloyd, Carol. "No spin is used as blog describes downward spiral", San Francisco Chronicle, 5 November 2006. 
  21. ^ a b "Facing Foreclosure", Suze Orman, 7 April 2007. 
  22. ^ "Facing Foreclosure Video Segment on Suze Orman Show", 7 April 2007. 
  23. ^ Jayson, Seth. "24 Years Old, $2 Million in the Hole", The Motley Fool, 25 September 2006. 
  24. ^ McCullagh, Declan. "The World's Most Hated Blogger?", CNET, 14 May 2007. 
  25. ^ Los Angeles Times. "Say It Isn't So: Casey Serin, Foreclosure Blogger, Closes His Blog", Los Angeles Times, 3 June 2007. 
  26. ^ Ronson, Jon. Jon Ronson On.... Retrieved on 2007-06-19.
  27. ^ Buck, Robbie. Top Shelf Radio, Triple J. Retrieved on 2007-06-19.
  28. ^ Serin, Casey. AbleBuyer.com: Investing for Passive Income via Business, Real Estate, Paper and Commodities.. Retrieved on 2006-12-11.
  29. ^ Serin, Casey. buyingapartmentbuildings.com. Retrieved on 2006-12-11.
  30. ^ Serin, Casey. California Secretary of State.
  31. ^ Serin, Casey. Casey Serin - Financial Statement. Retrieved on 2007-04-14.
  32. ^ McCullagh, Declan. Notorious debtor Casey Serin shuts down blog. Retrieved on 2007-06-01.
  33. ^ Serin, Casey. Australia and Idiot Haterz. Retrieved on 2007-06-11.
  34. ^ CNET News.com Staff. Interviewing Serin, the blogger people love to hate. Retrieved on 2007-06-13.
  35. ^ Shallit, Bob. A flop as a 'flipper,' he seeks a real job. Retrieved on 2007-07-20.
  36. ^ Talkshoe. IamFacingForeclosure.com Talkshoe. Retrieved on 2007-07-19.
  37. ^ Bob Shallit - Sacramento Bee. "FacingForeclosure" blogger sells his site. Retrieved on 2007-08-22.
  38. ^ Damion Lupo. Foreclosure Help Book on Hold. Retrieved on 2007-11-18.
  39. ^ CNET News.com Staff. Hated blogger leaves US. Retrieved on 2007-06-13.
  40. ^ Shallit, Bob. Blogger's book has a barrel of red ink. Retrieved on 2007-07-20.
  41. ^ Free 8289 Calla Way Home Value. RealEstateABC.com. Retrieved on 2007-04-14.
  42. ^ Free 6842 Burdett Way Home Value. RealEstateABC.com. Retrieved on 2007-04-14.
  43. ^ Free 6500 Larchmont Dr Home Value. RealEstateABC.com. Retrieved on 2007-04-14.


Persondata
NAME Serin, Casey
ALTERNATIVE NAMES
SHORT DESCRIPTION Real estate speculator and blogger
DATE OF BIRTH September 10, 1982
PLACE OF BIRTH Uzbekistan
DATE OF DEATH
PLACE OF DEATH