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$2.2 million in debt, almost nothing in the checking account, clinging to car

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$2.2 million in debt, almost nothing in the checking account, clinging to car

Old 04-28-07, 07:59 PM
  #1  
worker4youth
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$2.2 million in debt, almost nothing in the checking account, clinging to car

https://iamfacingforeclosure.com/

The guy is $2.2 million in debt, more than half of his 10 homes (!!!), all financed 100% as "investment properties", have been foreclosed. His car recently got broken into. Instead of selling his car, he recently paid $550/6 months for insurance, even as he is getting threatened legal action from unsecured debt, and is 3 months past due on his rent.

Of course, no one questions his "need" for a car.
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Old 04-28-07, 08:10 PM
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I'm pretty sure having the car really didn't contribute much to being millions of dollars in debt, provided it's all true. While they are expensive, they aren't that expensive.
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Old 04-28-07, 08:18 PM
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Id'e rather be poor and happy
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Old 04-28-07, 08:23 PM
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all he needs is a little apartment and a colnago
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Old 04-28-07, 08:30 PM
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Originally Posted by CaliBuddha
all he needs is a little apartment and a colnago
A colnago!? Are you crazy, he can't afford that.
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Old 04-28-07, 08:55 PM
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Makes me glad I work for a living.
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Old 04-28-07, 09:01 PM
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Originally Posted by CaliBuddha
all he needs is bankruptcy, a little apartment and a beater schwinn
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Old 04-28-07, 09:05 PM
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Originally Posted by worker4youth
https://iamfacingforeclosure.com/

The guy is $2.2 million in debt, more than half of his 10 homes (!!!), all financed 100% as "investment properties", have been foreclosed. His car recently got broken into. Instead of selling his car, he recently paid $550/6 months for insurance, even as he is getting threatened legal action from unsecured debt, and is 3 months past due on his rent.

Of course, no one questions his "need" for a car.
Over the years, I've met almost half a dozen people who purchased these "No Money Down" real estate courses and went bankrupt trying to fix properties. It's insane to 100% finance real property for any reason. The cash back at close is illegal because you're taking escrow money but you're never really told that. He's going to have to come up with that money.

If he were car free, it might have helped. The stupid deals he made would have been impossible to do without a car. The bicycle would have kept him honest. With a car, he was wreckless and destroyed his finances and might very well end up in jail.

Last edited by Dahon.Steve; 04-28-07 at 09:14 PM.
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Old 04-28-07, 09:08 PM
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What an idiot. If I were going to go into $2 million debt then I would invest the money somewhere in South America and then disappear. Not flush it down the toilet.

The sad thing is that this moron probably isn't going to have to pay that back. His big reward for being stupid.
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Old 04-28-07, 09:15 PM
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Originally Posted by makeinu
What an idiot. If I were going to go into $2 million debt then I would invest the money somewhere in South America and then disappear. Not flush it down the toilet.

The sad thing is that this moron probably isn't going to have to pay that back. His big reward for being stupid.
He never had 2 million to begin with. It was all paper money and he lived off the escrow.
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Old 04-28-07, 09:41 PM
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Originally Posted by Dahon.Steve
He never had 2 million to begin with. It was all paper money and he lived off the escrow.
All money is paper money, it's just a matter of liquidating it...
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Old 04-28-07, 10:30 PM
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Originally Posted by makeinu
All money is paper money, it's just a matter of liquidating it...
He couldn't liquidate because that would have required repaying the mortgages which I'm sure he was upside down.
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Old 04-29-07, 03:20 AM
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It's so nice to be debt free.
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Old 04-29-07, 04:01 AM
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Originally Posted by CommuterRun
It's so nice to be debt free.
+ 1
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Old 04-29-07, 04:39 AM
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This is what happes when people that have no idea about how a market works get into it. I shud know I been foreclosing these people for years. Although no one deserves this, this happens to thousands of people in the USA. It is because of these asses that we pay exhorbitant prices for houses that are not worth it. With this real estate downturn hopefully we will loose these irresponsible market makers !!!!
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Old 04-29-07, 12:34 PM
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Casey Serin is rather famous to those who follow the housing bubble blogs. He's not exactly a financial genius but he does seem to be pretty good at being famous. I expect him to have his own TV program someday!
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Old 04-29-07, 11:52 PM
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Casey Serin does, in fact, appear to be an idiot, and really impatient, too. If he'd done a little research, and gone more slowly, instead of buying 8 houses with nothing down virtually at the same time, he might have survived the mistakes that inevitably happen when you enter an environment you know nothing about. The thing that gets me, though, is why he'd bother to create a blog that describes his ass-kicking in excruciating detail, as if anyone beyond his friends and family actually cared. This guy is so self-involved I'd almost feel sorry for him if my flesh wasn't crawling so much.

BTW, I agree with lyeinyoureye that cars have little or nothing to do with the mess this guy is in.
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Old 04-30-07, 05:45 AM
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Originally Posted by CommuterRun
It's so nice to be debt free.
+2
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Old 04-30-07, 06:26 AM
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Originally Posted by CommuterRun
It's so nice to be debt free.
Preach on!
I've never had debt and couldn't be happier.
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Old 04-30-07, 06:41 AM
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Originally Posted by CommuterRun
It's so nice to be debt free.
+3

I'm also "poor" and happy.

("Poor" is an attitude, not a sum.)

We also have a small apartment with a Colnago in it.
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Old 04-30-07, 07:29 AM
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Originally Posted by CommuterRun
It's so nice to be debt free.
+4

same here though I almost had a student loan debt that thankfully my mom decided to use the money that she was gonna give me after college to pay that off.
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Old 04-30-07, 11:55 AM
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Originally Posted by Miguelangel
This is what happes when people that have no idea about how a market works get into it. I shud know I been foreclosing these people for years. Although no one deserves this, this happens to thousands of people in the USA. It is because of these asses that we pay exhorbitant prices for houses that are not worth it. With this real estate downturn hopefully we will loose these irresponsible market makers !!!!
Please, don't forget about all these lending agencies that have been giving loans to people who clearly shouldn't be approved. They're as much at fault now as the person taking out the loan.
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Old 04-30-07, 12:04 PM
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all he needs is an apartment. a fixie, a shower, and a beer.
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Old 04-30-07, 12:25 PM
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Originally Posted by Dahon.Steve
He couldn't liquidate because that would have required repaying the mortgages which I'm sure he was upside down.
He could have flipped the houses for half of what he borrowed and walked with a cool 1.1 million.

Of course then he'd be a criminal. Instead he's just an idiot, which apparently isn't a crime since he'll remain a free man and the lenders still won't get their money back.
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Old 05-03-07, 09:20 AM
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Originally Posted by Curiouswill
+4

same here though I almost had a student loan debt that thankfully my mom decided to use the money that she was gonna give me after college to pay that off.
I'll be debt free next month, other than student loans. Pulling myself out of the credit card debt of my youth at the moment, which is exciting, but the massive student loans still loom. I'm thinking of leaving them to my children.
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