$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
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.
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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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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Id'e rather be poor and happy
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Originally Posted by CaliBuddha
all he needs is a little apartment and a colnago
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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.
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.
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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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.
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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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.
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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Originally Posted by Dahon.Steve
He never had 2 million to begin with. It was all paper money and he lived off the escrow.
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Originally Posted by makeinu
All money is paper money, it's just a matter of liquidating it...
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Originally Posted by CommuterRun
It's so nice to be debt free.
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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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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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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.
BTW, I agree with lyeinyoureye that cars have little or nothing to do with the mess this guy is in.
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Originally Posted by CommuterRun
It's so nice to be debt free.
#20
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Originally Posted by CommuterRun
It's so nice to be debt free.
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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Originally Posted by CommuterRun
It's so nice to be debt free.
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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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 !!!!
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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.
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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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.
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.