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Casey "Real Estate" Serin fucks it up - again!

Casey "Real Estate" Serin fucks it up - again!

But… considering this is the Serin Family Home, I can hold back my tears.

The Serins filed Chapter 13

The Serins filed Chapter 13

 

Apparently, though, those zany Uzbeki scammers aren’t giving up what they stole without a fair fight. They filed for Chapter 13. Meaning:

Citrus Heights Chapter 13 Lawyer

Foreclosure Options in Chapter 13 Bankruptcy

Filing for Chapter 13 bankruptcy does not mean you will lose your home. One reason many homeowners select Chapter 13 is so that they can save their homes.

Even if your home mortgage is in the foreclosure process, filing for Chapter 13 bankruptcy can stop the process and give you time to decide whether you are able to keep your home.

As soon as you file for Chapter 13 bankruptcy, you will have automatic stay protection. This means that no matter where you are in the foreclosure process, all actions will stop while you and your lawyer sort out the details of your bankruptcy. Even if your home is about to be sold, the sale will be stopped.

You may be able to negotiate more favorable terms with the lender.

Banks and mortgage companies would rather not own your property — especially in today’s depressed real estate market.

You may be able to arrange a payment plan for your mortgage arrears and make it part of your debt reorganization plan. You could also negotiate with the bank for more favorable terms on your mortgage. Make sure your lawyer reviews any documents before you sign them.

In a Chapter 13 bankruptcy, you may also have the option of lien stripping. If your first mortgage is the same or more than your home’s value, the second mortgage is unsecured debt and can be stripped from the mortgage. This can happen in a market where home values are declining.

Here’s hope the Serins listen to their craziest son, so they lose their home as soon as possible.

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Comments on: "It’s always sad when a family loses its home…" (28)

  1. Homosexual Con Artist said:

    Here’s hoping the parents are prosecuted for bankruptcy fraud.

    Here’s also hoping that Casey’s finances are co-mingled into the Chapter 13 Filing, due to Mommy’s moronic decision to co-sign for corporate credit. The bankruptcy judge needs to take a hard look at these scammers.

    In any event, it is oddly satisfying to think that in all likehihood, neither one of Casey’s parents will ever be able to retire. They’ve earned the hardship ten-fold.

  2. palestine4ever said:

    So since Casey took down Island2012, he’s been sued and his parents foreclosed. Is this awesome? [ x ] yes [ ] no

    I’m sure though that he’s letting them worry about his collateral damage. Spring will soon be upon us, and the Mexican gardener van is primed for another trip to Yankeejimland.

  3. P4E,

    Who was Casey sued by?

  4. Homosexual Con Artist said:

    Who was Casey sued by?

    U.S. Bank, the institution that issued his corporate credit card. The amount being sued for was a bit over $5,000 … but you can bet the total amount the gay scammer defaulted on was much higher.

  5. Grr, that’s right. I’m losing track of all the twists and turns of this saga.

  6. Stay tuned for more awesome stuff on the matter.

  7. IsleBight said:

    I’ve just looked through the bankruptcy filing. The parents’ main debt appears to be a mortgage that is 132K larger than their house is worth, plus an additional 146k in other unsecured debt. Neither mom nor dad is out of work – combined income of $8,000 per month – and both seem to have adequate health insurance. So none of the obvious red flags apply and I can only conclude they’ve simply borrowed and spent their way into more than a quarter million in debt. Sheesh, what a family of losers.

  8. Where did the money go? The house didn’t look all that nice. From the pics we’ve seen over the years all the normal signs of extravagant spending weren’t there.

    Also, on page 30 of the bankruptcy filing it looks like the daughter may be married.

    • Homosexual Con Artist said:

      Mister B, see my response on the FalseCasey blog… the youngest daughter is not married, and the extravagance (where did all the money go?) isn’t that hard to imagine.

      • CS:CSA,

        I saw your posts. Thanks for correcting me. I’m trying to study and stay current on the Caseysphere at the same time.

        Margarita looks to be as careless with money as Casey. 5K in CC debt? At age 17? Plus 16K of student loan debt? Unbelievable.

      • IsleBight said:

        I don’t think it’s really possible to guess how the parents spent the money, since they’ve never gone public. If they’re like Casey, they most likely “invested” the money in crazy get-rich-quick schemes rather than in living an extravagant life style.

  9. IsleBight said:

    Another telling tidbit is that the Serin’s bought their house in June, 2002 for $194,000 and that its current estimated value is $220,000. If they had simply made regular payments on their original mortage and resisted the urge to use their house as an ATM, they would now have tens of thousands in equity rather than being $133,000 under water.

  10. IsleBight :I don’t think it’s really possible to guess how the parents spent the money, since they’ve never gone public. If they’re like Casey, they most likely “invested” the money in crazy get-rich-quick schemes rather than in living an extravagant life style.

    Yep, it’s pure speculation. But it’s also fun to watch in a train-wreck sort of way.

    My guess is that they’re incredibly overindulgent with the children.

  11. Homosexual Con Artist said:

    If they’re like Casey, they most likely “invested” the money in crazy get-rich-quick schemes rather than in living an extravagant life style.

    You may be right, but I lean towards a lot of it being spent on luxuries for the kids and themselves. Cases in point: Steve’s [brand new] jet-ski. The family’s large LCD TV. The German Shepherd Simba (that’s a couple thousand a year there). The new laptops, video cameras, and whatnot that Casey always seemed to have despite earning close to zero.

    One of the cards listed in the filing is a Nordstrom’s store card with a $5000 unpaid balance. Nordstrom. FIVE THOUSAND DOLLARS. That says it all right there. Luxury items and clothes for Mommy and her special girls (included Casey, the girliest of them all). :-p

  12. It takes two to tango. Yes the Serins are scum for running up a mountain of debt they can never pay off. But their lenders are even worse.

    I wonder how much of this is actually dischargeable. If you run up cc debt prior to bankruptcy the judge could see it as fraud.

  13. palestine4ever said:

    Monthly income: $8000.
    Monthly mortgage payment: $1922.
    Charitable contributions: $900.
    Awesomeness: over 9000.

    Let me explain something that people without some background in the Former Soviet Union might not understand. There’s a very specific term for what the Serins are: “sovok”. Literally, it means “trash can” or “rubbish bin”. During the 1990s, it came to mean remnants of homo sovieticus, the small-minded and mean that lived for a pension and a bottle of vodka and discounted train fare for daughters of Heroes of the Soviet Union.

    The Serins came to this country. Outside of this “Miracle of Touch” massage business, it appears they’ve been quite satisfied as immigrants to seek employment in the warm embrace of the state. They praise their Red Jeebus and live in total contradiction to it. Their excuse is always going to be the same: everyone was doing it, and why be the sucker that gets left behind? Meanwhile, your tax dollars are subsidizing these wacktards with jobs that frankly are intended these days to subsidize the functionally literate but mentally deficient.

    What is the cost of the Serins immigrating to this country? In the final tally his son coast the somewhere between $700k and $2.2m. The Serins appear to be weaseling out of hundreds of thousands of dollars in bad mortgage and credit card debt. And for the honor of this, the state pays them salaries far above both the poverty line and their true worth.

    Two of their kids have gone into the military — a fine example of service, but as anyone who studies global economics can tell you, also a means of welfare.

    These people are sovoks, they just transferred their parasitical nature from the Communist state to an economy of quick rich schemes. Like James Marks said on Steve’s blog, deport the lot of them. Nothing of value would be lost.

  14. It is ironic about the oldest daugher who went and got a Mickey Mouse degree and a load of student debt, now makes cakes for a living. If she instead had gotten a real education as a pâtissier, she could potentially make a career out of it.
    It wouldn’t surprise me if her ‘plan’ was to marry someone rich.

    Casey also wasted money on scaminars that could have bought him a real education.

  15. IsleBight said:

    I wonder whether the Serins intend to make a good faith effort to comply with their repayment plan. It’s also possible they just want to delay the foreclosure auction. But completing the chapter 13 has big advantages. They would discharge their unsecured debt for only about 15 cents on the dollar and could remain in their home indefinitely. The biggest disadvantage is that they apparently would be stuck with mortgage debt that greatly exceeds the value of their house.

  16. IsleBight said:

    Sorry, I misread the provisions of the payment plan. The Serins are proposing a monthly payment of $2700 for five years. I originally thought that $375 of this would go to the unsecured creditors, but that amount is actually an administrative fee that would go to the trustee. The way they came up with $2700 per month appears to be the sum of their $1922 mortgage payment, a $100 late fee, the $375 administrative fee, and about $300 per month to gradually eliminate the $20k they are currently behind on their mortgage.

    So by sticking to this plan for five years, the Serins would be caught up on their mortgage and and all their other debt would be discharged at zero cost. Great deal for the Serins, not so good for their creditors.

    • Homosexual Con Artist said:

      The way they came up with $2700 per month

      Like you said, they’d only be current on the mortgage after the full 5 years of the repayment plan. The plan also specifies that neither of the parents can take on more than $1000 in new debt without the court’s approval. What do you think the likelihood is of the Serin parents lasting 5 years, sticking to the plan, without the ability to scam credit lines from lenders? Even if both parents are working, I say odds are less than 5-to-1.

      All it’s going to take is for one of the parents to lose their cushy state jobs, and the family will be fucked.

      • IsleBight said:

        You could very well be right. To me one of the most discouraging things about Casey has always been his utter inability to learn from his mistakes and make smarter decisions the next time around. The parental units may be similarly challenged.

  17. IsleBight said:

    It also appears that they want the bankruptcy court to discharge as unsecured debt the $133k that their mortgage exceeds the value of their house. Pretty sweet deal for the Serins, if it actually happens.

  18. Being a victim of the Freedom Club Usa scam, I can see the logic behind Caseys decicions. Surprisingly, this story is VERY COMMON among its members. What happens is, the directors at the top tell everyone that millions of dollars are around the corner, they are just putting in the last pieces. So, people like Casey make irresponsible decisions because they think all this money is coming their way.

    There are scam sites and blogs out there that can provide more detail about how they lure you in. Trust me, its not fun to lose your house…but its even less fun to lose thousands of dollars to a scam.

  19. Hehe, I go away and come back and look what happens. Man oh man this is gonna be interesting.

  20. Hey Dolph, nice to have you back. You were missed.

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