CASEY SERIN

'Casey Konstantin Serin' (born September 101982 in Tashkent, Uzbekistan) is a 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, 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]

Contents

Background

Blog, and media attention

Attempts to resolve debt situation

Current status

Blog Closure

Foreclosure book

Legal Trouble

Properties previously owned by Serin

External links

References

Background

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'', National Public Radio,^[18]
''New York'' magazine^[19],
the ''San Francisco Chronicle'',^[20], ''The Economist'',^[21] ''The Suze Orman Show'' ^[22][23], 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."^[24] 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.
^[25]
Casey's blog had an "enthusiastic -- if unrelentingly critical -- audience known as 'haterz'."^[26] Jon Ronson recently interviewed Casey with his trademark wit on BBC Radio.^[6] While in Australia, Casey Serin appeared on Top Shelf Radio with Robbie Buck^[28].
The official I am facing Foreclosure Theme song received 400 plays in one day during serins rise to fame. A small example of his cult like status among bloggers.Official IAFF Theme Song

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. ^[29]
Serin also established two real estate websites in early 2007: ablebuyer.com^[30] and buyingapartmentbuildings.com,^[31] though the second address currently directs visitors to the first.
Serin now owns a corporation.^[32]

Current status

Serin created an online financial statement, summarizing his budget and net worth.^[33] This was last modified on January 292007, 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.^[34]
On June 11, 2007, Serin went to Australia, leaving his wife in Sacramento^[35][36] 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.^[37]
Throughout 2007, Serin has hosted semi-monthly talkcasts where he speaks to callers about personal and financial matters.^[38].

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^[39].

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.^[40] The self-published book, named ''The Foreclosure Code: My Bubble Burst! How I Purchased and Lost $2.2 MILLION in Real Estate,'' is scheduled for release in Fall 2007.^[41] According to the book's website www.foreclosurecode.com, Serin's numerous violations of the joint venture agreement nullify his rights to the work.

Legal Trouble

According to Sacramento County Courthouse documents available online, Casey Serin was sued on July 3rd, 2007 by Mark Villaseñor, a loss mitigation professional doing business as Queuetrac Information Systems, who recently had a business relationship with Serin.^[42]

Properties previously owned by Serin

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[43]	$360,000
1-3-2006	6842 Burdett Way, Sacramento, CA, 95823	039-0227-001-0000	$295,000	Foreclosed	<$247,500[44]	$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[45]	$180,167
5-4-2006	9524 Angleridge Road, Dallas, TX, 75238	00000792898000000	$269,600	Foreclosed[46]	$211,222	$227,970

★ Sales Prices can be verified by either using Zillow.com or RealEstateABC.com. Assessed Value found using County Assessors Office, where available: SAC (http://assessorparcelviewer.saccounty.net), DALLAS (http://www.dallascad.org/), ALB (http://www.bernco.gov/property/) UTAH (http://www.utahcountyonline.org/Dept/Record/LandRecordsandMaps/WebAccess.asp)

External links

★ I am Facing Foreclosure blog

★ official website

★ Foreclosure book website

References

1.
10 mistakes that made flipping a flop

2. (Type in Serin Casey) Dallas County Record 200600425251
3. Foreclosure: When Will Casey Serin Pay ...
4. Hated Blogger Leaves US McCullagh, Declan
5. Blogger learns how to monetise hate Hutcheon, Stephen
6. Jon Ronson On... Ronson, Jon
7. I Am Facing Foreclosure Serin, Casey
8. ABC News: Housing Bubble Bursts for Investor ABC News
9. Facing Foreclosure Video Segment on Nightline
10. Facing Foreclosure Video Segment on Nightline
11. America's Housing Market:Cracks in the façade
12. Homeowners stuck as lenders cinch standards
13. My Life is an Open Blog
14. Truth or Consequence
15. Central Valley Man Poster Child Of Mortgage Crisis
16. From the Top: April
17. As bubble sags, market critics are busting out

18. Loose Credit Standards Boost Real Estate Woes
19. Say Everything
20.
No spin is used as blog describes downward spiral

21. "America's Housing Market"
22. Facing Foreclosure
23. Facing Foreclosure Video Segment on Suze Orman Show
24. 24 Years Old, Million in the Hole
25. The World's Most Hated Blogger?
26. Say It Isn't So: Casey Serin, Foreclosure Blogger, Closes His Blog
27. Jon Ronson On... Ronson, Jon
28. Top Shelf Radio, Triple J Buck, Robbie
29. Facing Foreclosure
30.
AbleBuyer.com: Investing for Passive Income via Business, Real Estate, Paper and Commodities. Serin, Casey

31.
buyingapartmentbuildings.com Serin, Casey

32. California Secretary of State Serin, Casey
33. Casey Serin - Financial Statement Serin, Casey
34. Notorious debtor Casey Serin shuts down blog McCullagh, Declan
35. Australia and Idiot Haterz Serin, Casey
36. Interviewing Serin, the blogger people love to hate CNET News.com Staff
37. A flop as a 'flipper,' he seeks a real job Shallit, Bob
38. IamFacingForeclosure.com Talkshoe Talkshoe
39. "FacingForeclosure" blogger sells his site Bob Shallit - Sacramento Bee
40. Hated blogger leaves US CNET News.com Staff
41. Blogger's book has a barrel of red ink Shallit, Bob
42. Court Record Sacramento Superior Court
43. Free 8289 Calla Way Home Value
44. Free 6842 Burdett Way Home Value
45. Free 6500 Larchmont Dr Home Value
46. (Type in Serin Casey) Dallas County Record 75K down payment 200600425251