Facing foreclosure site finally sold off

Written by Mike

Topics: Realestate, Websites

Casey Serin formally of iamfacingforeclosure.com has sold off his domain for $50,000. He did have one offer at one stage of $20,000 and a share of future revenues but he didn’t go through with that deal. The content was not included in the transaction, making it a fairly decent sale for just a domain. It will be interesting to see if the owner can maintain page one for foreclosure.

Casey bought eight properties all with 100 per cent financing in the space of a year and attempted to flip them for a profit. Unfortunately for him the market turned and he was not able to sell the properties, even to break even. At close of most purchases he took out equity in the properties and used the cash to finance renovations and sometimes personal expenses.

He overstated his income from his job and said that he would be living in the properties. Australia is the same as the US in that interest charges are different for investment properties. It is for these factors that, now he is under investigation by the FBI, although no charges have been laid.

I got right into the story downloading all of the podcasts. Casey managed to draw a huge following of mostly “Haterz” and even built up a whole new vocabulary and a bunch of colloquialisms. The caseyhaterz forum which sprung up pretty late in the picture, has hundreds of members and thousands of threads focused solely on Casey’s story.

I don’t know what the moral of the story is, but if you commit any type of fraud it is probably not a good idea to blog about it.

3 Comments Comments For This Post I'd Love to Hear Yours!

  1. soundofgold says:

    I somehow cant help but feel sorry for that guy. I have not been keeping up with this story as much, but from what I can gather its just a case of one naive person trying to have a go.

    However the world of money is unforgiving and being naive and uninformed can yield long lasting personal and financial disasters.

    Hopefully at lots of similarly less experienced is watching and learning this hard lesson.

  2. Claire says:

    Don’t feel too bad for him soundofgold. He got people to give him all kinds of money which he promptly wasted and never repaid. He used the money to take trips, eat high on the hog, and buy penny stock. He didn’t feel bad when his wife had to work two jobs to pay his debts. He got a ton of good-natured people, like yourself, who gave him good advice and told him to stop blogging his misdeeds early on and he called them haterz. He couldn’t do it because the fame thing turned his head. They warned him he had committed fraud but he didn’t want to face the facts of what he had done. So, he blog himself into admitting all his crimes and the FBI is now on his tail. He then sold his blog and we still don’t know how much will end up going towards debt and how much his wife will be left to foot the bill. He is so far behind karmically, it will take him multiple lives to pay it all off. He thought he knew better than everyone and the law couldn’t touch him. I think it’s just that he find out you can’t go around screwing people left and right just because you want to make a fast buck. Imagine what he would have been like if he had succeeded? Completely and hopelessly arrogant. Therefore, this is by far the best solution for his soul’s growth. It’s rough and it sucks, but I doubt the lenders or the market had anything to do with the bed he’s now lying in. This was completely a self-destructive one-man show. It’s hard, in my mind, to feel sorry for someone that was warned over and over and over and over again and given great advice on how to make things even. Each time he chose to only follow what inflated his own sense of self-importance and bank account and to heck with anyone else he promised something to, signed a contract with, or co-signed a loan with. That most definitely included all his close family members. The only bright spot in this whole saga was that his wife left before she had a kid with him. That would have been a true tragedy.

  3. Johnny says:

    Good Luck in the thirty day challenge from another participant

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