California man losing nine homes in mortgage mess

I figured those of you out there who dislike buy-to-let landlords would enjoy this.  I don't know who was more foolish, this man or the banks that loaned to him.

http://www.reuters.com/article/gc03/idUSN0952458820080511

LOS ANGELES (Reuters) - A California man who has defaulted on nine homes and expects banks to foreclose on all of them, forcing him into bankruptcy, says he now considers it a mistake to have invested in the real estate market.

[mod note: please on quote a small amount of the article and then link to the full]

Note to Mod:  I posted whole article as some couldn't open link

I was really hoping this was Casey Serin.  He had a crazy blog in which he lied on mortgage apps, used his wife's ss# to take out loans, claimed to be a vegetarian but ate beef from In and Out because it was high quality, didn't have a job, went on Dr. Phil.

Oh Casey, please come back. 

This guy looks like a a$$ too.  Neg-am loans?  Just because you have a high IQ doesn't mean you have any common sense.

I'd like to read it but the link isn't working for me.

I'd like to read it but the link isn't working for me.

Posted whole article

Thanks! I don't like to hear of people losing everything, especially when they have small kids, but you're right, I don't feel a lot of sympathy for someone that greedy. 

"Where I went wrong is I invested heavily in an area that wasn't my passion and I had a really demanding full-time job so I couldn't pay attention to nuances, the little indicators telling you the housing market was going soft," he said. "I was in over my head."

Yeahhhhh, that is where you went wrong.  Not because you had no idea what you were doing, were a greedy guy and were trying to screw over your fellow man by raising real estate prices.

I was really hoping this was Casey Serin.  He had a crazy blog in which he lied on mortgage apps, used his wife's ss# to take out loans, claimed to be a vegetarian but ate beef from In and Out because it was high quality, didn't have a job, went on Dr. Phil.

Oh Casey, please come back. 

This guy looks like a a$$ too.  Neg-am loans?  Just because you have a high IQ doesn't mean you have any common sense.

Actually that Casey Serin sounds smarter than this guy.  If you have no job and nothing to lose who cares if you go bankrupt because the banks will pay for your/their foolishness.

This guy had a lot to lose and did.  Greed-greed-greed.  Why couldn't he be happy with a house by the beach and $800,000 in cash from his stock options?  I can understand buying 1 or 2 investment properties but he risked it all.

I love when people say "Yeah, I knew it was a mistake, but I did it anyway".  Like they're special or something and nothing bad could possibly happen to them.

Did some stalking reasearch.  The home this guy bought cost him $451,500 back in 2000 and it is now for sale for $799,000.  Here's the website with it's listing, look for 1730 Byer Ct:

http://mylifestylesrealestate.com/residential/featuredlistings

Hawaiian style home w/4 beautiful bedrooms, 2 are master suites w/3 walk-in closets & 3.5 baths.  Brazilian hardwood flrs in lr & bedrooms,wainscotting w/chair rail, travertine flrs in kitchen & entry + vaulted ceilings.  Backyard features a waterfall spilling into koi pond, gas tiki torches & fire pit, hot tub w/gazebo & beach. 2car garage w/attic & xtra storage.

Who could possibly be happy with just that?

So if he had taken the $800,000 cash he got in 2004 he could have paid off the mortgage and still had $400,000 left over in savings to play with a property investment or two.  I'd be pretty happy to be mortgage-free with a good job and a small gamble in real estate.

P.S. You are awesome, what an even bigger a$$ than I thought.