Property Crossroads - Real Estate Info

I am Facing Foreclosure is officially over! (again)

by Maricel Ferrer-Custodio on July 12th, 2007

Casey Serin the infamous "Foreclosure poster boy" and said to be "most hated blogger" in the world had decided once again to close his blog for good by August 3, 2007.

You can read all about the drama here, here and here.

The ending of his public life was not a "happily ever after" story:

• He has a lawsuit to settle.
• He is assigning his rights to his book.
• He has to cooperate to an FBI Investigation
• He is currently not welcome at home.
• He has to win back his wife
• He has to let go of his dream to have a passive income from real estate
• He will forego his desire to set-up a business
• He has to settle several hundred thousand dollars in debt.
• His blog domain, his major source of income for now…will only sell for $20,000 + 50% income for one year

But in the end, he has his faith and belief that things will be better.  He had set his priorities and pledged his commitment to those priorities. 

But, if someone in a similar situation would ask for my advise…I think he was hasty and too emotional with his decisions.  As I have written before, "Set your emotions straight…is the first step to  real estate success" (even if it has nothing to do with real estate).

When we are emotional, we can’t think straight. We tend to make decisions that we will regret later on.  It doesn’t even allow us to make a calculated guess, everything relies on what we feel for the moment. 

In Casey’s case, he gave up everything for his wife.  I’m not saying he shouldn’t.  It’s just that he did everything in blind faith, that if he gave in to what his wife expects of him, everything will be ok.  For his sake, I just hope it would. However, a lot had happened and some are even irreparable.  They both had a bad start financially.  A W2 job would give them a stable income, but it would not give them a sense of financial security, considering their situation right now.

A lot of those facing foreclosure are in a less worse situation than Casey.  They may even have W2 jobs.  However, the problem is not in having a stable income, but how to stretch that income to meet their mortgage payments, household expenses and other financial obligations.  Casey having a W2 job, is just the tip of the iceberg of a temporary relief for his situation.

In my opinion, he was a bit impulsive to set aside his other potential sources of income.  With a bit of time management, he could have juggled everything with a W2 job.  A lot of bloggers are not full time in their blogging, but they still manage.  He should have chosen to turn around his blog, from a personal one to a foreclosure business blog.  He is starting to do it, but he totally scraped off the idea before he was able to successfully do it.

Anyway, I still wish him all the best.  I cannot totally blame him for his decisions.  He is in such an emotional state to make the best decisions.  May his faith, belief and determination be a driving force for him to succeed in the path he has chosen.

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POSTED IN: Foreclosed Properties, Insights and Commentaries