Somebody posting on Walrus's blog mentioned that the auction for the Serin castle will take place tomorrow. We have not been able to confirm this, but apparently the requirement to post a notice doesn't extend to the requirement that it be posted in a place that is internet-accessible. The only way to get such information seems to be to subscribe to a real-estate listing service, and we're not really willing to spend that kind of money just to find out.Anybody in Sacramento willing to take a trip to the courthouse steps tomorrow to check it out and report for us?
We suspect that the auction won't actually happen. If the Serin's have a brain among them (which, we guess, they may not) and if they've managed to avoid any advice from their malignant son, they will file for bankruptcy immediately before the auction and hold off the proceedings. In foreclosure capitals like Sacramento that's taking more than a year to work through the system these days.
And that's the way things are at FalseCasey HQ, where not much is going on.
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There is a house on Dewey Drive up for auction today. It matches the publicly available information about the Serin residence, including square footage and lot size. http://www.realtytrac.com/mapsearch/mapsearch/mapsearch.aspx?address=4932%20Dewey%20Dr%2C%20Fair%20Oaks%2C%20CA%2095628&parsed=1&st=4932%20Dewey%20Dr&ct=Fair%20Oaks&cn=Sacramento%20county&zp=95628&stc=CA&lat=38.655023&lon=-121.307984#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
What's the link to "Walrus's blog " ?
I live around the corner and drive on Dewey every day. (Not stalkering; Dewey is the way to and from my house. But I have followed the snowflake saga for a while so I do pay attention.) I've seen no evidence of anybody getting ready to move. Lately the kidnap van is almost always parked in the driveway.
They filed BK.
http://zillow.foreclosure.com/search.html?ob=desc&tab=b&st=ca&cno=067&listingid=&ci=&z=&bcn=&bdn=Serin&brt=&o=dos&ps=25&pg=&pmap=true
They may have filed BK a long time ago, and the house is just getting foreclosed on now?
According to the zillow link, the entry date is January 28, 2010.
just a few days before the auction - Sweet! That'll show those evil banks.
California homestead exemption is only $75,000 for married couples. No help there. Buh-bye.
While the homestead exception isn't enough to save the house, BK can help them in other ways.
1) It buys time. In Cali these days it can take a year or more. That gets Casey's little sis through high school before they have to move. May even let her avoid a career of standing on a street corner in stilletos and a plastic skirt.
2) In a chapter 13 bankruptcy, the unsecured creditors get squeezed big time, maybe down to zero, depending on the amount of debt and the ability to repay. This actually makes it easier to work something out with the first mortgageholder who is the only one left with a real claim to something. At the very least, the negotiations can drag on a long time after the first plan is proposed. Again, see #1.
-FC
The BK filing will disclose that Casey's mom cosigned for his sweet corporate credit, which I don't think can be easily discharged. (Correct me if I'm wrong about that.) Any chance of the cosigning attracting law enforcement's attention to how the corporate credit was actually used, or is that too much to hope for?
I sincerely hope the parents -- full-blown scammers themselves, IMO -- attempt some sort of chicanery on their bankruptcy filing and are subsequently investigated for bankruptcy fraud.
I'd love to be the one investigating this family's finances; you know there has to be fraudulent shenanigans from top to bottom. Who wants to bet that Mom & Dad also defaulted on six-figures of CC debt, just like their little baby boi...
I am pleased to see that the Chapter 13 filing will remain on the parents' credit report for 10 years. So Daddy and Mommy will be respectively 62 and 56 before they'll ever get a loan again. Goodbye retirement.
Let's hope Casey's sudden lack of Internet presence reflects his being held without bail somewhere. I won't hold my breath, though.
Since the corp debt is held or guaranteed by several individuals and legal entities, including the corp itself, Casey and his parents, this filing will not discharge the debt. However, it is quite likely that it will discharge Casey's parent's responsibility for the debt or at the very least reduce their responsibility to pennies on the dollar.
However, Casey and his corp remain on the hook for the full amount until he BK's himself and the corp. He cannot legally dissolve the corp until the debt is resolved.
-FC
"However, it is quite likely that it will discharge Casey's parent's responsibility for the debt or at the very least reduce their responsibility to pennies on the dollar"
Are you certain about that? Generally speaking, when one co-signs for a loan, it is extremely difficult to discharge that debt. I think the greater concern will be how the court interprets the shenanigans of this entire 'corporation'. If I was the BK judge, I would be quite interested in how the usage of this corp's debt leverage was, for all intensive purposes, as a mechanism for simply acquiring more debt by Casey. I know he is small fries and all; but certain things need to eventually be brought to the attention of the DA.
Well, we've now seen the bankruptcy filing.
The only cosigned debt that is mentioned in it relates to the daughter, but there are some debts that seem quite consistent with what we believe Casey to have taken out.
We suppose it's possible that none of the debt was really "corporate," that as far as the banks are concerned, the debt was always the parents', and the corporation was incidental. We can't glean much information from the filing.
What we can be sure of is that the repayment plan they've offered gives zero to anybody other than the first mortgage holder. It appears that there was only one, plus some small Heloc. If the corp's debt is on the parents' plate, then they are clearly asking for court/trustee permission to ignore it along with all the other unsecured debt.
Not much more that we know or can say.
-FC
The lawyer's email is pmbankruptcy@msn.com
Guess they couldn't afford their own domain name...
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