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Casey Serin and iamfacingforeclosure.com
So it has come to my attention that some time recently, a kid named Casey Serin had to take down his site iamfacingforeclosure.com. Of course, this site is not really about foreclosure itself, so I don’t have a whole lot to say about it. What I DO think is worth commenting on is how rampant the misuderstanding of real estate investment is.
Casey got himself into trouble by getting “liar-loans” and taking cash back to try to successfully flip properties somewhere out in California. Now, we can debate the ethics of all of this up and down, but that task has been pretty extensively taken care of by the blogosphere already. What I think is more interesting though, is that the reason Casey got himself into this trouble (at least according to his account), was mostly because he didn’t really understand what he was doing when he got into real estate investment. He didn’t know the rules. He didnt’ know WHY the rules were there. He didn’t (and perhaps still doesn’t) understand fully how his actions affect the rest of us out here in the world, and MOST disturbingly, he’s NOT ALONE. Most people don’t understand how the real estate finance world all fits together and yet the single largest investment that most people will make in their lifetime is their house. How do we live with ourselves without teaching people this information? As far as I’m concerned, this is just as important (if not more moreso) as teaching US History, Biology, and all manner of other topics to our kids when they’re young. If the rampant misinformation and misunderstanding of real estate causes a disturbance in the real estate market (anyone heard of the bubble, or the sub-prime market?), we are ALL on the hook for it. One of the primary objectives of public education is to provide a level of understanding to our populace that keeps us from being screwed by the mistakes of the ignorant. My question isn’t ‘why did this kid do this?,” it’s “why didn’t we teach this kid properly to prevent it from happening?”
End rant.
Anyway, the point of this blog is provide FREE, PUBLICLY ACCESSIBLE information about real esate and the ‘mystical’ process of foreclosure. So, should you have any questions and want a straight answer without someone try to sell you something, send me an email aaron[at]whatiknowaboutforeclosure[dot]com. I will put up a Q&A post every so often to answer your questions.