The Half a Million Dollars Home Raffle

by Osman Parvez


Remember Casey Serin?

He's that 24 year old kid who lied on his mortgage applications and ended up $2 million in the hole buying investment properties. He realized he was in over his head and had to try and get out of the mess he created, he started a blog a few weeks ago. It's called iamfacingforeclosure.com and he's using it to publicize his situation and document his efforts.

Now Casey's got a new trick up his sleeve. He's planning to setup a raffle for one of his $500,000 houses.

While I don't approve of his complete disregard for ethics or law by lying on his mortgage applications, I have to hand it to the kid. He's pretty clever. His blog is getting traffic. He's also gotten a great deal of coverage from other bloggers (including me), radio stations, and the mainstream media (MSM). I think we'll be watching him on Oprah soon. Can he pull off raffling one of his houses?

Maybe. At $50/ticket he's got to sell at least 10,000 tickets to pay off the 100% financed loan.

Do I trust him enough to send him a $50 check? Not on your life. But he knows his credibility is shot and he's looking into a third party escrow company to hold the funds. Stay tuned...


Image: Casey Serin




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