short sale

Notice of Default posted…my roomates know

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It happened. My roommates/friends/renters know about my housing situation. They talked with someone posting a “notice of default” note on my house. I thought this might happen, but I was hoping it could be avoided with short selling the house.

I just spent an hour with the roommate I am closest too explaining the whole mess. To be honest…

I feel ten times better that they know now.

Now that its out in the open, I can stop lying about why I am selling the house and be truthful with them.

It’s still really embarrassing.

Notice of Default

I guess the guy posted the notice of default on a post outside my house, and then take a picture of it. My roommates talked to the guy and the poster advised them they should, “think about moving soon, this house is headed to foreclosure”. Great. Thanks notice of default poster man. Oh well. He’s just doing his job. I guess he crept up really creepy like to the house…probably gets yelled/shot at alot. Poor guy.
So, I’m going to write quick letter to my other two roommates to explain in short detail what has been going on and to apologize to them.

I also have some business work to do before I head off to bed…its 12:45 now, lets hope for a 2 to 3am bedtime.

Now that my roommates know, I’ll be telling my other closer friend soon. I wouldn’t want something to slip and for her to hear it from them.

This sucks, but I feel OK.

(2008 update)If you’re facing foreclosure, check out my post on how I short sold my house.

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  • http://gamingthecreditsystem.blogspot.com Gaming the Credit System

    Well, it was bound to happen sooner or later. You really should have told them first so they wouldn’t be caught off-guard like this. If you’d told them then maybe they’d be willing to help you catch up your house payments or even buy the house from you. Yes, it’s embarrassing, but it’s the truth of the situation, and it directly affects them.

  • http://www.debtkid.com debt kid

    I didn’t think it was coming for at least another month.

    “help you catch up your house payments…”?

    Are you serious? Why in the world would they do this? And they can’t afford this house. I appreciate your comment, but I have to disagree with you here. Just doesn’t make sense.

    Back to work now…

  • John

    They will understand.

  • defib

    It’s okay, man. I’m 46 now. If I told you all the things I didn’t do right since I was 23, we’d be here for hours. Yes, you should have done this, you should have done that. The important thing is that you continue to try to make it better. Good luck.

  • Kim

    I agree with John – they’ll understand. And really, you don’t have the time/energy to spend worrying about hiding this from your friends for the next few years. This way, you can get the support you deserve from your friends, too. (Not financial, but you know, encouragement).

    Hey, have you checked out: joelmaxwell.com/my-story/

    This guy had, I think, 500K in debt.

    Sorry about your house.

  • Ho Hum

    Hmm, let me guess. You want to be the next Casey Serin. So not only are you a financial failure, you’re also an anti celebrity wannabe with no originality. I wish you the obscurity and penury you richly deserve.

  • http://www.debtkid.com debt kid

    No, I don’t want to be the next Casey at all. Read my older posts. I started this just as a journal for my thoughts and track my progress. If people read it, (and i’ve gotten some good advice form some) cool, if not…I could care less. It’s just good for me to write my thoughts out.

  • http://myeastbayagent.com Andy

    You’re right about having to sneak up on a house in default. I sometimes do broker price opinions for banks and getting confronted by an angry homeowner who’s backed into a corner just because you’re doing your job is no picnic.

    Good luck with your situation. I know it sucks breaking the news to your friends, but they’ll understand and it will feel good to get that off your back.

  • HYC

    debt kid, keep it up. It’s very easy to be a Casey Serin, but you aren’t. CS will eventually become a laughing stock and a joke (if not already). Don’t pay attention to CS. CS is very good at marketing, otherwise, he’s an idiot. One impressive aspect is that you are learning to build your business. If you pull this out and be successful, you’ll be able to build quickly and roll bigger. See, you will attract people who admire good work ethics, and most investors, biz owners will be willing to do business with you. This is truly falling forward. CS, he will mostly attract the scums, wannabes and slimes. He might strike a lucky deal here and there, but he won’t amount to much.

  • http://gamingthecreditsystem.blogspot.com Gaming the Credit System

    Hey, I don’t know your roommates, but they’re already paying rent to you, right? And you say that they’re you’re friends. If paying one month’s extra rent could help you keep out of foreclosure then maybe they’d do it. Hell, I’d do it if I were living in one of my friends’ houses and paying rent way below what it really should have been and the guy was heading to foreclosure! But then I have the money to do that. Again, I obviously don’t know their situations, but if you’d been honest and talked to them about this earlier and possibly raised the rent then maybe you could have avoided this situation.

  • Living Options

    Hi Debt Kid:

    No – you are not the next Casey – for which I am thankful.

    I am concerned about your idea of living at the office for the next few months. You could be hit with some fines because of local building codes having to do with occupancy type and such. The better thing would be to find an apartment or other rental and have a roommate or two to divide expenses… Believe me, living out of your office could be a bad move.

  • http://needtobedebtfree.blogspot.com JW Thornhill

    Please don’t allow this to discourage you. You are doing everything you can to honor your agreements and avoid the easy way out with bankruptcy.

    Keep the faith. You are a great inspiration to us.

    Good Luck

  • You are the Bizzaro World Casey Serin

    key differences here…. honesty in the posts, ethically trying to resolve the situation and sacrifice in those attempts… good reads.

  • segfault

    Ho Hum,

    I don’t see how one can come to that conclusion after carefully reading and comparing Casey’s situation to Debt Kid’s. While Casey refuses to admit defeat and continues to believe he is gifted and pursues various scams (like getting more credit via a shell corporation), Debt Kid has a much firmer grasp on reality and is actually in a debt management plan and is paying down his debts. Also, Casey committed mortgage fraud. They both screwed up, but only Debt Kid is taking steps that are likely to get him out of debt.

    Debt Kid,

    Keep up the good work!

  • http://www.lessurban.com/2007/03/18/on-casey-the-dancing-monkey/ Honestly Wondering

    DK,

    I’m a regular poster on IAFF (and semi-reg on EN), and I’ve been following the Casey saga since day one.. he’s a real piece of work. You’re not him. Even now, as he’s four foreclosures down and running from loan sharks, he’s still looking for “creative” ways to turn his situation around. His latest: securing credit lines through fake corporations and flirting with penny stocks.

    This is a guy who literally told someone on a phone interview that if he couldn’t go to Starbucks, life wouldn’t be worth living. He’s a delusional, lying, narcissistic bipolar quickly trekking his way to a nervous breakdown.

    Serin’s not a good marketer at all. He’s a horrific marketer. What he *is* good at is pissing people off. He’s the dancing monkey show. I’ve got infinitely more respect for you than I’ll ever have for him.

  • Gobsmacked

    DK,
    You are NOT another Casey Serin (Thank God for that). You have a conscience, he doesn?t. You learned from your mistakes. Something that Casey will never be able to do. Now you are trying to do the honorable thing (there isn?t anything honorable about Casey). That is all that matters. As far as friends are concerned, you shouldn?t feel embarassed telling your friends. Your true friends are going to be supportive. Those who aren?t should be considered ‘acquaintances’.

    Ho Hum,
    Oh yeah I?m sure DK wants to be another Casey Serin. We all do! LOL Borrowing money and have no intention of paying ‘every dirty penny’ back, having a begathon to con people out of money and STILL trying to make money somehow without breaking a sweat is really something to strive for and be proud of.

  • Frugal One

    Hang in there Debt Kid…you’re definitely doing the right thing.

    Also as for the Casey Serin situation, you should know that apparently Casey has never lived in most of the properties he bought. In fact the first condo he flipped? Well it turns out that at one point he had a tenant in it who didn’t pay him all the rent that was due. So Casey took the guy to small claims court (which of course costs something in filing fees) then dropped the suit, and then paid the guy money to move out (which Casey says was a loan but I guess was not paid back). So that’s Casey being his usual irresponsible self.

    You Debt Kid are doing us all proud for taking responsibility for your self. Heck no, you’re no Casey and you should be very proud of that.

    Anytime you want to read more Casey horror stories (and make yourself feel better), you should check out Exurban Nation http://exurbannation.blogspot.com

    You’ve got a lot of support over there!

  • http://www.debtkid.com debt kid

    Thanks all for the comments. Still no word from the mortgage companies on approval of the short sale yet.

    I have a buyer, just waiting for approval…

  • Lost Cause

    Sorry about your house. You have nothing to be ashamed of. I lost my house, and not for a minute was I ever ashamed, because that is what I had to do to pay everybody back. You are doing the right thing. Life is not a beauty contest, where you try to look good. You just have to do the next right thing. But it is a loss, like a death in the family. But you will move on, and better things, possibly an even better house, are down the road. I hope that you are debt free soon. Nothing feels better than money in the bank, and no bills.

  • Lost Cause

    Maybe this will make you feel better.

  • http://pmspms.blogspot.com PMSPMS

    Keep at it. At 42 I’ve long since learned that nothing matters less than what your room mates think of you. I’ve gone through 3 in the last two years and mostly they’ve been good but frankly – they’re just tenants… I’ve got a golden rule though – I only rent rooms to guys named “Paul”.

  • http://www.gcproperties1.com Phillip

    Hang in there man. Making 9k a month is tough, but possible. For example, assigning a contract might do it. I have a house under contract that I could’ve assigned for 10k (or did a double closing). But I have decided to keep the house for the monthly cash flow (like always).

    After reading your situation, I’m actually rooting for you more than Casey since you’re actually actively working on getting yourself out.

    Good luck.

  • marta

    You are doing a great effort, keep on it.

    good luck

  • http://None Johnny

    HoHum,

    Have you ever heard of Karma? What goes around comes around. Becareful! I feel you have a great humbling a head of you. Have you ever heard of compassion and humility?

    I pray for you, I pray that God will humble you so that your heart isn’t so black..

    Johnny Duke

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