Bad real estate deals come between 'f...

Bad real estate deals come between 'friends'

There are 79 comments on the Newsday story from Jun 17, 2007, titled Bad real estate deals come between 'friends'. In it, Newsday reports that:

Narendra Shah, a candy shop owner in Woodside, said he always considered his faith very important, so when he learned there was a Plainview organization devoted to Jainism, an Indian religion dedicated to ...

Join the discussion below, or Read more at Newsday.

Greg

Brooklyn, NY

#48 Jun 18, 2007
This is definately a well orchestraed and executed scam that Nayana Shah carried out. Her target clients are uneducated, hard working, people who survive paycheck to paycheck. As a result, she took advantage of that fact and made money off of every transaction. Knowing that her clients will believe anything she tells them due to her influence in the community and the clients lack of knowledge, she trapped them in her web of schemes. As the parties involved caught onto her plans she conveniently files for bankruptcy to avoid any repercussion. If you check her bank records in the past year you will find that she transfered over all her assets to a close family member, thus allowing her to file for chapter 11.
Dot heads

Newark, NJ

#49 Jun 18, 2007
Go back to your own damn country !! We've supported you people FOR WAY TOO LONG !!
cmon now people

United States

#50 Jun 18, 2007
Greg wrote:
If you check her bank records in the past year you will find that she transfered over all her assets to a close family member, thus allowing her to file for chapter 11.
How come the bankruptcy court let her get away with this?
cmon now people

United States

#51 Jun 18, 2007
Dot heads wrote:
Go back to your own damn country !! We've supported you people FOR WAY TOO LONG !!
Actually "dot heads" are probably the least likely to end up on welfare of all the immigrants!!!!
DED

AOL

#52 Jun 18, 2007
baseball fan wrote:
If he gave her money to make the payments, and she didn't, isn't that theft?
No it is stupidity. Unless there was an agreement in writing and witnessed. He got royally screwed!
DED

AOL

#53 Jun 18, 2007
General Zod wrote:
I wish they would take that ugly photo of her off the front page of the site. That smile can scare a grown man.
I first thought it was that man-beast from Muttontown....
Dan

East Meadow, NY

#54 Jun 19, 2007
Dumb ASSES
Cracker

Katonah, NY

#55 Jun 19, 2007
No Name wrote:
Please do not go against Indians. One bad apple does not make the whole batch bad. This kind of issue can be applied to any one. Religion and ethnic group should not be targeted due to an individual. If you are a mature adult then please think before you speak against someone.
We don't need no stinking mature adults! HAHAHA
Cracker

Katonah, NY

#56 Jun 19, 2007
Hmmm wrote:
Why would any responsible lender give someone with an income of $ 50,000 two mortgages totalling $ 660,000, with monthly payments of $ 6,700? It looks like there were a lot of greedy and shady characters involved in these deals! Some of these mortgage brokers offer "no asset or income verification loans" to those who don't qualify for normal loans, at much higher interest rates. These types of loans are also popular with those who don't want anyone to know how much they make, including criminals trying to launder illegal proceeds. These loans should be banned, and all loans should be regulated and audited, so that people who can't afford them don't get them, and subsequently default on the loans.
Obviously, bribes were paid. Hold your breath waiting for some hard-hitting investigative reporting from PolitcallycorrectDay.
GARY

Bayonne, NJ

#57 Jun 20, 2007
Patel wrote:
I remember this agent. She was with Century 21 Laffey and then All- Stars realty. She was very pushy, and seemed to make up facts about the house she tried to sell. Her Mortgage broker Louis Scavone was very shady. She was getting a referall fee and so was her broker. They offered to share it. I'm not surprised at all.
YOU MUST NOT REALLY KNOW LOUIS SCAVONE! HE IS A STRAIGHT UP MAN THAT KNOWS WHAT HE IS DOING. I AM SURE YOU HAVE NOT WORKED WITH HIM IN THE PAST, BECAUSE HE DID MY MORTGAGE FOR ME HERE IN NY AND I AM VERY HAPPY WITH THE SERVICE HE PROVIDED FOR US.I AM SURE HE IS NOT MIXED UP WITH THAT SCAM WOMAN
johnny bronx

Bayonne, NJ

#58 Jun 20, 2007
i will tell you one thing this whole situation is miserable for those people. but you can see that the whole scam was with the realtor and not the mortgage broker.sounds like he just gave the deal to the bank and the bank gave the money.i dont know that east coast company but i dont think they did anything wrong.
RICHIE

Bayonne, NJ

#59 Jun 20, 2007
Dan wrote:
Dumb ASSES
yea those people are stupid. afetr reading the artical i dont think the mortgage was involved
charles

Bayonne, NJ

#60 Jun 20, 2007
I remember this agent. She was with Century 21 Laffey and then All- Stars realty. She was very pushy, and seemed to make up facts about the house she tried to sell. Her Mortgage broker Louis Scavone was very shady. She was getting a referall fee and so was her broker. They offered to share it. I'm not surprised at all.]

For you to say things are done shaddy and louis scavone is shaddy is terrible i have done a lot of business with louis and other employees at east coast capital both in hauppauge and in the corp office and never had a problem i think you should read the article better and relize it was all on the nina lady. Bottom line is all information is disclosed at the closing. I guess the next thing you will say is all the people that got screwed were held down and forced to sign.
Niquie from Huntington

United States

#61 Jun 20, 2007
Well, they're all stupid for being so nieve and believing that what they were doing was legal. If you know you make $50,000 a year, why in the hell would you even be interested in a house worth $660,000? That's what happens when your an idiot in these days and times.
She should go to jail and the others should get a nice backhand slap with some baby powder...LMFAO!
Broker to Broker

Hempstead, NY

#62 Jun 20, 2007
WOW!!! is all i have to say. some people just jump the gun and say what ever they feel. if in fact the mortgage company did something wrong it would have been plastered all over the place. brokers as well as bankers deal with hundreds of real estate agents and what they tell THERE CLIENTS we will never know. They bring in deals with all the documentation and we see if in fact if theres a program for them, if so THE BANK supplies the money and ATTORNEYS close the loan. In no way shape or form does any of this fall on the MTGE COMPANY. Ive done plenty of deals with both offices of east coast capital and never had a problem.. as a matter of fact they told me that they cant do a deal i had cause knowing the facts of the client it just wasnt the right move at that time, and it was a big loan with a large commission for the broker and mtge company. NINA is just another bad agent. they are everywhere.. buyer beware!!
john doe

Englewood, CO

#63 Jun 20, 2007
I have been working with Mr. scavone on my last two houses, he has always been up front and honest with me as to which banks will give me the best programs and how my loans will benefit me for the future. I am sure that he was not involved in any of this. My wife and I have had nothing but a great experience with Louis and East Coast Capital..
Observer

North Brunswick, NJ

#64 Jun 20, 2007
The whole thing boils down to greed. No one with a $50,000 income can expect to support a house costing $660,000, nor a mortgage payment of $6,700 a month! It's that simple! No one, let along a candy store owner, is that gullible. It's easy for him to blame her, but he went for it - hook, line and sinker! The house was hers to start with. If you reach for the brass ring with a "no income check" deal you KNOW you're in over your head.
The Thinker

Brooklyn, NY

#65 Jun 20, 2007
Oh PLEASE! She probably believed every word of what she was saying when she said that the property would soar in value and they could cover the mortgage payments with an equity loan. If housing values had continued to skyrocket then she would have been right. I am willing to give her the benefit of the doubt and call her stupid rather than dishonest. After all, these real estate agents seemed to believe the BS they were pushing, thats why so many of them were buying houses to flip themselves.
nina shah

New York, NY

#66 Jun 22, 2007
Rajni Sanghvi one of the world greatest greedy man of the world and money minded I don't think so he spent any money for anybody.he is mean,crual like crualla (101 Dalmation). He does not have sense of humor.
nina shah

New York, NY

#67 Jun 22, 2007
Rajni Sanghvi liked nina shah and he wanted to marry her and may be nina refused him that's why he wanted to blackmail her.He wanted her all property and money from her.

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