San Jose Mercury News – S.J. condo `buyer’ faces ruined credit in questionable deal
In a written complaint to the San Jose Police Department on Jan. 29, Singh reported that he agreed with two Su Casa agents, Natrian Maxwell and Felipe Neri, to accept $2,500 for “signing
a house under my name” last May while working at Century 21 Su Casa’s Fremont branch office. He told police he was promised that his name would be removed from the property a month or two later, that the home would be transferred to the real estate company and that they would be “responsible for everything.”
Public records show that Singh bought a condo on Saddle Rack Street in San Jose in May 2006, borrowing the full purchase amount of $579,000 from a subprime lender, Fremont Investment & Loan. His initial payments were to be $4,780 a month.
He paid $30,000 over the asking price, according to the listing agent’s Web site and real estate records.
The deal generated $28,950 in commissions for Century 21 Su Casa, according to Singh’s settlement statement. The statement also listed a $20,000 payment from the seller for repairs to the 2-year-old condo.
Singh said in an interview that he only dealt directly with his boss, Maxwell, throughout the transaction. Real estate documents indicate that Maxwell was the agent on the deal.
Singh’s loan application, prepared by Mariposa Mortgage, claims he is 20 years older than he is, earns $12,500 a month as “co-owner/manager” of Neri’s Transportation Services in Newark, a job he supposedly held for 2 1/2 years, has $24,000 in a savings account, $8,500 worth of jewelry and $19,000 in other assets and drives a Toyota Tundra truck worth $37,000.
Singh said that after asking Fremont Investment & Loan for the documents, he was surprised to see those claims on the loan application, though he signed it at the time.
“I’m like, God, I don’t have any of this. And $24,000 in my account? That’s completely insane,” Singh said in an interview. He said he had never heard of Neri’s Transportation. State records show the president of Neri’s Transportation Inc. of Newark is Felipe Neri.
Foreclosed on in March, Singh’s condo is for sale again for $509,500 – nearly $70,000 less than he paid.
Sometimes you can’t make this stuff up.