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Avenue Mortgage

Avenue Mortgage Corporation

David Pendley, President of Avenue Mortgage describes his passion for lending for over 25 years.

Jailed ex-cop and pal lied on documents for discounted house sale, allege feds

STATEN ISLAND, N.Y. -- A retired cop and his buddy who run a Bloomfield sex-toy and smoke shop that bills itself as the "cleanest dirty store" in New York had a dirty little secret of their own, prosecutors allege.

Michael Rizzi and Edward Monahan submitted false documents to a bank to facilitate the "short sale" of a multi-family building on Lafayette Avenue in New Brighton from Rizzi to Monahan, contend prosecutors.

The partners, both 45, signed records bogusly claiming they had no personal, familial or business connections with each other, alleges a criminal complaint filed in Manhattan federal court.

Such an affidavit is required to complete a short-sale, in which the sale's net proceeds fall short of the debts secured by liens against the property, the complaint said.

Rizzi, who bought the house in July 2007 with the aid of a $368,000 mortgage, sold the house to Monahan last year for $350,000, said the complaint.

The unidentified bank suffered losses exceeding $250,000 through the discount sale to Monahan, prosecutors said.

Judge nixes $1 million arbitration award in Eltingville synagogue feud

STATEN ISLAND, N.Y. -- In the latest round of a long-simmering feud, a justice has vacated the $1 million award an arbitrator previously ordered an Eltingville synagogue to pay the Orthodox Jewish not-for-profit corporation that runs Kars4Kids.

Oorah Inc. contended Young Israel of Eltingville owed it the cash for upgrades, repairs and the payment of the mortgage and bills at the Ridgewood Avenue synagogue. Oorah Inc. is associated with and housed in the same Lakewood, N.J., location as Kars4Kids.

However, state Supreme Court Justice Charles Troia sided with Young Israel, ruling Sidney Stadler, who approved the 2007 agreement with Oorah on behalf of the synagogue, didn't have the standing to consent to the arbitration.

"This court finds that Sidney Stadler did not have the authority to enter into the arbitration agreement on behalf of Young Israel and a valid agreement to arbitrate was not made," Troia wrote.

Oorah has appealed.

In court filings, Oorah said financial woes caused by dwindling membership threatened to shut down Young Israel in 2007.

Mortgage Assistance? With the multitude avenues reported in the news about mortgage relief, where is the best?

source of information. I am not in default of my mortgage. My payments have never been late. We have been in this house for 5 years. We have an interest rate of 5%.

Absolutely NOTHING. Your loss of value is intangible and Zillow posts a warning that their estimates are not guaranteed. Enjoy your home and stop worrying.