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  • Report: #109269

Complaint Review: Salvatore Pane (aka) USA Mortgage Bankers Of America

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  • Submitted: Mon, September 20, 2004
  • Updated: Mon, July 16, 2012

  • Reported By:Holbrook New York
Salvatore Pane (aka) USA Mortgage Bankers Of America
144 Medford Ave Patchogue, New York United States of America

Salvatore Pane (aka) USA Mortgage Bankers Of America ripoff, unethical, title concealment, liar, con artist Patchogue New York

*UPDATE Employee: JUST SO YOU KNOW

*UPDATE Employee: JUST SO YOU KNOW

*UPDATE Employee: USA MORTGAGE AND EURO MORTGAGE HAVE NO CONNECTION

*Consumer Comment: BIGGEST MORTGAGE SCAM PLACE

*UPDATE EX-employee responds: THIS STORY IS VERY TRUE A.K.A./ U.S.A. MORTGAGE/EURO MORTGAGE/DONT KNOW WHAT THE NEXT NAME WILL BE

*Author of original report: SAL PANE - - - WHY RIP-OFF REPORT DOES NOT REMOVE REPORTS

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I was contacted by my cousin regarding a property in Ridge New York. "For Sale By Bank" was located on 48 Elizabeth Way.

Here is where the property is located:

The property is about 1.9 acres and sits on a corner with a fairly beaten down residence in need of cleanup and repairs.

I immediately called the phone number and was spoken to by Sam Spano who claimed to be a Real Estate agent. To date, I have never met Sam Spano nor been given information as to where he does business. His office answers: "Hello, Corporate Offices". The most Sam Spano gave me was, "My office is on Rte 112, Patchogue Long Island. I have some recordings of Sam being compiled for review at www.samspano.com (site coming soon)

I told Sam I wanted to place a binder on the property and he set up an immediate meeting with Salvatore Pane.

Now the story gets real interesting. I met Salvatore with my cousin and daughter and placed a $100.00 binder on the property. Salvatore initially said, "I don't need binders. If you want the property you need to only have the highest bid. Then, he held out in plain view all of the other bids and began to recite their amounts.

"I have one for 260K, another for 263K and another for 265K". Each binder he flashed had a check attached to it. I bid $270K and Sal said, "Hey? That's not necessary, you only need to bid 267,500K and the property is yours".

I then gave him 100.00 as a binder but had to force it on him. As we lightly chatted Sal played back his answering machine. The messages on his machine were mostly about interested parties on 48 Elizabeth Way.

I'd have to say at that moment I detected a tad of "slime factor". Why? Why would anyone breach the confidentiality of such messages in a broadcast of the messages using a speaker phone? It just seemed odd.

Sal looked at my daughter and said, "Is that your beautiful little girl? Will she be living there?" I replied: "Yes, I am recently divorced and my cousin lives on the same street. This will be good for family reasons". Sal replied, "Okay. F*** the investors." (I had now hoped my daughter wasn't listening. I was not happy with his language)

Sal somehow was not able to provide me with a receipt for the binder but I was Okay with that since my cousin was there for a witness. While this guy seemed a little shady, he was also endearing. His kind comments about my daughter probably weakened my defenses a tad.

Before we continued about Elizabeth Way, Sal starting flashing information about other potentially "better deals" and started pushing a property in Eastport Long island.

Anyway, I said my partner and I would go all cash if necessary but would like a few days to examine financing options. This all happen on September 4th, 2004. We left the office and on Monday, I received a message from Sam Spano that the contracts were shipped to my attorneys office. I immediately played with a few mortgage applications and was approved for 95% financing. Salvatore contacted me saying, "Howard. I know they say you are approved for 95% but these banks all say that and then change their minds 2 weeks before closing. I can give you the mortgage. I own the Bank".

Sounded reasonable so I then went in with my partner on September 11th and applied for a mortgage. BEFORE I INVOKED THE MORTGAGE APPLICATION I REQUESTED THAT SAM SPANO BE CONTACTED TO MAKE SURE WE WERE NOT TOO LATE AS WE HAD NO SIGNED CONTRACT.

Sal contacted Sam and asked about the property's availability. Later in this article, I will elaborate about ALL Island Purchase Corp, soon to be posted at: http://www.allislandpurchasecorp.com It turns out that the property is owned by Sal under this corporations name. Sal had always represented that the property was owned by USA Mortgage Bankers, not another entity.

Um, so lets get this right. Sal owns the Bank. Sal owns All Island Purchase Corporation. Sam is the "alleged" agent. Miss D is the mortgage app processor. I'd say that Sal is pretty much aware of every move made on any of his properties. Especially one that he finances and sells, no? Okay. We go on.

My partners credit rating was so high Sal commented, "In 25 years I have only seen one other rating this high and that was my own. This is approved!". Followed by, "I'd rather have the mortgage then the cash any day".

Recap: Banker who is also seller now has a approved deal.

(Sounds good, right?)

So I then say, well lets sign the contract. can you make sure you have the money by your imposed deadline of the 29th? Sal just laughed and said, "I am the bank! Of course. hahahah." I then said, "well...lets get Sam on the phone". Sal got Sam on the phone in a phone conference using the speaker/conference phone.

Here is a brief excerpt of the call:

Sal: "Hi Sam. I have Howard Ryan and Bob H. here and they are approved for the mortgage.

Sam: "Hi Howard, Hi Bob. Congratulations"

Howard: "Thanks Sam"

Bob: "Thanks Sam."

Howard: "Sam, we need the contract updated since the original send requested 100% cash."

Sam: "No problem. I will have it sent over to your attorneys"

(Sound Good, right?)

Sal then shook hands with all of us and said, "Okay. Good luck with the home. Its a great deal and you have non idea how many people call me about that property". I thought, well...actually I do. Because Sal had once again played aloud messages from his recording machine. I am a stickler to watching peoples actions. I noticed that Sal was writing down peoples phone numbers as they spoke on his message machine. Unless he writes in short hand I thought it was odd that some of the numbers he wrote down never got past a scribbling of 3 numbers. Aren't there 7 numbers minimum? My cousin conferred. "Ya, you saw that too?".

Sal's secretary was also present. Her name will be Miss D. as we believe she is nothing more then a victim by association. She informed Bob that the papers signed would allow for a 53,000.00 withdrawal from Bobs account.

We left the office and celebrated what appeared to be a deal. I now had a home for me and my daughter near my other family members.

September 13th, Monday came and I was called multiple times by Miss D. saying, "Howard....we need you to come to the office with a check for $300.00 for the appraisal fee". That check was delivered Tuesday, September 14th around 9 or 10 a.m. We were given a receipt.

What followed from there was a chain of lies, deceit, chicanery, he said, she said, I thought, he thought and numerous non returned calls. Most if not all non returned calls were from Sam Spano. I believe Sam Spano to be an integral part of the 3 ring circus that is the fiber of this operation.

My attorneys called me and said. "We have attempted to communicate with the sellers attorneys via phone and fax and they just do not reply".

I started making calls frantically as of late Tuesday, September 14th 2004.

The calls were made over and over to:

Miss D.

Sam Spano

Salvatore Pane

James Drops The Bomb by Accident:

On Tuesday, Sams office line was answered by someone named: "James".

James said, "Is this about 48 Elizabeth Way?"

Howard: "Yes, I am buying it with my partner."

James: "I think that property went somewhere else"

Howard: "What?!!!!

James: "You better call Sam".

"I'm not getting involved in this one."

At this point, I was experiencing a tremendous amount of angst.

Sal was usually available and his textbook reply was "I called Sam to see what's going on with the delay on the contract and he did not return my calls".

I had to work hard to get Sam on the telephone. I was leaving numerous messages and he was NOT returning my calls. I was starting to get the feeling that these guys were double dealing.

Finally, I tracked down Sam. "I called Sal. he doesn't return my calls." and "....are you even approved for the mortgage?"

I was shocked and said, "What are you talking about? You were there in the conference call when we were congratulated!".

(What I think happened at this point was that they were stalling on the contract and using our approved application to compel another buyer to go all cash. They fished us along. Had they said, "Hey guys....we will process your mortgage application but we can't guarantee the property..." that would have been one thing. But they apparently were more interested in using deceit verses integrity. Looking back on the day of the application I do remember Sal acting rather uncomfortable. He seemed only interested in trying to sell us a different deal in East Port Long Island.)

It seemed that while I was able to contact both parties, they were incapable of contacting each other. That was strange because initially, Sal had indicated that the two worked together intimately.

On Wednesday, September 15th I was starting to panic. I was getting a lot of circular replies.

A calls B and tells B to call C. B and C break the chain and A (me) restarts the calls again.

I'm sure you have an idea of what I am talking about.

All stalling procedures in what appeared to be a well rehearsed and practiced scenario. I continued to try and nail down the contract but they would not cooperate. Especially this guy Sam. Jeeez. He just never returned calls after he promised he would. So, I left for Long Island at 4 a.m. on Thursday morning.

I finally contacted both Sam Spano and Salvatore around 9ish a.m. and they both repeated the prior act of "I called, he doesn't return my calls...etc." Sam seemed weary and uptight that I was pressing. Not at all what I'd expect from an agent who was soon to make a commission as a result of my purchase. Ya know? I asked Sam, did you sell this property to someone else? He said, "I have no idea. Let me call Sal. Do you have his cell number?", and I gave the cell number to Sam who now apparently lost Sal's number. arghhh. Sam continued: "Howard, I will call Sal and then you will be the next person I call". That was the last I ever heard of from Sam Spano.

At 11:30 a.m. on Thursday, September 16th I call Sal again. "The property is gone. Someone paid all cash".

I thought, "is this not something Sam should have called me with?".

So, over 700 miles of driving, an approved mortgage, handshakes, oral agreements, binders, appraisal fee's and numerous phone calls were all for naught. Our deal was apparently fished to compel another interested party to buy the property. If not, at the very least the day the took our mortgage application they clearly misrepresented the property as being OURS and made absolutely NO mention of a pending cash deal.

Lets Draw a Picture:

"Look. You see this? This is an approved application for 48 Elizabeth Way. I'm stalling on the contract so if you want it we will need cash NOW".

I'd say its entirely probable.

What will eventually make its way to this web site will be a copy of all complaints filed to:

Suffolk County Consumer Affairs

Suffolk County Better Business Bureau

New York State Banking Commission

New York State Realtors Commission

Howard Holbrook, New York
U.S.A.


This report was posted on Ripoff Report on 09/20/2004 01:56 PM and is a permanent record located here: http://www.ripoffreport.com/r/Salvatore-Pane-aka-USA-Mortgage-Bankers-Of-America/Patchogue-New-York-11772/Salvatore-Pane-aka-USA-Mortgage-Bankers-Of-America-ripoff-unethical-title-concealment-109269. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.

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REBUTTALS & REPLIES:
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Updates & Rebuttals

#1 UPDATE Employee

JUST SO YOU KNOW

AUTHOR: anonymous lady - (USA)

USA AND EURO there is definitely a CONNECTION TRUST ME on that!!!!!!!!!! This company is being investigated by the FBI,banking department. Sal Pane is the real owner of this company but on paper it is Lisa Vitale. Sal is not allowed a license in his name. They will doing anything to make a dollar off of anyone. Sal would step on his own kid to get ahead. Lisa Vitale is mean, heartless she is the (owner)/ president of this ripoff company. They cut and paste borrower'ssignature authorizationanything and everythingillegal they do it. Noself respecting person acts the way Sal and Lisa act.

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#2 UPDATE Employee

JUST SO YOU KNOW

AUTHOR: anonymous lady - (USA)

USA AND EURO there is definitely a CONNECTION TRUST ME on that!!!!!!!!!! This company is being investigated by the FBI,banking department. Sal Pane is the real owner of this company but on paper it is Lisa Vitale. Sal is not allowed a license in his name. They will doing anything to make a dollar off of anyone. Sal would step on his own kid to get ahead. Lisa Vitale is mean, heartless she is the (owner)/ president of this ripoff company. They cut and paste borrower'ssignature authorizationanything and everythingillegal they do it. Noself respecting person acts the way Sal and Lisa act.

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#3 UPDATE Employee

USA MORTGAGE AND EURO MORTGAGE HAVE NO CONNECTION

AUTHOR: David - (United States of America)

WHO EVER THINKS THAT IS SAYING THE EURO MORTGAGE BANKERS AND USA MORTGAGE ARE THE SAME COMPANY DOSENT KNOW WHAT THEY ARE TAKING ABOUT. USA MORTGAGE HAS BEEN OUT OF BUSINESS FOR YEARS.... EURO IS A GREAT COMPANY WITH AN "A RATING WITH THE BBB".... PEOPLE SHOULD STOP POSTING THINGS THAT ARENT TRUE! EURO IS ONE OF THE TOP LENDERS IN THE BUSINESS! I HAVE DONE BUSINESS WITH THEM AND THEY ARE GREAT!
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#4 Consumer Comment

BIGGEST MORTGAGE SCAM PLACE

AUTHOR: Diane - (USA)

Euro Mortgage Bankers are the biggest scammers.  Their fees are outrageous and the people there are sooo shady, its disgusting.  There are loan officers that will rip you off.  This whole place is a scam..i can not even believe they are still in business.  STAY AWAY PEOPLE....DO NOT GO TO EURO MORTGAGE......It took me almost 6 months to even get my loan to close....everytime they gave me a list of things I needed...I would send the stuff they needed over and BAM there was a whole another list.  when I got to closing, I paid about $5000 in fees just to THEM!!!!!  SCAM SCAM SCAM....Then of course, you would think after it closed that would be it...OH NO.....there were still more forms to fill..more chaos.  I have never had such a terrible experience.  i thought buying a home was to be fun and exciting????  Not through them!!!  STAY AWAY...RUN RUN FAST!!
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#5 UPDATE EX-employee responds

THIS STORY IS VERY TRUE A.K.A./ U.S.A. MORTGAGE/EURO MORTGAGE/DONT KNOW WHAT THE NEXT NAME WILL BE

AUTHOR: Carmine Notaro - (U.S.A.)

tHIS STORY IS VERY TRUE I DONT UNDERSTAND WHY THIS GUY MADE A REBUTTAL LIKE THAT MAYBE HE IS SCARED OF SAL OR SOMETHING BUT I WAS FRIENDS WITH SAL AND KNOW FIRST HAND WHAT HE DOES PLEASE READ MORE HE NEEDS TO BE STOPPED, U.S.A. IS STILL OPERATIONAL; AND SAL IS VERY MUCH INVOLVED PLEASE IF THERE IS ANYONE LIST YOUR COMPLAINTS TO ME AND I WILL FILE A REPORT IF I CAN TO THE ATTORNEY GENERAL Sal Pane is the biggest scam artist on long island he tells people what they want to here so he can get what he wants, which is you house, your money, and anything else thats not physically attached to your body. I know this because i know sal for a very long time and i worked with him and for him. You see the company name used to be U.S.A. mortgage bankers but now it is Euro Mortgage bankers and some skanky scam artist named LISA VITALE is the front runner or president if you will. WHen i was at the office someone had come in to serve SAL with some court documents and the receptionist (we'll leave her name out she is just doing her job) said that there was no such person there and U.S.A. was no longer in business thats funny because Sal was standing right there. Anyway that was one incident of many. The moral of this story is that this guy must be stopped and people need to be aware of what he is about and as SAL would say IMA GONA TELLA YOUA Someathing 21 out of 100 mortgages went bad because of this man and who pays for it i do you do we all do except him he just gets richer. What he does is puts foreclosures on the market real pieces of crap i remind you and then he drives the price up by having false bidders bump up the price, after you agree of for the higher price he forges documentation and gets you a mortgage but he makes it like he is so on the up and up, what people dont know is how he covers his tracks he says he cant approve you but has a friend who can so he sets you up with that mortgage company and you get approved he gets a commission and of you go into a house you cant afford all because this asshole bumped up the price paid off the appraiser made you income look better than what it was and lied to you about your monthly payments well at least they were what he said for the first 6 months or so. if anyone doubts this please feel free to call and ask for MR Sal Pane yourself he can be reached how ironic at the same number as U.S.A. mortgage bankers used to be and they are located in the same place as they used to be
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#6 Author of original report

SAL PANE - - - WHY RIP-OFF REPORT DOES NOT REMOVE REPORTS

AUTHOR: Howard - (U.S.A.)

I am the original poster of this complaint.

The entire situation was resolved and many mis-understandings were discovered.

Mr. Pane resolved this situation promptly and professionally. As such, I'd highly recommend this company at this time. Period.

I am trying to have this site remove this.

I have no beef with his company or him personally.

It is my understanding that this site is VERY difficult in that it's proving very hard to get this material REMOVED!!!

If as a poster I cannot have this removed, I may have to list THIS WEBSITE "ripoffreport.com" SITE as a ripp-off.
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