California Real Estate Fraud Report

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Vallejo sisters plead guilty to mortgage fraud

Sisters Ralondria Stafford, 36, and Necole Ward, 31, who operated a real estate office called RN Realty in Vallejo, have pleaded guilty to bank fraud in front of United States District Judge Morrison C. England, Jr .

The sisters ran a mortgage fraud scheme in which they recruited straw buyers at $5,000 each for the use of their names and credit histories, which were used to purchases homes that were over-valued. They promised the straw buyers that they would re-purchase the properties within a year. In fact, they did not re-purchase any of the properties, and as a result, each property was foreclosed upon and sold at auction.

Stafford and Ward will be sented by Judge England in August, at which time they could receive up to 30 years in prison and a $1 million fine.

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© Copyright 2007-2017 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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