California Real Estate Fraud Report

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Murietta Husband & Wife Sentenced to Prison for Mortgage Fraud

A small measure of justice has come to 21 homeowners who lost their homes due a husband-and-wife team of scammers.

According to the Internal Revenue Service (IRS) in a statement released September 21, Joe Daniel Cody, 43, was sentenced in U.S. District Court in Riverside to 63 months in prison and three years of supervised release in a mortgage fraud, equity-stripping scheme. His wife, Angela Lynette Cody, 43, got 48-months and three years supervised release. The pair was ordered to pay more than $1 million to their victims in restitution.

Although based in Murrieta, the Codys were employed by All Fund Mortgage, which was based in Tacoma, Washington. They targeted many homeowners in the hard-hit Riverside or San Bernardino counties, offering to refinance or sell their homes to third-party straw buyers temporarily. Instead of making the payments on the mortgages, the straw buyers stripped the equity and walked away, causing the original homeowners to lose the homes to foreclosure.

No word as to whether any of the straw buyers were prosecuted.

Read the original article in the Press Enterprise.

© 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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