Colorado Home Builder Indicted By Local Prosecutor In Alleged Mortgage Fraud Scam Leaving New Homebuyers Facing Foreclosure

In Weld County, Colorado, the Grand Junction Sentinel reports:

• [M]ark Strodtman was indicted last week by a Weld County grand jury in a mortgage fraud case that caused homeowners to go into foreclosure. According to the indictment, Strodtman and another man, Dean Juhl, who was indicted for mortgage fraud last year, bought a group of land parcels in Greeley in 2004 and received financing to build homes on the lots. Strodtman then deceived buyers to purchase homes owned by his real estate company, JS Real Estate LLC, and lenders to buy loans for the land. Buyer’s incomes, assets, rents, employments, bank records and outstanding loans were falsified, the indictment said. Strodtman is charged under the Colorado Organized Crime Contract Act with 11 counts of theft, 11 counts of forgery and one count of racketeering. He faces up to 48 years in prison if convicted.

For more, see Developer accused of swindling homebuyers.