Mortgage Scams in Philadelphia

The bankruptcy laws can help people in financial distress but there is no miracle cure in these hard times and if someone is trying to convince you otherwise, they are lying. published a story today that involved thirty-five (35) homeowners facing foreclosure who thought they had found an answer to their financial woes.

These innocent homeowners were told to allow a straw purchaser to buy their home and then obtain a new mortgage, stay in their home and make partial mortgage payments, and, in a year, get

their home back. These unfortunate homeowners lost their homes and ruined their credit. The only good side to this story is that the five people accused of operating the $14.5 million mortgage-

fraud scheme were charged in a 15-count indictment. These types of mortgage scams are on the rise and this particular scam devastated 35 homeowners and their families.

Financial distress is hard to deal with but there is a light at the end of the tunnel. Consult a bankruptcy attorney and see if Chapter 13 bankruptcy can help you save your hom