Legal Question in Credit and Debt Law in Illinois
Hi,
recently I met with a person who to me looks like is a victim of mortgage scam and I figured that I'll post a question here to find out what that person can do now.
Just from asking around it looks like this is very serious and it looks like he become 'straw buyer' and now he is left with a property for which he has not funds to pay the mortgage, his credit gone really bad and it looks like it might be worse now.
Of course the person who screw him is not reachable so I want to ask what he should do now? Is there a place where he can go and explain what happened? Is bankruptcy good option in this case? Can he be prosecuted by FBI or other law enforcement or can he go there and turn 'himself in' so they can get the real person who is screwing up people life's ?
Thank you and I appreciate all the answers.
1 Answer from Attorneys
This is way too complicated for this kind of forum. Moreover, we don't help people who have friends who need help for a lot of reasons, among them you wind up acting like a lawyer which is illegal, and because we don't know if the friend wants help and therefore answering is a waste of our time. So I'll assume you are just too embarrassed to say it's really about you even though these forums are anonymous.
That being said, your "friend" may have participated in federal mortgage fraud if what you say is half-accurate. There are severe penalties for that, including possible jail time. I suggest that your "friend" contact a criminal law attorney and explain exactly what happened, before taking another step. This may require negotiating some immunity in order to address the non-criminal aspects of the situation.
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