Five people were charged with using a supposed mortgage-rescue program to steal nearly $15 million in home equity from homeowners facing foreclosure in suburban Philadelphia.
The federal indictment Tuesday accuses the owners of Axxium Mortgage, J&J Realty and two lawyers in the alleged scheme.
According to prosecutors, they defrauded at least 35 homeowners in Bucks and Montgomery counties by finding "investors" to buy their homes while the owners rented them back and tried to save money in hopes of repurchasing them.
Instead, the owners lost their homes — and whatever equity they had in them, an amount that sometimes topped $100,000 and in one case reached $500,000, authorities said.
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