Serial Bankruptcy Staves Off Foreclosure

A Tampa, Florida man hasn't made a mortgage payment since 2003, and although the foreclosure police are standing at his door, he hasn't budged. How has Jeffrey DeMauro staved off the auction block? He declared bankruptcy a whopping eleven times in seven years, reported the St. Petersburg Times.

De Mauro is not alone. Thousands of homeowners across America are turning to Chapter 13 bankruptcy -- which instantly calls off creditors -- to save their homes.

"I sincerely want to work this situation out and get back on track and save my home,'' De Mauro wrote to Pinellas County court officials. "I have two children and do not want to be put out of our house and on the street.''