If you're talking about the iCloud lock, then no. Sadly you're out of luck anon.
I recently went through the same fiasco, ended up realizing it wasnt worth.
Resetting the iPhone as described above will reset it to factory settings sure, but the problem persists when you attempt to set the phone up. It tells you it was previously iCloud locked, and that you need the old username and password to remove it.
You have one of two options as I see it;
Option One: IF and only IF you can find the full unobfuscated email of the previous owner, you could attempt to bruteforce the password.
Option Two: Attempt to sell the phone on to another dumbass who doesnt know about the icloud lock feature, that way you make money you can put towards buying a legitimate phone.