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Morning Mortgage Meltdown: Scam Alert

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It's a hard enough knock life for those already in default on loan payments, and that financial— and psychological— insecurity has inspired a new rash of not-so-petty crimes: Today's Chron tells the tale of several Bay Area homeowners who fell prey to scammers who coaxed them to sign their property over to a third party (one with ostensibly good credit) who would then acquire a lower mortgage rate— and agree to sell back the home within a few years. These so-called bait-and-switch crooks employ all sorts of tactics— receiving cash back at closing, refinancing, allowing owners to remain in residence, lying in wait until their eventual eviction. This full-blown industry even conducts its own how-to seminars. To avoid: all fliers taped to telephone poles, or fliers on your car promising such services— throw 'em out, along with those advertising meth-fueled dance parties, visiting D.J.'s and the like. Keep your heads clear, homeowners.
· Enticing deals in the mortgage crisis often are too good to be true [SF Gate]