July 8, 2007

Mortgage vultures swoop on US housing crisis

The scams lure owners into signing over their deeds to a temporary purchaser after being falsely assured that they will be able to buy the property back when their financial situation improves. Often the paperwork is so complicated that they do not realise they have surrendered ownership.

Now how stupid do you have to be to sign over the deed to your house to a "temporary purchaser"?

Read the rest.

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