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Owning a San Diego house is a dream for all residents of this city. Most individuals spend considerable time searching through several San Diego neighborhoods before zoning in on a specific area and home. Mortgage frauds are on the rise and a San Diego 1st time home buyer needs to be aware of such scams and avoid getting scammed. A lot of scammers who realize that the owner of a San Diego house is in trouble swoop in and offer to help. However, a lot of times the scammers ask for the house documents to be transferred to their name for this purpose. This is where the problem starts. A San Diego house owner could spend the next couple of years trying to get the property back but at most times this does turn out to be a futile effort. Throughout 2006, more than 323,000 properties entered some state of foreclosure, an increase of 7 per cent over the same period the previous year. The way that a lot of scam artists work in trying to strip the San Diego house away from the homeowner is by offering "equity stripping." Usually, the scam artist will ask the individual to sell the San Diego property for very cheap to another person or company. The new owner pays the mortgage, and the old homeowner pays to live in the home in the meantime, buying back the home in a fixed amount of time. However, this is a very risky venture and most times the San Diego property owner ends up losing the home.
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