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Buy and Bail

They then stop making mortgage payments on the first home and allow that property to go into foreclosure. In the process they destroy their credit rating, but they are in a new home, sometimes purchasing a larger and better home or they purchase a home of the same range, but with less debt.
There has been a fair amount of this type of activity. It is being considered a form of mortgage fraud.
A few good articles on the subject: About.com Investor Centric Wall Street Journal