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California Debt Blog: Renters Beware

December 3, 2008 by Jonathan Stein

The newest problem for renters, as if you did not have enough problems, is landlords who are behind on their mortgages. The problem goes something like this: you pay your landlord the money. The landlord fails to pay the mortgage. The mortgage company forecloses. You are stuck.

What signs should you look for? You will receive a notice from the lender, either by mail or in person, that they are trying to contact the homeowner. They may not even know the home is being rented out. If you get this notice, you should be concerned.

What are you supposed to do? First, if your landlord does get foreclosed on, California law gives you 60 days before you can be evicted. Second, you can record your lease and stay until the end of the lease. Third, consider agreeing to move out and take a cash payment from the lender. They will pay up to $2,000 or more to get you to leave.

This is a difficult time for renters. Talk to your landlord now so that you are not surprised later.

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