Renters pay price when landlords stiff banks

Erin Kennedy-Florez was 10 months into a one-year lease on a Richmond, Calif., home when she found a notice on the door saying that her landlord’s lender was foreclosing on the property.

She called the landlord, who told her he was trying to refinance the house – and that she should keep sending him rent.

“I was paying the rent, but he was not paying the mortgage,” Kennedy-Florez said.

So, the lender ultimately foreclosed, telling Kennedy-Florez to expect potential buyers to start showing up to look the place over.

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