Renting After Foreclosure – Is it Possible?

Share:

Renting After Foreclosure – Is it Possible?

Staff Writer · Nov 17, 2009

Foreclosure is a fact of life for many people in this economy. Some wonder if it renting after foreclosure is a possibility. You are not alone, and there are many people on your side. Michael Moore is rallying for a cease on all foreclosures until the mortgage mess is settled. People in the government are promising change. However, now is the time that you have to face moving on. The good news is that there is hope in renting a great place even while you have that foreclosure mark on your credit score rating.

Improve Your Strengths

Strengthen the other things you have going for you. While a foreclosure is a definitely bold mark on your credit score, it’s not what defines who you are as a person or as a renter. If you have been steadily employed for years, have your boss write up a statement of dates of employment on company stationary. A letter of recommendation can be simultaneously composed. While the latter isn’t normally required, it’s another plus in your favor.

Have your bank statement printed if it shows that you’ve had your account in good standing for years. Ask a bank manager for help in verifying this through documentation. If you have a savings account, print out proof of its balance. If you have other collateral, get the documentation in order. Gather your paycheck stubs to reveal long-term income. When you have a foreclosure in your past, be otherwise undeniable when looking for a place to rent.

Alternative Arrangements

One immediate choice that you have is to stay at a long-term hotel. There are Extended Stay Hotel chains and foreclosures located in most states across the country. Many of them offer monthly rates, and they do not require a credit change. Many of them require no security deposit. This can be an immediate solution while you look into other rental methods. Since the studios come with stove tops and microwaves, some singles and couples prefer to stay there for at least six months. This can give you time to work on your credit rating.

Traditional Renting

If staying at a temporary residence doesn’t sound good to you, you’ll want to start your search for an apartment with smaller apartment complex owners. Avoid corporate-owned properties. They’re not likely to give a chance to someone with recently challenged credit. You’re also more likely to be able to keep your rent at a fixed rate if you establish an amicable renter relationship with individual owners. They usually simply want a responsible, reliable renter. You can typically talk to them and explain your situation, even with a foreclosure looming in the past.

Rent-to-Own

While the thought of looking toward the responsibility of home ownership again may not seem like something you want to consider, renting to own is usually an option for people of all credit scores. It works for the owner because he gets the agreement that he’ll get a fair price for his property if the renter ends up buying. If he doesn’t end up buying, the owner has collected rent for all that time, and he keeps the amount of rent that would otherwise go towards the sale of the property. It can work for the renter because he gets a chance to move into a home he wants with the promise that he can buy it as long as he can keep payments and fulfill the agreement. It’s a great second chance opportunity.

You might also like:

As the summer heat intensifies, it’s crucial for apartment residents to take necessary precautions to ensure their safety and comfort. Here are some essential tips to help you stay cool and safe during the hot summer months. 1. Keep Your Apartment Cool 2. Stay Hydrated and Sun Protected 3. Protect Against Heat-Related Illnesses 4. Prepare […]

Jessica Lee

 · May 30, 2024

|
image

On ApartmentRatings, real renters have the ability to rate and review their apartment communities based on their experience touring and or living in the communities. ApartmentRatings offers renters the ability to see what life is like at a community through a report card grade style format called epIQ. Every month we highlight apartment communities whose […]

Jessica Lee

 · May 28, 2024

|
image

On ApartmentRatings, real renters have the ability to rate and review their apartment communities based on their experience touring and or living in the communities. ApartmentRatings offers renters the ability to see what life is like at a community through a report card grade style format called epIQ. Every month we highlight apartment communities whose […]

Jessica Lee

 · May 2, 2024

|
image