After a foreclosure, your credit report is going to suck. You can pretty much forget about buying another house anytime soon. So you are probably wondering if you will have a really hard time trying to renting an apartment or home.
The truth is, yes, it is difficult to rent after a foreclosure, because most landlords will do a credit check and eviction check to make sure you’ve never had any problems paying your housing expenses, and if they see a foreclosure they may believe you will have issues paying your rent on time. They will think that you don’t take your housing bills seriously. But it is really up to the landlord, they may give you a break if you have a good story, and are able to pay a few months of rent in advance.
The first thing you want to do after a foreclosure is to save your money. If you are blessed, you’ll have a family member or friend who will take you in on a short term basis until you get on your feet. This is not the time to get comfortable and put up your feet. You need to work extra hard to save up money so that you can find a new place to live for your family. You are going to be more attractive to prospective landlords if you can offer them a higher deposit or a few months of rent in advance.
Try to Rent a Room
Your best bet at this point is to get a week to week or month to month roomer agreement as a temporary place to stay until you get yourself on your feet. Your likelihood of getting accepted for a room is higher because 1) homeowners are less likely to do a full credit check and 2) a week to week or month to month agreement is less of a risk to a landlord or homeowners. So this may be tough a tough choice if you have a family, but try to find a roomer arrangement that would accommodate your needs.
Develop a Good Relationship with the Prospective Landlord
When looking to rent an apartment or home after a foreclosure you had better learn how to put on the charm. You are going to have to make the landlord feel extremely comfortable with you in order to convince him or her to give you a chance.
Landlords want as little drama as possible. Their main objective in renting out space is to get paid, bottomline. So when you’re trying to rent after a foreclosure you have to do everything in your power to assure the landlord that they will get paid. Whereas before you only had to apply to maybe three apartment complexes, now you have to apply to ten or more.