Renting after bankruptcy and foreclosure
If you have had your house repossessed by the mortgage lender you may wonder how hard it is to rent after a foreclosure. Losing your home will damage your credit score and your credit history, two factors that your landlord may use to determine if you will make a good tenant. So finding a rental after foreclosure can be tough, but taking the right steps can help.
Tips for renting after bankruptcy or foreclosure:
- Be ready to put down extra money for a deposit.
- Find a co-signor for your loan. A co-signor can give the landlord peace of mind that they will receive their monthly rent check even if you are unable to make the payments.
- Find an apartment immediately after your bankruptcy or foreclosure and there is less chance the foreclosure and bankruptcy will be on your credit report.
- Pay all of your bills on time.
- Find a rental house or apartment who advertises that they do not check your credit. Given the difficult financial conditions of the economy there are thousands of other individuals just like you who have lost their homes and need a place to stay.
- Find an inexpensive apartment and be ready to verify that your income is at least twice as high as the rent.
- Stay at the same job if possible. Landlords like to see stability in employment.
- Begin to improve your credit score immediately following the foreclosure or bankruptcy.
- Find solid references who are willing to vouch for your character.
- Meet with the property manager and be willing to explain your current financial situation.
How hard is it to rent after foreclosure and bankruptcy?
If you are ready to follow the tips for renting after bankruptcy which are listed above finding a rent home or apartment should not be too difficult. Given that thousands of other homeowners have also faced a financial crisis and may have had to make similar choices many landlords understand and are willing to work with you.