Let us say the unfortunate has happened to you and your home was foreclosed upon. Now you most likely will need to rent an apartment. This will not be easy as most landlords will run a credit check on you. In that case your foreclosure is sure to come up. What do you do now? We have some tips for you on how to successfully be able to rent a place after you have been the victim of a foreclosure. We hope these tips prove helpful.
The first thing you ought to do is make use of the online apartment rating services that have sprung up in recent times. They make it easy for a person to scope out an apartment complex or a rental home before you attempt to see it for yourself. One such website is called ApartmentSearch.com. It is a great idea for you to become intimately familiar with these websites. In your situation they can be a most valuable service to you.
Once you find a suitable property that you know you can afford, one option you have is to offer the landlord a higher security deposit than what he has requested. You also want to be able to prove to him that you have sufficient money available to you in order to pay your rent on time. If you do this, your foreclosure may not be as harmful to you. It will also give your landlord some much sought after peace of mind.
Another option you may well have is to find a co-signer for your rental lease. You want somebody with an excellent credit score. Ideally your co-signer should have a great financial reputation. If you are the victim of foreclosure you might be able to compensate for this by having such a co-signer on your rental unit. Then you will also have some financial back up should you become late on your rent.
One additional tip we have for you involves the timing of your new rental application. In general it takes time for a foreclosure to actually occur. If you apply for your rental lease right before or right after your foreclosure you might be able to sneak by your prospective landlord before it takes place. Keep in mind; the further behind you were on your mortgage payments before the foreclosure, the more difficult time you will have doing this. That is because this information will most assuredly have already been reported to your credit agencies. Your landlord may well request an explanation of your delinquent mortgage payments. If it is a private landlord (as opposed to an apartment complex manager) you may be able to negotiate with him and convince him to let you rent his apartment. It is worth a shot anyhow.
Our main point here is that there are options available to you even if you have a foreclosure on your record. We suggest thoroughly looking into these options, maybe discuss them with an attorney to make sure you are being dealt with fairly. If you don’t get the first place you apply for, keep on trying. You will ultimately find something.
