Legal Issues & Renting

My Home was Foreclosed…Can I Rent an Apartment?

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Going through foreclosure is nobody’s idea of a good time. Having to give up the home you worked so hard to afford and keep up can be painful, but it’s important to remember that you’re not the only person who’s had to go through a foreclosure, and that it’s possible to bounce back.

For many, the next step is finding a place to rent while recovering and rebuilding their credit. While a foreclosure may have once been a significant black mark on a rental application, the recent foreclosure crisis has shown that bad things happen to good people. Landlords are recognizing that a past foreclosure does not make a bad tenant.

So what should you do if you’ve gone through a foreclosure and are looking to rent a house or apartment? Here are a few tips:

* Get your rental history report. You have no way of knowing what your landlord might be seeing unless your obtain your own report. This is an inexpensive way to find out and prepare yourself to answer any questions your landlord might be asking.

* Be honest. If you know that your foreclosure will show up on a rental history check, explain the situation to the landlord. As long as the landlord is assured you can make your rent, you might not need to worry about your foreclosure – especially if you had a positive rental history before that event and an otherwise clean record.

* Offer additional assurances. Other ways to assure your landlord that you are capable of making the payments include providing evidence of salary, paying an additional security deposit or offering to have someone co-sign your lease.