My friend is letting her house go to foreclosure & will need to rent an apartment. She is currently only 30 days delinquent. How do apartment management companies view foreclosures? Should she apply for an apartment now, knowing that she will not move in for a couple of months?
*** Please note that I am not looking for advice on how to keep the home or to get her out of the foreclosure. All options have been considered. Please give advice on how to proceed to obtaining her next housing. Thanks!
A co-worker of mine had to go through foreclosure and had the hardest time finding a place that would rent to him. I would try to find an apartment as soon as possible before the foreclosure shows up. Many places will not rent to people with foreclosures, bankruptcies or repos. Others will rent to your friend but will want twice the amount in rent as a deposit. It is hard to find those property owners that understand when they have other applicants with better credit reports.
That is why, If I were your friend, I would start looking now, why wait until she is being evicted and desperate to find a place.
Good Luck to your friend. I hope it all works out for her.
June 30th, 2007 at 6:55 pm
I am a Landlord and would probably listen to the full story before saying no to a renter.
I have said no to people for lying more than a credit problem. But then again I am a soft touch.
If the house but not other bills were the major problem then she won't have as much to explain. House payments are usually much more than rent.
My son does routine checks on potential renters credit and I think the Apt. Managers are reluctant to rent to habitual bad payers. You know…cars, furniture, things going back for lack of payment.
Good luck to her and hope things look better in her future.
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June 30th, 2007 at 9:17 pm
Be honest…..I have given many people fresh starts. But you have to be honest from day one……good luck. I would rent to you if you told me the truth. I have a bunch of rental units.
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June 30th, 2007 at 9:28 pm
It depends on the reason for the forclosure. Was it due to divorce or job loss or just getting in over her head? I'd look for some ownership on the situation and assurance that the finances would not continue to be an issue if she rented my unit. I might ask for a double deposit and a month to month to see how it was going to go.
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June 30th, 2007 at 9:32 pm
A co-worker of mine had to go through foreclosure and had the hardest time finding a place that would rent to him. I would try to find an apartment as soon as possible before the foreclosure shows up. Many places will not rent to people with foreclosures, bankruptcies or repos. Others will rent to your friend but will want twice the amount in rent as a deposit. It is hard to find those property owners that understand when they have other applicants with better credit reports.
That is why, If I were your friend, I would start looking now, why wait until she is being evicted and desperate to find a place.
Good Luck to your friend. I hope it all works out for her.
References :