Life After Foreclosure: 7 Tips for Finding a Rental

Before you go, we thought you'd like these...
for rent signFor the thousands of families affected by foreclosure, finding a new home can prove difficult and time-consuming. Many landlords require credit checks for tenants, which can seriously limit your options after defaulting on a mortgage. For those unlucky enough to fall in this transient category, Lynnette Khalfani-Cox from our sister site WalletPop shares seven secrets to finding a rental fast.

1. Investigate apartments online.

In recent years, a number of online apartment rating services have flourished, making it easier for prospective tenants to learn a lot about a housing unit prior to even seeing it in person. So before you hit the pavement to go apartment hunting, use a service like ApartmentRatings.com or ApartmentSearch.com to discover everything from how much the rental units cost each month to whether an apartment accepts pets.

Some sites also show comments posted by others about the apartments – including viewpoints on how safe the neighborhood is or how responsive management is to fixing problems. After a bit of online sleuthing, you should be able to weed out higher-priced places you know you can't afford. There's no sense in going from one costly housing situation to the next.
2. Offer a higher deposit.

Some landlords may take you more seriously if you offer a higher-than-requested deposit. Do what you can to prove that you have funds available to pay your rent on time, and the foreclosure on your credit history may not hurt you as much.

Since it's taking much longer now for banks to repossess homes, perhaps you have the option of what's known as squatter's rent available. If so, giving the landlord a higher deposit means the landlord can adequately cover any losses, if you end up breaking your lease agreement. Give your landlord some peace of mind, and you may find it much easier to secure the rental property you want.

Read the full story at WalletPop.

More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
Get property tax help from our experts.

Read Full Story

Find a Home

Buy
Rent
Value
Powered by Zillow

People are Reading