foreclose and rent (premium, foreclosure, credit card, upfront)

[TheSwede]

If I foreclose on my house will I ever be able to rent an apartment?

[Beena]

There is actually a forumla for this.

1) Rent apartment
2) Foreclose house
3) Blame Bank
4) Repeat in 7 years

[texdav]

Sure apartments are full of people who have alot worse than a foreclosure in these times on their credit record.You have the deposit and the income you in;in most cases.

[arnoldjames]

Hi
You have done a good question, it’s really interesting. If you get any good reply, so please let me know. So I’ll also get some good idea.
Thanks for your future help.

[Annemieke Roell]

Originally Posted by Beena

There is actually a forumla for this.

1) Rent apartment
2) Foreclose house
3) Blame Bank
4) Repeat in 7 years

That is a bit harsh, isn't it? We don't know what circumstances the OP is dealing with .......

[TristansMommy]

Originally Posted by Beena

There is actually a forumla for this.

1) Rent apartment
2) Foreclose house
3) Blame Bank
4) Repeat in 7 years

You're heartless and harsh.. Rub salt in the wounds why don't you... many good honest hardworking people are caught up in this mess..

Judge lest ye be judged.

[Va-Cat]

Originally Posted by TristansMommy

Judge lest ye be judged.

Ummm .....think you mean "judge NOT lest ye be judged" Have to agree though. People that post here are looking for an honest answer to their question rather than a sarcastic quip. To the OP - apartment complexes understand the mortage crisis going on and are willing to work with potential renters. Just be honest and upfront with them when you go in. You will be able to rent but may have to pay a premium for at least the first year. Pay your rent every month ON TIME. Once you have a landlord that can give a reference that you paid on time every month on your lease, you will be in an even better position.

Good luck getting back on your feet

[Prinny]

With all the foreclosures going on and also people not being able to sell their homes, it is a good time for rentals. People would rather have their homes rented out than sitting vacant. I know if it were me, I do have rental property and my only conecrn is the character of my tenant and that the rent gets paid on time. Past credit doesn't bother me, things happen, and they are happening to a lot of people.

[TristansMommy]

Originally Posted by Va-Cat

Ummm .....think you mean "judge NOT lest ye be judged" Have to agree though. People that post here are looking for an honest answer to their question rather than a sarcastic quip. To the OP - apartment complexes understand the mortage crisis going on and are willing to work with potential renters. Just be honest and upfront with them when you go in. You will be able to rent but may have to pay a premium for at least the first year. Pay your rent every month ON TIME. Once you have a landlord that can give a reference that you paid on time every month on your lease, you will be in an even better position.

Good luck getting back on your feet

Ah.. yes.. I did misquote.. thank you for correcting me.

I am looking into renting a home in another state and have spoken to the local realtor there about my situation. He did tell me tha a lot of the "homes" that are for rent are for rent because the owners can not sell.. and they are looking to rent instead. THey are , of course, nervous about suddenly becoming landlords. He told me, on one house I inquired about, that a young family faced with a very similar situation as me was turned down for the rental.

However, I feel that the ONLY people they willfind coming to them to rent are the lot of us that have been kicked fromour homes. I, for one, would make this guy an excellent tennant for several reasons. ONe.. my mortgage that I have been paying PRIOR to the adjustment was paid on time for 2 years straigh at $3300/month.. htis rental was asking $2000K.. something I can easily afford. Also, despite my mortgage woes.. all my other credit cards are paid on time, etc.

I think it's important when anyone looks for a rental to meet hte perspective landlord face to face. If he judges you based on the score alone without really LOOKING at the credit report or even speaking with you.. then he could possibly loose out on a great tennant.

Cause remember.. bad tennants, most often.. do not have their bad tennant behavior reported on their credit unless the old landlord went to court, got a judgement of some kind that is part of a public record.

[heydade]

most landlords that are renting out HOMES...not apartments....do credit checks. If you have demonstrated the inability to pay in the past and your credit has delinquencies on it, then there is a good chance you will not quality to rent the "nicer" places.