Renting an apartment after foreclosure is often very hard. However, landlords are now more lenient. This means that it is still possible to rent an apartment after a foreclosure. What can you do? Follow these steps below.
Rent Before the Foreclosure Hits Your Credit
In some states, the actual foreclosure may not show up on your credit report for some weeks. Applying for an apartment before the foreclosure is updated on your credit report, can grant you quick approval.
Renting an Apartment After Foreclosure ; Protect Your Other Credit Accounts
After a foreclosure in a particular card, ensure you make payments for all your other accounts. Try as much as possible to make your payments when due to the other credit cards. It may be hard, but you need to protect your credit score from being completely damage.
Renting an Apartment After Foreclosure ; Find No Credit Check Apartments
Yes! An apartment that does not check credit. Many big complexes are financed and owned by firms that have strict approval criteria. These big firms carry out a credit check at one of these complexes. If they discover that you have a foreclosure, they automatically deny you the apartment.
Find accommodations owned by a single landlord. They do not really do credit checks. Look for these accommodations in the local newspaper, Face book trading groups for your area, Craigslist, or ask friends and family for recommendations.
Renting an Apartment After Foreclosure ; Find a Cosigner
You can get approved for an apartment, even if you need a larger apartment complex. All you need is a cosigner or guarantor who meets the credit score. Do not forget that the cosigner will be held accountable for all your delinquencies. Avoid putting him in trouble, pay all your fees when due.
Get a Well Paid Job
A well paid job will enable you pay rents and promptly. It will also keep you from eviction from landlords. Landlords hate tenants who pay their rents late.
Be sure that your rent is not higher than 3 times your income. Go for a house you can afford from your income.
Pay a Higher Security Deposit
If your landlord says $100 and you pay $80, he will know that you are very serious about paying your rent. This will make him give you the house. But always pay your monthly rents, do not break your lease without giving him a notice.
Be Honest About Your Foreclosure
If your landlord does not ask you, you may choose not to tell him. However, if he asks you, do tell him the truth. Lying about it may cost you a rental. Give him an explanation of the situation and concentrate on how you have made positive changes. To gain his trust, ensure you pay all your rents when due, avoid late payments.