Can you rent after a foreclosure?
Do you have a recent foreclosure and are finding it difficult to rent a property? Since the economic crash of 2008 millions of Americans face this same fact. Due to this overwhelming amount of foreclosures the market is flooded with renters and landlords are being more and more selective in who they approve as their tenants.
Many hard working homeowners found themselves upside down on their home equity and as a result were persuaded to short sale or foreclose on their property in efforts to be free from the negative equity. The thought of paying nearly twice as much to remain owning their home or cut their payment in half by renting was what millions decided was the right choice.
In doing so however many may have found it easier to be approved for rentals in the beginning of the economic downturn since so many rental properties were available. At the time more landlords were understanding of the circumstances. Whereas today the economy is today is different and with many new renters flooding the market, landlords have decided to pick the creme de la creme of renters without credit issues. Now prior homeowners of homes that were foreclosed are still having to deal with repercussions today for a lengthy 8 to 10 years..
Since there are so many renters seeking a place to rent, landlords are in a position to be very picky and are not only raising rental prices, they are basing their approvals on credit history– regardless of current income. That’s where our rental guarantee program comes into assistance. We base your approval on your household income, not on your past foreclosure or credit history. We understand things happen in the economy that are outside of your control and are here to help you get back on with enjoying life and living in a place you are proud to call home.
If you are finding it difficult to rent due to a past foreclosure, contact us today to see if our rental guarantee program is right for you.