As one agent said it best, all my short sales and the foreclosures that we see pop up daily - must have a place to live and renting is where most will go. That is a huge statement.
lthough I am not in the renting business, I hear that it is tough out there trying to rent a home. This includes those that are first time renters as well as those that left the renting business years ago to purchase a home and are now having mortgage problems that have put them back out there looking for rental.
This foreclosure crisis has brought to the forefront that life is a circle and sometimes you find yourself right back where you started from.
Althought this is not the end of the foreclosure crisis it is showing some improvement and the numbers are showing that we are headed back in the right direction.
Bad credit is bad credit - whether you are looking to rent or looking to buy. In addition to those that are having mortgage problems - refinancing, loan modification, principle reduction, forebearance, payment arrangements of any sort maybe what you need and should be pushing for - because you may find that renting is hard these days. Also on top of that landlords' standards are getting more lenient or more strict, renters tarnished by bad credit have a tougher time leasing.