#1 If you haven't already, establish some new credit. Something small. For instance, get a credit card and use it - maybe just to charge your gas - then be sure to pay it off each month. But don't run out and buy a new vehicle with a large monthly payment.
#2 The typical security deposit is the same as 1 month's rent. If at all possible, be prepared to offer 2 month's rent for a deposit. We've asked this of some prospective tenants when they've been border-line, and have only been disappointed once. Even then the deposit was enough to cover the damages.
Annette has given you the best advice and a plan to execute it. If you are serious about going forward, Do steps 1-5 and call me for step 6.
Century 21 American Properties South
Unfortunately, your situation is not uncommon. So many have gone through the same distress you describe. You can be sure the rental market recognizes your situation and has accommodated the need.
Here is what you need to prepare.
#1. Document you have been a home owner and know how to care for a single family home.
#2. Explain how your hardship was created.
#3. Describe how your situation is different
#4. Reveal how the cause of previous difficulty no longer exists.
#5. Have sufficient cash on hand to make security deposit and pay professional fees.
#6. Work with a real estate professional who can identify those home owners and investors with a home to rent that meets your needs and understands your situation.(Don't under estimate the importance of working with a professional)
You will find your situation is not dire at all.
Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL