Foreclosure in 08625>Question Details

Honey, Other/Just Looking in 08625

If you foreclose on a property and need to rent an apartment or townhouse, can you be denied?

Asked by Honey, 08625 Sat Dec 26, 2009

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11
Angie Perez’s answer
Hi Honey,

First, let me answer your question flat out: You can be denied because of a low credit score as a result of your foreclosure.

Please note though that a smart landlord in today's market doesn't just rely on a credit score. I had a young lady once who had a score of 750 yet 110 percent of her income was going to her minimum expenses. She was employed but was financially unattractive on paper despite her high score. She also had high balances on her credit cards. The report is so much more than just the score.

I look at a credit report differently. If a person is coming out of foreclosure situation where they were paying $2500 per month for example and now they asking to rent for $1500 per month, that would an improvement on his/her situation.

I agree with other respondents in being upfront with your foreclosure and then going a step further to explain how a rental is more affordable for you.

Your good character and previous ability to pay other bills on time before your foreclosure should be reasons someone would want to rent to you.

References would help in this case.
1 vote Thank Flag Link Sat Dec 26, 2009
I am sorry to say that most rentals are approved based on your credit score. Because you have had a foreclosure it can affect your credit score as much as 200 points which is a significant amount. When you make the application be very upfront with the details of what caused you to have the foreclosure and how your circumstances have changed. Some landlords are very understanding especially in today's market .Others are not. If you need any further help please feel free to contact me.
1 vote Thank Flag Link Sat Dec 26, 2009
It really depends on the landlord in question and the treasons for the foreclosure. I find that some landlords are forgiving because they understand the times and especially if you can prove you are on the mend.

Chris
0 votes Thank Flag Link Fri Jun 8, 2012
You can be denied in reason of your foreclosure. But you should try. You lose nothing.
Web Reference: http://www.indexpost.com/
0 votes Thank Flag Link Fri Jun 8, 2012
This is becoming a big problem foreclosures on credit reports are keeping people from getting rentals, obtaining jobs and much much more. We understand the woes of foreclosure so we developed a program that helps victims of foreclosure get back on their feet and into a home again. Good Luck Honey and if we can help let us know, Bob
0 votes Thank Flag Link Thu Jan 7, 2010
Hi Honey, Diane has offered a good suggestion - most landlords will want to evaluate your credit rating as a part of the evaluation of you as a tenant and foreclosure will hit your credit rating hard. You likely will run into difficulty so you need to think about ways to convince the landlord that you can and will pay your rent reliably and in a timely fashion - and also work to get your financial footing back in order as quickly as possible.

Good luck to you.
Jeanne Feenick
Unwavering Commitment to Service
Find success at http://www.feenick.com
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Tue Dec 29, 2009
You might want to offer to pay a few months in advance to compensate for a low credit score. I've found that to be helpful for some of my clients. these are hard times and people need help. Try to make yourself look good to a landlord, despite a low credit score.
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Mon Dec 28, 2009
When you apply for a rental property, the landlord will always ask for references and a credit check. In New Jersey, we as professional Realtors provide the Landlord and the Renter with a copy of Truth in Renting. This publication provided by the New Jersey Department of Consumer Affairs, educates both parties in their rights when renting. If you have a low credit score and do not have good references, the landlord can deny you the property. Sometimes the landlord can negotiate terms for persons in similiar situations.

If you are looking to rent in New Jersey in Burlington, Hunterdon, Mercer, or Somerset Counties, call me and I will provide you with information and rentals that are available in your desired area an price range. Visit my website at http://www.WayneZelenak.com.
Web Reference: http://www.WayneZelenak.com
0 votes Thank Flag Link Sun Dec 27, 2009
The answer depends on where you apply for the rental. Most landlords will look at credit reporting as a key for qualifying for rentals. However, it will depend on the landlord and their sitation and policies. A corp land lord will most likely be looking at the credit scores while the smaller private landlord will look at other things including eviction and other credit issues other than foreclosure. It will also depend if the landlord runs a credit check or not. If a landlord has a few rental it is more likley that they be more willing to rent to a person with a foreclosure on their record.

Wish you Luck


Keith Manson
First Weber Group
Certified Distressed Property
Metro Milwaukee
0 votes Thank Flag Link Sun Dec 27, 2009
Honey,

Unfortunately as others have answered you can be denied based upon your credit score and/or credit history. Most likely if its listed for rent with a broker, a credit check will be done. If its a private rental, maybe not but either way honesty is still the best policy. Most, if not all, landlords are well aware of the rise in foreclosures and they realize that these families will need homes. However, it is their choice as the landlord to deny someone based upon credit so it really depends on the individual landlord.

Good luck.

Gina Chirico, Sales Associate
Prudential NJ Properties
973-715-1158 cell
973-992-6363 ext 116
Gina.Chirico@PrudentialNewJersey.com
0 votes Thank Flag Link Sat Dec 26, 2009
Yes and it also depends on your credit score. The best thing to do is be upfront with the management companies. You might have to write a letter explaining your situation on the foreclosure. You will have to put in the letter why you can pay the new rent. If you have additional questions feel free to write me and I would be happy to answer.
0 votes Thank Flag Link Sat Dec 26, 2009
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