Foreclosure in Rockford>Question Details

Geepee1972, Home Owner in Rockford, IL

how do you find a place to live after foreclosure?

Asked by Geepee1972, Rockford, IL Tue May 29, 2012

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Answers

7
You can rent while you rebuild your credit rating.

FHA Back To Work Program waives Foreclosure, Bankruptcy, And Short Sale waiting periods. Borrowers who lost their homes due to foreclosure no longer have to wait 3 years to apply for a new loan. Check out http://www.whywaitbuytoday.com for more details.
0 votes Thank Flag Link Sun Dec 8, 2013
Relatives are best and most understanding. Otherwise, you may have to buy the security by prepaying a large portion of the rent-maybe first and last months or first 2 and last 2 months or 2 months sec dep-whatever it takes.
0 votes Thank Flag Link Sun Jul 14, 2013
I had a buyer that wanted to buy a home in Arizona, but he had a Chapter 7 bankruptcy 7 months ago. I introduced a loan program at http://www.cfsflex.com, they allow a mortgage after a
foreclosure, short sale, or bankruptcy. There is only a six month waiting period. This is perfect for individuals looking to become homeowners again.
0 votes Thank Flag Link Sun Jul 14, 2013
Make it a goal to have a place lined up and a lease signed prior to the foreclosure. If you do this before the foreclosure reflects on your credit report, it will just show missed payments on your mortgage. Once the foreclosure hits, your credit will take another major hit.

All landlords and property owners looking to rent their property are different and have different rules when it comes to qualifying tenants. Not all pull credit reports - especially homeowners who have never rented their homes before. They often rent based on "character assessments" of the prospective tenants and whether or not they "feel good" about it. But for the ones who do (which will be a vast majority), If the mortgage is the only debt that has gone unpaid, it's fair to say that the financial hardship would be easier to explain and rationalize. If you have a bunch of other accounts that are delinquent, it will just look like you don't pay bills - and that's never good. Either way, your credit will be hit very hard with a foreclosure, of which you are most certainly already aware.

The most important thing for you to understand in all of this is that you are not alone. There are hundreds of people going through the very dilemma you face in this immediate area and almost all of them are looking for rental property once displaced from their homes. So landlords should be desensitized to bad credit scores by now.

Put it behind you. Keep your chin up... wish you the best.

RYAN PETRY | kw
815.262.1372
ryan@ryanpetry.com
0 votes Thank Flag Link Wed Jun 6, 2012
You will need to rent. After the foreclosure court date by the bank, you will have 3 years until you can own again. The trick, as said, is to get landlords to pick you.

Be honest with them and show them your credit before. Hopefully it was an isolated incident and your income is good enough that they will see past that. But you are going to need to likely make compromises on the place, location and maybe price.

Then start working on your credit again. Remember, a lease is only for one year - most people can do anything for one year. Good luck.
0 votes Thank Flag Link Tue May 29, 2012
You will need to rent, probably from an owner or manager that is not doing a credit check, as your credit score will take a real hit after a foreclosure. The general rule of thumb is that you will have to wait 5 years after foreclosure to buy another home and 3 years after doing a short sale. In both cases, your credit will have to be very good (no collections, no 60 day late pays) after the foreclosure in order to get your credit score back over 700.
Good luck.
0 votes Thank Flag Link Tue May 29, 2012
0 votes Thank Flag Link Tue May 29, 2012
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