Honesty is the policy, old cliche I know, but so true.
Many people experienced foreclosures, short sales, credit decrease, loss of income, etc... furing the past 7 - 8 years. Reasons vary, including allowing the home to go into foreclosure because they were upside down, didn't either short sale due to lack of knowledge or find a buyer for a short sale.
Submit an honest letter explaining your scenario along with your application. You're not the first or last to do so.
any rental payment history, sometimes offering an extra month of security deposit, or an automatic
bank transfer of the monthly rent, and a lot of good references from work, friends, former employers
anyone you can think of.
And if none of that works really well, although it should, find someone who would co-sign with you with
good credit etc.
You should definitely work with a Realtor who does rentals, to be really well prepared when filling out the
application, actually you should fill a generic one out with your Realtor, so that you have all the information and references ready when the time for application comes.
Good Luck to you
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It has bee my experience having done rentals for the past five years that landlords and even many property management companies will overlook foreclosures. However, what they will be looking at is, have you been paying all the rest of your bills on time. Make sure you have no collections or judgments on your credit. The key Vicki is to be honest upfront.
I hope this is helpful and Best of Luck
Each landlord is going to have a different spin. Best bet is to have your agent (assuming you have one) ask in advance what the requirements are. Depending on where your overall credit stands, prepayment of rent is generally the best way to get in the door. It truly is all in the negotiation.
Broker Baird & Warner