Rentals in Chicago>Question Details

Patricia8851, Renter in Chicago, IL

Is it possible to rent a house after going through a foreclosure if your credit score is 715 still?

Asked by Patricia8851, Chicago, IL Wed Oct 3, 2012

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Yes, if you have a good credit score than you should not have any issues. In today's market, many home owners have either short sold their homes or lost them in a foreclosure suit. They now only have options to rent. I have represented thousands of landlords who have rented to people in this exact situation and I will tell you that it works out since it's a common situation, not everyone is aware of the housing bust.

Now, what is very important is that every other bill is paid. Understand, if someone can't afford their housing payment but also is not paying other bills than the situation changes. Now it seems that the prospect tenant is simply not paying their bills and will unlikely secure a property to rent without going through extreme circumstances.

Sohail A. Salahuddin | Founder

Innovative Property Consultants Group | Sales and Leasing


Jameson Sotheby’s International Realty

425 W. North Ave. | Chicago, IL 60610 

O: 312.335.3230 | C: 312.437.7799 | F: 847.805.6030

"Locally Known, Globally Recognized"
1 vote Thank Flag Link Wed Oct 3, 2012
There is a big difference between BUYING a house after Foreclosure and RENTING a home after Foreclosure. Prove to the future landlord that you have the income and credit (715 is a good score). References help. Be upfront about what happened and show that you have the ability to pay the rent and security deposit. If they hem and haw over foreclosure offer 2 months rent + security deposit.
1 vote Thank Flag Link Wed Oct 3, 2012
Yes! Your best bet is a private landlord
0 votes Thank Flag Link Mon Oct 29, 2012
Yes it is possible to rent and even purchase. I just spoke with someone who had a foreclosure now they are preapproved to purchase after two years. Landlords know that there are a lot of previous homeowners who are not renters. If you have sufficient income to cover the rental you should have no problems.
0 votes Thank Flag Link Wed Oct 10, 2012
Hi Patricia,
Depending on when the foreclosure took place and the property was sold by the bank, you may be in a position to purchase again, if you are interested in going that route. FHA requires 3 years from the sale date of your home if it was a foreclosure or short sale, with a qualifying credit score and a minimum down payment of 3.5% Hope this helps.

Cecelia Marlow - Vice President
The Federal Savings Bank
312-738-6294 direct
0 votes Thank Flag Link Thu Oct 4, 2012
How did you go through a foreclosure recently and end up with a credit score of 715?
0 votes Thank Flag Link Thu Oct 4, 2012
it was just filed and on my credit report its on there as a chargeoff i am the cosigner
Flag Thu Oct 4, 2012
You will absolutely be able to find a place to rent - give me a call and I will help you find the perfect place!

0 votes Thank Flag Link Thu Oct 4, 2012
You should be just fine -- many landlords have accepted the fact that so my tenants are former homeowners that have gone into foreclosure. The fact that your credit is still strong should help you a ton, and you should also be ready to pay extra security or perhaps a few months of rent in advance to alleviate any further concerns. Good luck!
0 votes Thank Flag Link Thu Oct 4, 2012
Must agree with everyone here, should be no problem.

Good luck!
0 votes Thank Flag Link Wed Oct 3, 2012
Yes! However, it depends on the landlord or property management company. They may require a larger deposit and strong employment history. Private owners may be more willing to work with a foreclosure versus a property management company. Good luck with your rental search!
0 votes Thank Flag Link Wed Oct 3, 2012

Get a good leasing agent to help you out. This way you have someone to walk you through the process.
0 votes Thank Flag Link Wed Oct 3, 2012
Yes it is. I have many rentals available in the Chicagoland area. Please check our rental listings at
RPM Realtor
0 votes Thank Flag Link Wed Oct 3, 2012
715 is a good score. That is what most will look at. Get a Realtor and leasing agent. They can help you find something. I have a hyde park condo rental that will accept that with the right income, etc. if you are interested. Look on Trulia for 6500 S. Minerva or call me at 888 788 9544.
0 votes Thank Flag Link Wed Oct 3, 2012
Thank You but i need 4 bedrooms.
Flag Wed Oct 3, 2012
That should be an issue if your income is good although it depneds what you are looking for and where.
0 votes Thank Flag Link Wed Oct 3, 2012
Your credit score should not be an issue with the Lessor (Landlord). There are still other options to buy with a foreclosure on your credit report. If you would like more information give me a call 312 380-1660.
0 votes Thank Flag Link Wed Oct 3, 2012
yep..its always possible.. they pick the best available via credit, security and time
0 votes Thank Flag Link Wed Oct 3, 2012
Hello Patricia,

Yes, there are some rental companies and landlords that are willing to lease a house to you even though you have gone through foreclosure. They are skeptical and you will probably go through allot of questioning and promise making but you cant blame them. Good luck!!!
0 votes Thank Flag Link Wed Oct 3, 2012
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