A guide to renting an apartment after foreclosure
Renting an apartment after foreclosure can be challenging since this may appear on your credit report. It does not, however, mean that it is impossible to secure an apartment since landlords are not as strict as they used to be in the past. You can use the following tips to help you find an apartment even after your home is foreclosed.
Foreclosure sometimes differs from one state to the other. It may take a few weeks for a foreclosure to get updated on your report. If you can apply for an apartment before this happens, you have a high chance of getting approved. Timing may be hard if you don’t follow up on your report regularly. Though foreclosure can harm your credit rating, you should try to protect the rest of your accounts.
You can explain yourself to the landlord in regards to the foreclosure. For instance, the adjustment in interest rates may have made your payments unaffordable. If you keep on with payments on the rest of your accounts, you can convince a landlord to let you rent an apartment with them. Look for ways to make sufficient funds so that you can pay your rent without difficulties. Consider selling some valuable items or getting an extra job to make enough money to cover the rent plus the rest of your expenses. As you look for an apartment, ensure you have enough cash to pay the rent, security deposit, and expenses comfortably.
You have to look for apartments that are within your budget. The rent that you plan on paying should be less than a third of your total income. For instance, if you earn $2,400, your rent should be less than $800. Contact apartment quest to help you find an ideal apartment that is within your budget. You should also choose an apartment that is owned by a single landlord rather than a property management company. Large complexes managed by companies have strict criteria when it comes to approving tenants. They will probably check your credit rating, and foreclosure can disqualify you from being approved.
Consider small apartment buildings, condos, or townhomes since owners of such may not be strict on credit checks. You can also offer a landlord a higher security deposit for the apartment. This can give them confidence in you, and they can overlook the foreclosure on your report. A higher deposit also allows the landlord to cover losses in case you don’t make payments as required. Even after paying a higher security deposit, you should ensure that you pay your rent monthly to avoid eviction.
A cosigner can also help you secure an apartment after foreclosure. If you want to live in a large apartment complex, find a cosigner that has a good credit rating and ask them to help you get approved. Lying about foreclosure minimizes your chances of getting an apartment. Therefore, if a landlord asks, be honest about it and try to explain your situation to them.