Is renting possible after a foreclosure?
With the short sale or foreclosure of homes being so prominent everywhere one has to wonder where do those people go. Most will move into a rental and then save to buy another place again down the road when time permits or because of hardship end up in a rental for a very long time.
The question I get most often about rentals is, “will an owner want or let us rent due to our credit from the foreclosure?”
The quick answer is in our current economic times there are a lot of people in this exact situation and most landlords are quite aware of that.
I handle rentals in Santa Clarita and the first thing we ask a prospective tenant when they apply is, “Are you coming from a foreclosure?” If so why? nobody is perfect. There are bankruptcies every day as well.
Some folks are coming from a foreclosure on a much larger mortgage payment then what the new rent is and need to downsize. As long as you show you can afford the payment, have a job, and show you are trustworthy, most landlords/tenants will rent to you.
So all in all there are landlords or owners out there renting to people who have foreclosed. Are they all, no. It will take longer to find a place to rent but you should find a place. Sometimes paying for 3-6 months in advance is a good way to show your sincerity in being a good tenant.