If you have lost your home to foreclosure you may be looking for an apartment to move into. Typically apartment complexes check your credit history to decide if they will rent to you, which means that they will know about your foreclosure. With a foreclosure on your credit report, there is a good chance that your credit score and credit report will keep you out of renting some apartments. Fortunately, there are some landlords who will take people with a foreclosure on their record.
Things You'll Need
- Security deposit
- Letter from previous landlords
- Co-signer or guarantor
Look for small, locally owned apartment complexes. Typically it is easier to rent from a complex like this rather than a large apartment complex owned by a management company.
Line up a co-signer or guarantor that can sign your lease with you. This should be someone with good credit and proof of income that could cover your rent in the event that you cannot pay it. Some landlords allow you to rent as long as you have a co-signer or guarantor.
Contact previous landlords, if you have rented in the past, for a letter of good standing. You can then use the letters to show your new potential landlord. This will show that you paid your rent on time in the past with no problems.
Offer to pay a higher than normal security deposit. Since you are viewed as a high-risk renter due to your bad credit, the higher security deposit will provide peace of mind for the landlord. If you have the money, you can also offer to pay for the entire amount of the lease upfront.
Search for a sublet instead of signing a rental agreement with a landlord. People stuck in a apartment lease that they can't get out of often offer the apartment for sublet. This is when the apartment is technically in someone else's name and you pay your rent to that person instead of to the apartment office. Typically there is no credit check for this. Instead, you just give a security deposit to the current resident. Some landlords do not allow renters to sublet out their apartments, which is something you may want to check before taking a sublet. Sites like Craigslist and Sublet.com are good places to look for a sublet.