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Renting After a Foreclosure

It has been said that foreclosures lately have been slightly declining, but there are still many individuals and families forced out of their homes because they can’t keep up with the mortgage payments. Home foreclosures have been a reality for several years now and the real estate market is not bouncing back any time soon. If you’re one of the unlucky people that has been foreclosed on, you know that you’ll have to find a new rental to call home. That can be a hard task, not only because of the mindset you’re probably in but also because of the credit damage a foreclosure can do. You’ll have to find a landlord that is okay with renting to someone who has just lost their home.

To find an apartment or a rental home after you’ve been through a foreclosure, you should first hit the internet. Check out online apartment rating services that will allow you to learn about a prospective place before you even visit the home. You can try ApartmentRatings.com or ApartmentSearch.com. You’ll find descriptions, rental price, comments about the neighborhood and so on.

Offering a higher deposit on your rental unit can show landlords that you’re really serious about moving in. Take measures to prove to a potential landlord that you have enough money to pay the monthly rent and that the foreclosure doesn’t affect your business deal with him or her. You can offer first and last month’s rent as well having a co-signer might also help smooth things over. Someone with a great credit score who has suffered from being foreclosed on can give enough confidence to your landlord. Just remember if you default they are responsible for your rent.

The right timing can be a determining factor. Apply for a rental apartment before or shortly after your foreclosure happens, because it probably won’t show up on your report at that time. Securing a place becomes easier compared to a month or two after your foreclosure.

Make sure to keep your credit otherwise in great shape. Continue paying your bills so that you don’t hurt your credit even more. This will show that the foreclosure is an isolated event.

When you find your rental unit, make sure to call the West Palm Beach movers to help you move efficiently. All My Sons of West Palm Beach is backed by four generations of movers, with moving offices across the United States. Our West Palm Beach moving specialists will quilt-pad wrap your furniture to protect your belongings from getting damaged so you have nothing to worry about. Just find your rental and we’ll help you move.