Can i still rent if my house is under foreclosure and i have bad credit?
Question:
Answer:
Usually when there is a foreclosure, the bank or lending institution, takes possession, and unfortunately you loose the house, and can not rent it. You could have sold the house before the foreclosure, paid the bank, and have been free and clear of debts. You can always call a realestate attorney, and get free information, as to what your options are. good luck.
They can rent, but owners will probably require bigger deposit. I have several rental properties, and that's how we do it. It is a risk that owners take to rent to the people with bad credit history. To minimize the risk, more cash upfront from tenants will make less liability to the owners.
The question is, "why would you want to rent it if you can't even make the payments on it now?" It is entirely up to the person who buys it on the courthouse steps but the "person who buys it" could well be the LENDER since they usually buy back their own properties. If that happens, they will NOT rent it to you.
Yes, they can rent a house/apartment, even with a foreclosure on their credit. It won't be as easy as if they weren't in foreclosure, however.
Landlords typically check credit before approving someone to rent, and they won't like seeing a foreclosure on your parents' credit reports. Some landlords may turn them down completely, some may require more months to be paid in advance or a larger security deposit, and some landlords won't really care.
If your parents are worried about the owner of their rental knowing that they were in foreclosure, they could just offer to put extra money down in exchange for the landlord not checking their credit at all. They can say they were victims of identity theft and never give out their credit information, but would be willing to provide a higher deposit in good faith. That usually works, since cash is pretty enticing to landlords.
Good luck.
ForeclosureFish
http://www.foreclosurefish.com/...
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