Vance P. Truman, Attorney at Law
Putting People's Financial Worries Behind Them Free Initial Consultation

Will a foreclosure make it harder to rent?

You spent years renting apartments in Ohio. Then you decided to take the plunge and buy a house. Unfortunately, you lost your job shortly after buying. This led to foreclosure. You feel like this just means it's time to go back to renting, but then you realize you may have a serious problem. Will you now find it impossible to get a lease because of that foreclosure on your financial record?

This is a problem. There are cases where landlords do not want to rent to those who have gone through foreclosure. It can be a hit to your credit score, and that credit history may make them nervous that you will not pay the rent, either. It can put you in a tough position if you lose your home and you can't rent anywhere else to live.

One option you have is to move quickly. The foreclosure process takes some time. Your credit score won't drop until it's actually on your record. For instance, if you miss the first payment and you know you're likely to miss more, renting the apartment then, before the foreclosure process begins, can get you into a lease.

On top of that, make sure that the foreclosure is the only black mark on your record. You may have a solid reason for it -- changing terms and interest rates, for instance -- and you can then show a landlord that you will pay the rent. If you keep up with credit cards and everything else, this argument is far more convincing than if you have a lot of unpaid debts.

The way you handle this process has a big impact on your future. Make sure you know what steps to take.

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Medina, OH 44256

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