If I Foreclose, Will I Still be Able to Rent?

A foreclosure will likely appear on your credit report. You will be able to contact the three credit bureaus (Experian, Transunion, Equifax) to add your own explanation to the report if the foreclosure was beyond your control … but it will still likely show up. Some landlords and rental agencies will pull your credit – some won’t.

(30-60 days after the foreclosure has taken effect, visit annualcreditreport.com to update your credit files if you want credit pullers to see “both sides of the story”).

Some landlords or ladies will consider this mark on your credit a reason NOT to rent to you – others may not. I would suggest that you maintain a file of all the accounts that you pay ontime (such as utilities, car insurance, car loans, etc – anything that would speak to your fiscal responsibility). Contact any of your prior landlords (before you bought the home) to have them write a reference on your behalf, and keep that in the file.

When applying to rent, be upfront with your history – tell the potential landlord what happened on the mortgage and why, and why you are still a good tenant and how you will pay ontime. A solid job history and income is helpful, too – document this. Offer a full security deposit – even pay a few months in advance if you can. You are your own best advocate here – as you would with a job interview, be prepared to sell yourself as a good tenant. Some will turn you down, but others will at least listen, and prior preparation goes a long way.

Good luck!