You’re probably pretty upset right now after the foreclosure process and losing your home. That’s definitely understandable as a home foreclosure is a pretty difficult experience. So let’s make it a little easier on you to transition back to renting. The following are a few tips to remember when getting back into the rental market.
Get Your Paperwork Together. Paperwork may include pay stubs, the rental application (if it’s available to download online), references from colleagues and past landlords, and your credit report. This last one may be a sore point for you, but there are some landlords that now offer leniency around credit issues for someone who’s just been foreclosed upon.
Damages and Repairs. Be thorough in your walk-through of the home. Make sure that any existing issues are noted in your agreement if not fixed before your move in to the apartment.
Negotiate! The American Bar Association reminds you that you can negotiate your lease. Just because the contract looks legal and full-proof doesn’t mean that you can’t have clauses removed and others added.
Buy Renter’s Insurance. Renter’s insurance is possibly one of the cheapest kinds of insurances to buy, and it can offer a lot of peace of mind. According to Nolo, a small investment of $350 a year in renter’s insurance can give you protection of up to $50,000 of your property and assets.
Hopefully, these tips can help you feel more comfortable in your transition. Feel free to leave a question or comment below if you’d like more info.
Tags: credit concerns, credit issues, credit report, foreclosure, landlords, lease, life after foreclosure, negotiate lease, rental application, rental market, renter's insurance, transition from home
[...] Depending on when and if this bill is enacted, you may soon get Federal help to avoid foreclosure if you’re still in a pre-foreclosure situation. If you think you need help sooner, you may want to check out the Web site sponsored by the Homeownership Preservation Foundation on this link. If you’re past that point though, be sure to check out some of our information about transitioning back to the rental market. [...]