Archive for the ‘Transition’ Category

After the Foreclosure: How to Search for an Apartment

Monday, January 12th, 2009

Searching for apartments is not what you had in mind for 2009, but nonetheless, it has to be done. Here are three tips to help you get started in finding a new place.

Search Online. Many rental listings are easily available online, so the days of hunting through the newspaper may be close to over. MyNewPlace.com aggregates many rental properties across the country. You should also find out the names of different rental companies and check to see if they have Web sites (most do). You can often find apartments and houses for rent on their sites that aren’t being widely marketed, which can mean less competition for getting into the apartment.

Talk to Friends. Word of mouth is always a good thing. Plus, the Internet allows you to talk to many people much quicker. You can send a Facebook message to friends or just make a comment about it to a couple friends on their walls. Their friends can see those conversations and can chime in to let you know about available apartments. Emailing local friends and family to see what they’ve heard about is good too.

Walk the Neighborhood. I sometimes do this to see where I want to live. Once again, you can find places that only advertise with a rental sign on a window and potentially have fewer people to compete with to get the apartment. Conversely, if you’ve found a property online, definitely take some time to walk the neighborhood to see what amenities are nearby, what the transportation situation is like, and how safe the area is.

Hopefully, these tips help you get started in your transition back to renting and make life a little easier after foreclosure.

Policy Recommendations to Help Former Homeowners After Foreclosure

Monday, December 29th, 2008

The Center for Housing Policy’s housingpolicy.org recognizes that new legislation is necessary to help former homeowners return to renting after they’ve been foreclosed upon. High security deposits and the loss in credit rating can make the transition back to the rental market a difficult one. The organization outlines a number of recommendations as well as proposed ideas from the Progressive Policy Institute for people moving on after a foreclosure. The suggestions are as follows:

“Adopt a first-time homebuyer tax credit (similar to the District of Columbia’s first time homebuyer tax credit) in jurisdictions with high foreclosure rates and extend eligibility to those that have lost their home to foreclosure in addition to first-time homebuyers.”

“Create a preference for housing vouchers to go to families at risk of losing their home or who have already been foreclosed upon.”

“Provide funding for land banks to buy foreclosed properties and rent them back to the former homeowners.”

“Provide funds for credit repair counseling.”

“Provide assistance with first- and last-month’s rent, security deposits, and the housing search process.”

If you’re interested in bringing this information to your lawmakers’ attentions, please share or email this blog post with friends. Let’s do what we can to help people in their time of need.

Dealing with Debtors After Foreclosure

Monday, December 15th, 2008

If you’ve just lost your home to foreclosure, you probably don’t want to have anything to do with other debt collectors who may be knocking on your door. Unfortunately, you can’t get away from those financial obligations, but you can be aware of what your rights are in the matter. The Federal Trade Commission offers a lot of good information so that you can protect yourself. The Fair Debt Collection Practices Act outlines a number of guidelines for debt collectors. Some of the rules are as follows:

“Debt collectors may contact you only between 8 a.m. and 9 p.m.”

“Debt collectors may not contact you at work if they know your employer disapproves.”

“Debt collectors may not harass, oppress, or abuse you.”

“Debt collectors may not lie when collecting debts, such as falsely implying that you have committed a crime.”

“Debt collectors must identify themselves to you on the phone.”

“Debt collectors must stop contacting you if you ask them to do so in writing.”

This act covers debts held individually, by the family, or by the household. You can get more information about your rights on this “Facts for Consumers” link from the FTC. This can help empower you as you move on during this tough transitional time.

4 Tips for Returning to Renting After Foreclosure

Saturday, December 13th, 2008

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.