i have just gone thru forclosure

will this keep me form being able to rent???
  • August 14 - Minneapolis
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Answers (5)

Profile picture for sara593
I hope you find the answers you needed. It can be real difficult after foreclosure.

Hang in there.


Sara @ [Hotlink removed by Zillow moderator. Please see our Good Neighbor Policy.]


 
  • August 21
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Profile picture for EduNelson
The Minnesota Homeownership Center has a helpful fact sheet "Renting After Foreclosure" that may be useful to you:  http://www.hocmn.org/wp-content/uploads/2014/05/RentingAfterForeclosure_Apr2014.pdf  (you can speak to a Homeownership Advisor if you have any questions about what happens next in YOUR specific foreclosure situation - - will you face judgments? tax liabilities? what are your responsibilities during Minnesota's redemption period? etc... visit www.hocmn.org for more info).

There are other considerations, too.  If you are still in your redemption period, use that time to save for future rental expenses (moving costs, deposits, application fees, etc.)  

One more helpful tip:  There are tenant's-rights and advocacy organizations that may be able to help find affordable rentals in your area and help make sure that your rights aren't being violated.  One excellent resource is HousingLink:  www.housinglink.org.  

Best of luck!
  • August 21
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Profile picture for gator70
Additional security deposits may be against the law
  • August 18
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A recent foreclosure won't prohibit you from finding a place to rent, but your choices will likely be narrowed.  In my experience, I have found that larger apartment communities are more forgiving when it comes to issues with credit.  Individual landlords can be very strict, or some may want to give you a break.  It may save you some time if you do ask the landlord up-front if they would consider a tenant in your situation.  Some landlords will want to see some sort of compensating factor to show that you will pay your rent on time like a larger deposit or more than one month's rent up-front.  It will be challenging, but not impossible.  Good luck in your search.
  • August 18
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Foreclosure will show up in your credit report and it stays for a few years. 

You might want to disclose your situation to the potential landlords ahead of time. And offer additional guarantee such as additional security deposit or reference (recommendation) from your work place.
  • August 17
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