More than four out of five (82 percent) independent landlords say they would rent to someone who lost a home to foreclosure, assuming the applicant had a history of good credit, according to a survey by the National Association of Independent Landlords (NAIL). Despite their recent financial problems, applicants who have lost a home to foreclosure can prove to be good risks, mainly because they once owned a home. "Landlords typically won't rent to applicants with poor credit - and a foreclosure will absolutely slam someone's scores. The exception is when they see people who have paid their bills their whole life, but lost their job, can't meet their mortgage and must hand their keys back to the bank," says NAIL president Tracey Benson. A thorough background check can help determine whether an applicant's financial woes are a recent occurrence or a lifelong trend.

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This post has been included in California Real Estate News

2 Comments on Most Landlords Would Rent to People Who Lost their Home to Foreclosure

MAY
26
2011

That's interesting.  I wouldn't have thought that would be the case.  Most of the landlords I deal with are very strick about the potential renter having "good credit" at least.
2:16pm • #1
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Some of my best tenants are people who have had homes in the past. Short sale or Foreclosure - if they still have decent credit and good people, I'll rent to them.

Brian
2:21pm • #2


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