Me and my wife have a good credit record but I’m pretty sure
foreclosure is going to hurt our credit record.
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- Can I buy a foreclosure house and flip it with no credit.?
- What to do with house? Wife left, cannot afford house. Foreclosure, deed in lieu, shortsale?
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6 Comments
Yes, losing your home is going to put a major ding on your report that will take years to overcome. But apartments will be take you with open arms and a big deposit. They are the winners in this mortgage crisis, as many who went into bad notes are flocking to find much cheaper housing, rentals and apartments.
It depends on the community. With the complex I work for, unless it is a Neomiah Loan (2 for 1 buydown new construction loan) it is automatically declined. My advice would be to just come right out and ask them before you even view one. Good Luck!!!
The foreclosure will hurt a bit but if your credit record has been good until now, I don’t see a problem getting an apartment.
Good luck to you and your wife ! I hope everything works out for the better !
Many landlords are more lenient these days since what you’re going through is increasingly common. You might have to look a little harder but you’ll find something. Good luck!
I was under the impression that nobody would rent to me once my foreclosure was reported to the credit bureaus.
So while I would have loved the opportunity to live rent free in my home for nearly a year (!), instead I bailed out and went to a fancy local apartment tower in the heart of downtown. I felt it was important for me to feel happy in my new home, after the upsetting experience of losing my house, so I deliberately went to the best place I could afford. They’re kind of elite and snobby here and I feel certain my application wouldn’t have been accepted if I’d waited.
Now I’m wondering if I should have stayed at my house and saved up all that money.
I’d be interested to hear how some other people respond here.
Nevertheless, good luck to you and your wife. I truly hope you have a smooth landing, wherever you end up. And despite some of the righteous, moral preaching types on these forums who are quick to condemn, I congratulate you on having the courage to make a fresh start.
Good luck in your journey. Foreclosure is not the end of the world. Personally I am relieved that I no longer have the burden of payments on my old house, and I know the market will correct itself in a couple of years. You will be fine!
Hi,
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http://shurl.net/5oX