Getting Approved to Rent a Home with Real Estate Short Sales
Once you decide to pursue a Real Estate Short Sale you will, also at a certain point, need to focus on finding a new place to live. Everyone needs a roof over their head. I know this is not a happy subject but it is part of the Short Sale Solution. You will be selling your present home and eventually you will have to move out. If you follow our course program you will be completely prepared for this and it will not get you down. Stick to the plan.
Due to the emotional nature of having to move out of your present home it is easy to stray from the plan and become overly emotional and distressed. If this occurs you have to pick yourself up and understand that this is temporary and part of the process that is going to allow you to solve the problem for both you and your lender and obtain a significant amount of forgiven mortgage debt. Just try to understand that your actions of addressing the problem constructively, with a solution for your lender, are going to allow you to minimize the overall adverse affects of losing your home. In other words, you will recover much faster.
When you finally do face the task of finding a new home to rent you will have to deal with the rental agents. It is not uncommon for them to simply reject you due to your credit report. If you were delinquent or became delinquent they may simply reject your application. This initially will be devastating. Here is where you need to follow our credit strategy with an emphasis on “Life After The Short Sale-How to mend your credit and navigate your way back to a new mortgage in 12-24 months”. Explain to the rental agent your plan and that you are providing a solution to your lender in the midst of a major housing crisis. You will be fine if you follow the plan and think clearly. This is no time to panic.
I recently had a client spend several weeks looking for a place to rent only to be rejected three times. He finally called me one evening in a bit of a panic. He asked how he was going to find any place to live. I went back over the credit strategy and told him to call back the rental agent for the property that he liked the most. I reiterated how to explain the solution he was providing to his lender to avoid foreclosure. I then told him to give it a try and stop freaking out. I am not losing my home but I do have a family and I take it very seriously when one of our clients is worried like this. Just before we ended the call I told him if he needed my help I would be happy to call the rental agent for him.
I have spoken with him since and he is fine. He was able to rent the place he liked. It is all about having a plan and sticking to it. A short sale is a solution for your lender in a time of crisis. It is not a deliberate means of violating your social responsibility. This crisis will pass and our economy will recover. Capitalism will not die and you, as you stick to the plan, will be ok.
“Helping homeowners level the playing field with their lenders” is our mission statement. Blogging from the front line of the housing crisis.
GHunter
