Q. I've never rented a home listed by a realtor before and we are going to be selling our home and renting because rent in our area is about $1500 less than a house payment. I'm sure they run credit but what type of score are they looking for? Is it like a mortgage company where if your score isn't 720 you pay a higher rent or deposit? We've rented before, should I get a letter from our old landlord stating how wonderful and neat and clean we were?
A. It's not so much the credit score but rather the credit history...of course, your score will be affedted if you show late payments, collection accounts, judgement liens, bankruptcies and/ or foreclosure.......if you have such items noted I would put together a letter of explanation to mitigate.
What rights does one have if they are renting a home, and just found out it is being forclwed?
Q. My sister rents a home and pays her rent every month on time. She signed a one year lease in August. A mortgage company came to the house,, took pictures and served her with papers for the owner stating the house has been forclosed. What rights does she have to stay there? Her family has nowhere to go right now.
A. Your sister needs to start looking for a new place, pronto.
A foreclosure is not a sale or transfer of ownership, it's a repossession, the laws that apply when an owner sells a home that leased do not apply in this situation. The lease is completely void.
Bank's are not in the landlord business, and are quick to try to mitigate their damages by putting the home on the market as quickly as possible.
A foreclosure is not a sale or transfer of ownership, it's a repossession, the laws that apply when an owner sells a home that leased do not apply in this situation. The lease is completely void.
Bank's are not in the landlord business, and are quick to try to mitigate their damages by putting the home on the market as quickly as possible.
What rights does one have if they are renting a home, and just found out it is being forclwed?
Q. My sister rents a home and pays her rent every month on time. She signed a one year lease in August. A mortgage company came to the house,, took pictures and served her with papers for the owner stating the house has been forclosed. What rights does she have to stay there? Her family has nowhere to go right now.
A. Your sister needs to start looking for a new place, pronto.<BR><BR>A foreclosure is not a sale or transfer of ownership, it's a repossession, the laws that apply when an owner sells a home that leased do not apply in this situation. The lease is completely void.<BR><BR>Bank's are not in the landlord business, and are quick to try to mitigate their damages by putting the home on the market as quickly as possible.
Landlords rules for renting a "How to list"?
Q. I have two rents homes and do have good luck with renting to good people. What are the rules you use to pick renters.
A. Savvy landlords should ask all prospective tenants to fill out a written rental application that includes the following information:
Employment, income, and credit history
Social Security and driver's license numbers
past evictions or bankruptcies, and
references.
Before choosing tenants, landlords should check with previous landlords and other references; verify income, employment, and bank account information; and obtain a credit report. The credit report is especially important because it will indicate whether a particular person has a history of paying rent or bills late, has gone through bankruptcy, has been convicted of a crime, or has ever been evicted.
Employment, income, and credit history
Social Security and driver's license numbers
past evictions or bankruptcies, and
references.
Before choosing tenants, landlords should check with previous landlords and other references; verify income, employment, and bank account information; and obtain a credit report. The credit report is especially important because it will indicate whether a particular person has a history of paying rent or bills late, has gone through bankruptcy, has been convicted of a crime, or has ever been evicted.
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