How to Rent an Apartment After Bankruptcy & Foreclosure in Maryland
Finding a rental home after foreclosure requires research, preparation and perseverance. Although some management companies rely on credit profiles, other landlords consider compensating factors that minimize the risk of having to evict you, such as you pay the rent on time, you care for the property and respect other tenants, and you don't participate in illegal activities that jeopardize the home -- such as dealing drugs. In Maryland, where foreclosure takes at least three months, you can compensate for your damaged credit and increase the chance of landing a rental by following a few steps.
Instructions
- 1
Calculate your household income prior to applying. Landlords rely heavily on debt-to-income (DTI) ratios to determine whether you can reasonably afford the new rental payment. Expressed as a percentage, the DTI calculates how much of your gross income goes toward your housing payment. Generally, if your income paperwork shows that you earn approximately three times the amount of rent before taxes, you are considered safe, according to "The Huffington Post."
2Consider your rental history prior to owning a home. What would a rental credit scoring database -- which landlords rely heavily upon when screening potential tenants -- reveal about your attitude toward paying rent? If you have a history of eviction or paying the rent more than 30 days past the due date, you will have a difficult time obtaining a rental, with or without foreclosure. Obtain letters of reference and contact information from past landlords that can vouch for you as a good tenant.
3Prepare yourself to offer a larger deposit than someone with great credit would. A security deposit protects the landlord against costs incurred if you fail to pay rent, break your lease or damage the property. You may be required to pay the maximum security deposit allowed due to your foreclosure. By Maryland law; however, the landlord may not charge you more than two months' rent as security. Furthermore, the landlord must place the money in an interest-bearing escrow account and return the funds after you move out in accordance with the state's landlord-tenant laws.
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