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One of the great problems with people going through foreclosure is the failure to address the issues they are facing. We have constantly recommended to families to be in contact with their lender and honestly appraise the situation.

One of the problem with Ostriches in foreclosure is that after the foreclosure happens, finding a new place to live is very difficult. Experts recommend that you try to find a new housing alternative before the foreclosure hits your credit report.

Landlords have become much more sophisticated now and do credit checks regularly. Having a foreclosure on your credit report tells them you have trouble paying for housing and could play a decisive role in you qualifying for a rental.

As foreclosures rise across the country and skyrocket in economically depressed areas and once-hot housing markets, more apartment owners are seeing an increase in the number of rental applicants with blemished mortgage histories. That includes foreclosures, short sales - when a house is sold for less than the amount owed on the mortgage - and deed-in-lieu of foreclosure, when a homeowner gives up a house to the lender to end the foreclosure process.
Many of these would-be renters flood the so-called shadow market of investor-owned homes and condos, which make up almost half of the rental stock and are not tracked by the apartment industry. But some former homeowners are making their way to the traditional rental market, causing concern for some landlords. via Forbes.com.

Related posts:

1. Facing Foreclosure or Short Sale? Hang On As Government is Looking To Bail You Out
2. Securitization of Mortgages May Make Foreclosure Much More Difficult
3. Interesting Post on the “Vicious Cycle of Debt”
4. Foreclosure Picture Not As Dire As Media Makes It Out To Be
5. Aegis Mortgage Files Chapter 11 Bankruptcy