Floreclosed properties on tenants records, not a problem for landlords
According to the Florida Association of Realtors, in a study (poll) done, in LOS ANGELES – May 6, 2011 – More than three-quarters (82 percent) of independent landlords say they would rent to someone who lost a home in foreclosure, assuming the applicant traditionally had good credit, according to a survey released today by The National Association of Independent Landlords.
“Landlords typically won’t rent to applicants with poor credit – and a foreclosure will absolutely slam someone’s scores. The exception is when they see people who have paid their bills their whole life but lost their job, can’t meet their mortgage and must hand their keys back to the bank,” says Tracey Benson, president of The National Association of Independent Landlords.
Despite recent credit problems, Benson says applicants with a foreclosure can prove good risks, chiefly because they did once own their own home. “These people are used to taking pride in where they live.”
Increasingly, mortgage defaults stem more from lost jobs rather than borrowers who had a toxic mortgage they could not afford. A thorough background check usually indicates whether financial woes are part of a recent spate of bad luck or a life-long trend.
The National Association of Independent Landlords polled 563 members from March 21 through March 25, 2011.
© 2011 Florida Realtors®