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Study: Four out of five landlords would rent to those who lost homes in foreclosure

May 01, 2011 Matt Roesly

Study: Four out of five landlords would rent to those who lost homes in foreclosure
A survey by the National Association of Independent Landlords has found that 82 percent of the 563 members who responded would rent to a prospective tenant who had lost a home in foreclosure, provided a tenant screening indicates a history of good credit.
 "Landlords typically won't rent to applicants with poor credit, and a foreclosure will absolutely slam someone's scores," said Tracey Benson, president of the association. "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." According to Benson, applicants with a foreclosure in their past can prove to be good risks despite their recent credit problems, largely because they have owned their own home in the past. Thorough background checks conducted as part of the screening process will determine how an applicant's mortgage default came about, as well as whether they tried to keep up with other bills during the foreclosure process. Recently released statistics indicate that the number of foreclosure filings in March totaled 239,745, according to Left and Right News.