Tips from renting after going through a foreclosure

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PHOENIX - Losing your home to foreclosure is definitely going to damage your credit score and your credit history.

But remember, those are also the very things your future landlord will use to decide if you rent or not.

Remember, when it comes to renting, most apartment complexes and landlords will run your credit and a foreclosure just doesn't do much for your credit score.

So, according to consider offering a higher deposit if your rental application is denied.

Some landlords will take you more seriously if offer a higher deposit and it will give them more peace of mind.

Also, find a co-signer.  Your parents or close friends just might have great credit and wouldn't mind co-signing your rental agreement.  This really helps landlords look past your foreclosure.

Time your rental application.  In other words, apply for an apartment or rental house right before, or right after the foreclosure making it less likely it will show up on your credit history.

Watch the rest of your credit carefully.

By this, I mean make sure you pay the rest of your bills on time to keep your credit from slipping even more.

And finally, try looking for "no credit check" rentals.

Obviously, if a complex doesn't check your credit, then you shouldn't have a problem.

If all else fails and you can't find a place to live, try the non-traditional places like extended stay hotels for a month or so, until you and your family get back on your feet and find a landlord who accepts your foreclosure status.

By the way, according to at least one Phoenix property management company, the rules are being relaxed a little due to so many people who have gone through foreclosure.

Some management companies, but not all,  are being more forgiving about looking"past" your foreclosure and paying more attention to other qualifying factors like timely payments for your car loan and credit cards.

This is another reason to make sure you keep paying the rest of your bills on time.