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Home Loan Modification Problems

March 24, 2008

in Community Blog

home loan modification problems
How to address this issue with a potential landlord/lady?

My husband and I are in the process of a foreclosure on our mortgage. We are attempting to get a loan modification, but I’m not optimistic. In the event we need to find a rental home, how should we approach the issue with potential landlords/ladies. Will it hurt us to be honest as to why we are looking to move? We are both employed full time and shouldn’t have problems paying rent when the rate doesn’t change constantly.

As long as you choose a price range lower than your mortgage, just be honest. They are more concerned about your past rental history than your mortgage. In a way, it is the landlords who are benefiting from the mortgage crisis because more people are forced back into rental properties for the same reason. Even if you have bad credit, but no evictions or late rent payments, they usually take kindly toward you.

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