We rent SFH's ($1500 - $1900 range) and typically the majority of our tenants have lost their home in the past and can't qualify for a mortgage anytime soon. Usually they land in an apartment or a multi-family for awhile, love the cost savings but hate that lifestyle and appreciate the freedom that a SFH affords them. These folks usually make pretty good tenants.
So a foreclosure in their past doesn't usually give us pause during the approval process but we received an application yesterday and upon doing some quick checking we discovered that our applicant was able to prolong their foreclosure for nearly 8 years.
My initial thought is that if they are this good at prolonging a foreclosure what will they be like (or how good will they be) at prolonging an eviction if we ever head down that road.
How recent was the foreclosure in this specific case? Can they provide a landlord reference to show that rent was paid? Almost always a foreclosure that goes that long will have a bankruptcy mixed in too, so look for that and see whether their BK was discharged or dismissed.
I would just look for another candidate myself because I feel that if they weren't making a housing payment when they would own the housing, then they are very likely to not make housing payments when they aren't the owner.
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