Join Date: Aug 2007
Location: Orlando, FL
Bikes: 1985 Falcon, 2008 Jamis Dakota Sport
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Another thing that landlords are doing around here (central Florida) is getting a credit check on potential tenants. Rental market is tight with the limited supply and the increased number of people excluded from home ownership for the next few years due to either short sales or foreclosures. While the actual short sale or foreclosure MAY impact hte credit score, it is the actual late/missed payments that absolutely slam the credit score. If they made payments through the short sale or deed in lieu assignment, they retain a decent score...and may still be able to buy if their score was in the upper 7's to begin with, now dropping to around 600.
What landlords are finding, if they weren't making their mortgage payment, they continue that behavior and don't pay rent. That only increases the cost as the landlord then has to pursuit exiction through the courts. (Actually, just thought of this as typing, bu given the legal expenses and lost income over the months, may be cheaper to bribe/pay them to leave. Call it "relocation assistance")