Finding Rentals
Many home owners are looking for renting as an option to home ownership!

Losing a home in foreclosure can really shatter a person's confidence, especially when coupled with loss of employment. This is exactly what's happening to many Americans. There are many assistance programs out there but so many people are falling between the cracks.

"A 'homeless' person is either coming out of a motel, off the street or out of a shelter, not in double-up situations where you're living with family and friends," says Sharon Abegglen, Salt Lake Community Action Program housing director. She adds that the average person needs several months of help catching up, but funds are tight for community organizations right now too. To keep the family afloat, many former homeowners need to look for rentals.

There are many problems homeowners face when looking for new homes after foreclosure. Maurice Ortiz of The Apartment People in Chicago says the biggest obstacle to moving is the lack of a rental deposit. Candidates who haven't paid housing bills and suffer damaged credit often need double the deposit to be considered, adds Mark Fogelman of the Fogelman Management Group based out of Memphis. To help homeowners make the transition to rentals, people who have a Federal Housing Administration insured loan may be able to get a check for $1,000 with the "Cash for Keys" program if they leave their foreclosed home "broom clean."

Rental homes are rapidly changing the housing market. Some of the homes that have already foreclosed are now being offered up as rentals. Rent-to-own real estate properties are ideal for families who are transitioning into a new home following a foreclosure but may have dinged up credit or have no down payment saved. Over a period of one to three years, the renters will get to live in a spacious home, while participating in a credit repair program and having a portion of their monthly rent automatically set aside to count as the housing down payment. At the end of the rental term, they'll get to take over the mortgage. These deals are always great for first-time home buyers, temporary workers and newly relocated individuals who would like to "test drive" a home before buying.

There are many places to look for apartment and housing rentals. The newspaper has been the traditional source for new properties, although word-of-mouth is an ideal way to get a great deal. Sometimes you can get in without a hefty deposit or laborious credit check if you know someone. Websites like www.craigslist.org offer a wide array of rental options, from former foreclosures-turned-apartments and apartment complex units to sub-let basement apartments and house for rent. Of course, many real estate agents are offering rental services now for the cost of one month's rent.

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