Landlords Undeterred by Foreclosures, Survey Reveals

More than 80 percent of independent landlords surveyed said they would rent to someone who lost a home in foreclosure, according to the ""National Association of Independent Landlords"":http://www.landlordassociation.com. However, landlords stipulated that applicants must otherwise have good credit.
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""Landlords typically won't rent to applicants with poor credit - and a foreclosure will absolutely slam someone's scores,"" said Tracey Benson, president of the National Association of Independent Landlords. ""The exception is when they see people who have paid their bills their whole

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life, but lost their job, can't meet their mortgage, and must hand their keys back to the bank.""

Benson contends that applicants with foreclosures are often ""good risks"" because they once owned their own homes.

""These people are used to taking pride in where they live,"" Benson said. ""Often, they lost their jobs and homes through no fault of their own. Because of this abundance of defaults, there is a greater need for rental property, so landlords should carefully vet applicants.""

According to Benson, the National Association of Independent Landlords conducts background checks to indicate whether potential renters' financial issues are part of recent bad luck, like the loss of a job, or a life-long trend.

The National Association of Independent Landlords is the country's largest provider of services for small landlords. Services include credit reports, electronic rent collection, and tenant screening as well as information about property management, rental laws in all 50 states, and other issues critical to property owners. The association polled 563 members in March 2011 to complete its survey.