Many of us are still working through the aftermath of a short sale, foreclosure, or some other financially devastating event. Rather than buying another house you need to rent till you get back on your feet.

Yes, the current mortgage rates are great and it would be a great time for buyers to get into the Real Estate market but when you are still working through your aftermath of a possible divorce, short sale, death, or have a lot of late payments, or even judgments at this time against you, you would be better off to rent rather than buying. Even with many lenders now loosening their lending guidelines, many of them are still looking for a 1 to 3 year clean credit record. This does not mean it has to be absolutely perfect but when you are constantly late on utility bills or have reoccurring judgments showing up on your credit report, you could still be a credit risk to the lender and they might not be willing to give you a loan until you show that you are a truly responsible consumer.

You need to be prepared that your potential landlord will run a credit check and there is the chance that you might not get to rent the house or apartment due to what is on your credit report.

Either way it is time to tackle the financial past and finally kick the bad ratings out of our life. Unless you tackle them they will haunt you for the rest of your life and they will affect everything you do from renting, buying another vehicle or house, or possible employment.

When you would like to have more information on how to get started kicking your financial past out of your life please contact us for an absolutely free and confidential meeting where we can discuss your individual situation.