When you obtain foreclosure records for a prospective tenant, you receive information regarding the ability of the tenant to meet their obligations. When you use LandLordStation.com to perform your tenant screening, a foreclosure history is part of the screening process and you will receive information regarding any foreclosures on the tenant’s record. In addition, tenants can find foreclosure/credit records for potential landlords that will benefit potential tenants before they move into a property.
A foreclosure can be caused by a variety of circumstances that are beyond the control of the potential tenant, however there are a variety of circumstances that make a foreclosure avoidable. Learning the reason for a foreclosure can make a difference in your evaluation of a prospective tenant. A prospective tenant may have lost a job, been injured in an accident, or has recently been through a divorce. There are a variety of reasons why a foreclosure might not disqualify an applicant. Information regarding foreclosure history is helpful information to have no matter what the landlord determines.
The types of information that can be assessed to conduct a tenant screening beyond the facts of a foreclosure varies from state to state. Each state sets the criteria for which a landlord can deny a prospect, and some cannot result in the denial of an application to lease real estate in addition to the federally protected classes. Check with your state's protection clause before you use this as a reason for denial.
In some states the landlord may be required to disclose the foreclosure records that result in denial of an applicant and provide the applicant with a copy of the report showing information used to deny the prospective tenant. In some states, you can ask the applicant the reason for a foreclosure and in some states you cannot. LandLordStation.com recommends that you obtain the advice of an attorney if you are not sure of the laws in your state.
Foreclosure records are important to a prospective tenant too. If the landlord is in foreclosure or about to enter foreclosure on the property, the tenant will not want to enter into a lease and have to vacate the premises when the foreclosure has been completed. LandLordStation.com can provide foreclosure history on landlords for the benefit of lease applicants as well.
LandLordStation.com performs expert tenant screening foreclosure records and foreclosure history for any potential tenant. Visit the LandLordStation.com website and click on the “Community” button at the top of the page and you will find on-going discussions with leaders in the real estate management community regarding this issue. If you don’t see information that answers your question, you can ask the Community your question at no charge. This is a unique and invaluable service that LandLordStation.com provides our customers.
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