Foreclosure is forcing many homeowners become renters with very serious impacts on their credit history. In some cases, it may take seven years for a former homeowner to overcome the negative effects of a foreclosure. Like other grantors of credit, landlords and property managers will need a compelling reason to consider a person with a foreclosure on their credit. Money Mentor is working with landlords and property managers to establish a "Homeowners to Renters" program that provides safe affordable rentals to those who qualify.
In addition, Money Mentor will use your timely rental payments as a starting point in reestablishing your credit. The housing payment / rental payment is given the highest consideration when making credit decisions. This is a great way to start re-establishing your credit without the use of high cost credit cards or other personal debt.