In Portland the rate of foreclosure sseems to be increasing all the time. Along with this there is a resultant rise in the number of bankruptcy filings I see coming through my law office. In consulting with my clients one worry I find as a lawyer they have is; where will they be able to live after the foreclosure is complete.
Their concern revolves around the issue of having a wrecked credit score and the possible inability to rent another house or apartment for their family. While my evidence in anecdotal at best; what I've seen in the Portland Oregon rental market is that this typically isn't as big a problem as my clients might think. It's true that most landlords, large and small, require a credit check and after a bankruptcy and foreclosure my clients FICO score will probably be down in the low 500's about as bad as it can be. For the large corporation run complexes this will likely disqualify you from renting as they typically run off of formulas and scores and don't look too closely at an individual's story.
If you to a look at smaller places and single owner rentals I've seen the market really open up. If you have a stable job, some decent references and a good story then small mom and pop landlords are likely to rent to you even with a low FICO...i.e. you are not dead in the water from the beginning. What you will need to have in many cases is a larger than normal deposit; I've seen 2x and 3x the normal amount. If you think this situation may apply to you then you should consult with your bankruptcy attorney very early in the process so they can counsel you on the proper way to plan for these requirements and may even have leads to places where their own clients have found success.
Have a joyous day
