Landlord Association Recommends High Credit Standards For Tenants

A recent report from The National Association of Independent Landlords recommends that landlords complete background checks for tenants.

And it makes perfect sense.

But you have to wonder what people are going to do if they have been foreclosed upon and are looking for a place to live. There credit is shot and quality landlords are going to give them a pass instead of renting to them.

It may explain why so many families are now renting before they lose their home to foreclosure just to avoid this predicament. And these same families instead of fighting to save their home are banking their mortgage payment to use as a high deposit on their potential rental property.

A proactive foreclosure abatement process could probably take some pressure off the marketplace instead of the intense downward spiral we find ourselves falling into.

Running a thorough background check is essential. The National Association of Independent Landlords urges property owners to:

Verify employment and salary. An applicant’s monthly income should be at least triple the amount of the rent.

Corroborate rental history. Confirm it is the actual landlord giving the reference, not a friend or relative posing as such.

Avoid applicants with a history of collections, evictions and judgments.

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Landlord Association Recommends High Credit Standards For Tenants