For years, we have declined virtually every prospect that was going into foreclosure. It takes quite a bit of effort, as sometimes it seems that up to 50% of our calls are coming from them. Our rental criterion include landlord history and credit. So, they just don’t rate.
Here’s a thought: IF their credit and mortgage payments were good up until recently AND their payments are beyond their means according to our rental criterion AND their homes are in good condition (requiring an in-home visit). THEN we can accept them with 2x rent deposit.
The ARM moratorium on interest rate adjustments is apparently only for sub-prime loans. “A” paper ARM folks are dealing with the same, awful loans. They can’t refinance here in the Denver metro area, because prices have declined.
