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The transition: Where do you live after foreclosure?

Posted Feb 01 2008, 05:47 PM by Karen Datko
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What happens to people after they lose their homes to foreclosure or a short sale? DebtKid lived in his office for two months until he saved enough cash to rent a place. He showered at a nearby gym every morning before returning to the office for the workday. His employees never suspected.

His post, part of a group effort by several personal-finance bloggers on the topic of homeownership, provides several options for no-cost housing until you can get back on your feet -- and tips for finding a rental despite your damaged credit score.

He also recommends house-sitting -- he did that for a week after his short sale -- and offers tips for finding such jobs. You also might find places to crash at CouchSurfing.com. You can stay with friends, he writes, but make sure you set a move-out date so they know you won't be abusing their hospitality.

You can live in your car. "There were a few nights when I was just so beat from a full day that I ended up curling up in a sleeping bag in the backseat of my car," he writes. "It isn't the most comfortable solution, but in a pinch, or for a short-term solution, it works."

Once you've saved some money, how do you rent an apartment when your credit score is lousy? He recommends craigslist and church bulletin boards for finding people who will rent to you without checking your score. "Good luck, I hope you find a place soon," he writes. "Remember, a place to sleep is important. A bed is nice, but be thankful that you're alive, and for the people in your life that care about you."

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Comments

 

i've just had a conversation w/a friend about this very topic. i read recently that stockton, ca is ground zero for foreclosure, and i wondered about the very same thing, about the families who used to live there, where are they now. there're many people are suffering now, sadly. i guess you do what you need to do to live.

may (Posted 02.02.08 1:17 AM)

Thanks for the highlight. I think that most first time homebuyers (or at least us) need a lot more information before they sign the papers.

rocket (Posted 02.03.08 12:29 AM)

We will need our churches to step up now more than ever!  The Christian thing to do is to initiate programs - especially for families in these types of situations - to help them get back on their feet. We have one such program in our area.  The people are NOT given a "handout" - they are given a "hand up" - there is accountability - and the help ends once they have a place to live, etc.

Holly (Posted 02.12.08 12:24 AM)

Our foreclosure has actually been a blessing. When we move out (we're still attempting to short-sell), we will move into a 37' fifth-wheel RV and be mobile. Yes, we're purging a lot of "stuff" from our house, but it's actually very liberating and feels good knowing that our consumption footprint will be much smaller and more earth-friendly.

Lori (Posted 02.22.08 2:58 AM)

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