Things I wish I knew last year about renting after foreclosure

Okay, so it sucks to rent after owning. And it really, really sucks to rent after losing your house to foreclosure. But there are ways to make the process less, well, awful.

Here are my top tips for soon-to-be renters:

1. Don't wait until the last minute to line something up
2. The prime renting season is different from the prime buying season
3. Rentals tend to become available in early spring or the fall
4. If you have kids and need proof of residence, you may not be able to wait for fall rentals

But here is the real kicker, the single most important "take-away" from this post

1. The ideal rental is one that you can stay in for more than a year

When you are upset about the prospect of leaving your home, you don't necessarily think these things through logically. You want a nice place. A place that reminds you of your old home. A place your kids will be happy in. A place you can invite friends to. A place that doesn't scream: "wow, you've really come down in the world."

Sadly, this isn't always possible. I hate the house I am living in. I would love to move. But the rental market in my town is bizarre. There are lots of low end places and a few luxury rentals I can't begin to afford. But the places in between are snatched up instantly.

Moving out of your home is traumatic. But moving out of your first rental (to another rental most likely) is just a pain in the butt, and an unnecessary expense to boot.

And there's one more thing you probably don't know. Your credit score may look WORSE a year after your foreclosure than it does while its going on. That may make it harder to rent in the second year than it was in your first post-foreclosure.

Something to think about. I sure wish I had known.