Rent Apartment

[BearChaser303]

Does anyone have first hand experience with renting from AMLI or Fairfield-Properties communities after BK? Just wondering before I apply (and possibly waste an inquiry on my report) if they will rent to you if there is bankruptcy and foreclosure on your record..

[CindyLou]

Just ask them. Tell them your current credit situation and ask what the different criteria are. I just recently got approved throught Equity Residential. They use a 10 point system.
1.Landlord verification
2. Rental History
3.Employment stability (months at current employer)
4.Residence stability (months at current residence)
5.Debt to income ratio
6.Rent to income ratio
7.Fico credit score
8.Public records (bankruptcy, eviction, judgements)
9.Credit history(foreclosures, deliquent accts, unsatisfied collections, past due accts, etc)
10.Employment Verification


If you score enough points in some categories, then the others don't even count. For example, I've been at my job for over two years, my current residence for over 4 years, and I have no adverse accts on my credit report. (all my bk'd accts are reporting correctly). I also gave them a check stub which counted as employement verification. My debt to income ratio is low and my rent to income ratio was in the right range.
Therefore, my bankruptcy didn't even come into play. I got negative points for it, but passed the other stuff.

Now some apartment companies do have a no bankruptcy rule. But they are few and far between or they would be empty!!! I only came across on in my whole search and that one was a uppity loft community in the middle of the downtown business district and they were at a 100% capacity due to the location and I guess they can be picky.

I guess my point being is that the look at the WHOLE picture and most don't mind if you ask what their criteria are before you apply.

Good luck and keep us posted.

here is a sample site form Kroll that explains it.

http://www.krollfactualdata.com/media/reports/273_Resident_Qualifier_Sample_Report.pdf

[wolfledet]

I know alot of rental agencies are not as strict as they used to be. We live just north of new orleans where lots of homes are being bought, everyone wants a home...so a lot of the places around here that denied you for bankruptcy before will now accept you....I agree with CindyLou...Ask them, the worse they can tell you is no and you try another company. Good Luck!

[sisterfunkhaus]

I agree about just telling them about your situation. I am IN BK and Lincoln Properties rented to me. I explained my situation and they were very helpful. Basically what it boiled down to with them was:

Credit score= 450 or more
Any debt owed to previous LL?
Repo of home?
6 Months previous rental history
Net Income=3x rent

[BearChaser303]

Thanks all. I will be applying this week probably, so will let you know how it goes.

[BearChaser303]

Well I decided I wanted to apply for the Fairfield property so I went in there and asked if bankruptcy will be a problem. She got a frown across her face and said that is an automatic disqualification.

So I called up AMLI, they told me BK is not necessarily a problem. I applied there and waiting to hear back but the leasing manager thinks there shouldnt be any problem. Keeping my fingers crossed...

Actually AMLI is the nicer of the 2, and nearly $200 less than the Fairfield apartment.

[BearChaser303]

Ok so AMLI approved me. What a relief.

[CindyLou]

Yipee!! Good feeling, huh???