getting an apartment after BK and forclosure

[desertgrl74]

I was just wondering what I should expect since I just had my 341 meeting and will most likely lose my home. I decided that I'm just going to forclose because of my income. I lost hours at work last year, and right now I'm just going to save my money to get a deposit ready when the time comes to get out. So, I was just wondering with my credit being bad, would I end up paying higher rent, or just have to pay a higher deposit? Will I have a hard time getting approved?

[AngelinaCatHub]

From what I've read here, getting an apartment is not too hard to do. Especially in this economy. First, last, usually is the requirement. Sometimes a damage fee.

[SPalin]

A co-worker just discharged from Chp. 7 and in the process of foreclosure just rented a very nice apartment with only a higher deposit (regular $400) she had to pay $800, the rent was the same price as someone with 720 credit score (no premium due to Bk or low credit score). But, that was at that apartment complex, some I have checked out will charge a $100 a month premium and higher deposit... it just depends! My friend also had a letter of reference from a former tenant of the complex she moved into, friends helping friends!

It all depends on the management companies policies on credit scores and Bk's. Best of luck and keep us posted on what happens! Do you know what your credit score is currently? If so, you could call around to apartments and ask if it is high enough, also see if they have an issue with Bk's.

[backtoschool]

You shouldn't have to pay higher rent. You may have to pay a higher deposit. Individual landlords will be more tolerant of bad credit than large complexes. If you are honest about your circumstances and have some extra money to put towards a deposit, you should find a nice place.

[Amy26]

I know in my area it is becoming less and less of an issue. We got an apartment just before we filed and I would ask them upfront what their credit requirements were and such and most of them said as long as you have a job you have an apartment ... lol... in northern va so many people are having to do bk and/or losing their homes that the apartment business is booming and they seem to be a lot lax in their rental practices.

The place we are in now, they didn't even check my credit. They looked me up in their rental online website thingy to see if I had any bad rental history which I didn't and then put in my salary to their figures to make sure the rent and my income weren't over a certain percentage...and that was it.

Also, I've heard from other people that rented just off of craigs list or through a realtor that they just had to pay a higher deposit and have a good rental history/letters of recommendation.

You may find a few places that deny you but I think if you are open to a wide aray of options you'll find something you like that won't frown upon you.

[desertgrl74]

I did end up finding an apartment. I got a great deal! I paid only $99 for move in fees. All the other fees were waived! Plus, I signed a 13 month lease and because of that I get 50% off January's rent. I was really surprised since most places didn't have this good of an offer. It's a great area too. Big plus!

[SPalin]

Congrats desertgrl74! That is a great deal... usually those $99 move-in deals are only for excellent credit! So it looks like your moving before your foreclosure? Has the bank filed a Notice of Default with the county, yet?

I hate to throw a wet blanket to you, but just because your are no longer liable for the mortgage after your discharge, you are still liable in case something happens to the home after you move out (keep it insured), but before the bank takes it back (foreclosure completed) at least in California. Plus, the Banks here are moving at a glacial pace in filing a NOD with the county and then you have 90 days to move out. Some people in California have been in there homes over a year without paying anything!

I will stay in my house as long as I can to save up some cash for the new place and moving costs along with making sure nothing happens to the property (Fresno is not the best area to have an empty house in!).

Again we all have different situations and only you know what is best for you and your family, so best of luck in your new place and the very best to to you!

[rrj]

my dad owns a few rental houses,

I know he dont check credit, if you live in small towns i would check the rentals for houses, now he rents little old houses, (but its pays is meds that he has to have)

owners that dont use property mangers , that use there kids as gophers lol

[Doghouse]

I have a BK and foreclosre. To boot, an unlawful detainer was also filed against me by the bank because I said I could not move out in the one week I was given after a 3 day notice was posted on my door.

Basically, I already found a new place via Craigslist. The property management company (for the condo owner) did not care about the BK or foreclosure. Heck the tenant living there had a foreclosure too. As long as your credit score is over 600 and you can afford the deposit and rent, they were ok. Now, some other property manaagers or apt complexes told me no because of the BK or you must be out of BK 2 yrs etc. So always ask first. My experience is that private homeowners are more receptive to bk or foreclosed folks than apartment complexes.

[SPalin]

I have a BK and foreclosre. To boot, an unlawful detainer was also filed against me by the bank because I said I could not move out in the one week I was given after a 3 day notice was posted on my door.

Hey Doghouse I was wondering since your in CA, too, how long was it from the NOD being filed at the County Courthouse before you got your 3-Day Notice? Also, what lender did you have? I will be moving after the NOD is filed but for me that should be January/February of next year.

[Doghouse]

Hey Doghouse I was wondering since your in CA, too, how long was it from the NOD being filed at the County Courthouse before you got your 3-Day Notice? Also, what lender did you have? I will be moving after the NOD is filed but for me that should be January/February of next year.

Got NOD around Feb 10. Got 3-day notice around Oct 8. Lender was Golden 1 which is the largest credit union in the Sacramento area and one of the largest in the state and country.

Why move after the NOD? You still have, at minimum, 3 to 4 months before foreclosure completes. Or almost 8 months in my case. And I'm still in the house. I am not moving till Dec 20. Wait till the house is about to be auctioned off, I'd say. I just happened to stay longer.

[SPalin]

Thanx Doghouse! I was planning on staying in the house 4+ months after the NOD is filed with the county. My attorney said 9+ months after the NOD is normal for Fresno, CA. I'm going through things and packing up items that I'm not using. I hate moving, but it will take 15 years for this house to gain back it's value!