We will be surrendering our house in the next 6 months but was wondering how difficult it will be to rent another house or condo. We both have jobs and make pretty good money but the when they do a credit report on us it will show the chapter 13. Should we write a letter when the time comes to explain our circumstances and have enough money for the first, last and deposit? Wondering if anyone else has been through this journey.
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We lost a house to foreclosure and then filed for Ch7 the following month. Seven months later went to rent a house. Spoke with the property management company and told them straight up what our situation was. They said it might have been a problem a few years ago, but now? not so much. We only had to put down a security deposit and first months rent. They didn't even require an additional deposit for our pets. The most basic requirement is that we had the income to cover the rent payment, which for most property management companies (around here at least) is monthly gross = 3x rent. I suppose every location is a bit different as I've heard of some places that will require a bit more in a deposit when you have bad credit, particularly apartment complexes.
So my best advice is to just let them know your situation before you pay an application or credit/security check fee and see what they say. Good luck.Case Closed > 2/08/2010 -
I think it is more difficult to rent if you have an eviction on your report rather than a bankruptcy. People tend to think that if you let your situation go long enough to get evicted once it may happen again.Filed 11/17/11 Chapter 13, 341 meeting 12/21/11. Plan confirmed 1/19/12 - DISCHARGED 12/16/15
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An eviction is the ABSOLUTE worse thing you can have on your credit report when it comes to renting. Just about every management company understands people losing their homes. What they don't tolerate is an actual eviction. I had no trouble renting before bankruptcy -- while in foreclosure. I also had no issue renting less than 45 days after my case closed.
As a landlord that uses a screening company, I can definitely tell you that an eviction is the worse thing that can come back from the rental screening company. I would not rent to anyone with an eviction. It clearly indicates that not only did you not pay, you had to be forcibly removed. That is a landlord's nightmare.
As bobmango pointed out, the key is "no evictions" and "consistent employment".Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
Status: (Auto) Discharged and Closed! 5/10
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Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.Comment
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Some banks are actually filing eviction notices even though you are already out. We thought we could leave a few things in our foreclosed house (mainly a washer and dryer). They sued us for "possession of property" even though we were out long before the sale day. The bank would not even work with us so, yes, we now have an eviction on our record...Originally posted by justbroke View Post
We had NO trouble renting right after our chapter 7. Thankfully we love our little cheap apartment
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You were lucky you didn't have any problems renting. I remember you saying that so I made sure to tell my boyfriend not to leave anything behind!Originally posted by walker740 View PostSome banks are actually filing eviction notices even though you are already out. We thought we could leave a few things in our foreclosed house (mainly a washer and dryer). They sued us for "possession of property" even though we were out long before the sale day. The bank would not even work with us so, yes, we now have an eviction on our record...
We had NO trouble renting right after our chapter 7. Thankfully we love our little cheap apartmentFiled 11/17/11 Chapter 13, 341 meeting 12/21/11. Plan confirmed 1/19/12 - DISCHARGED 12/16/15 Comment
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