I'm thinking the tide is turning a bit in the rental market. We signed a lease today for a new rental home. Our Chapter 7 was discharged in February of this year. We also lost a rental home to foreclosure just before we filed. We've been renting this dump were in now while we finished our bankruptcy but it's time to move to a bigger, better house and safer neighborhood. (We kept our home, did not reaffirm, but moved for a job and have rented it out.)
We were worried that we'd need to have to pay first and last with security, etc. Talking with the property management company, the agent indicated that a year or two ago a bankruptcy or foreclosure within the last 3 years would have disqualified us, but not now. We ended up paying just the security deposit, which is equal to one month's rent. We'll pay the first month's rent just before we move in. On top of that we have two dogs and don't even have to pay more rent or a pet deposit. I was thinking I was going to have to write a check for $4K to get in, what a relief.
So I just thought I'd post this to let folks know that you do have options for renting after bankruptcy, and it may not be as tough as you think.
We were worried that we'd need to have to pay first and last with security, etc. Talking with the property management company, the agent indicated that a year or two ago a bankruptcy or foreclosure within the last 3 years would have disqualified us, but not now. We ended up paying just the security deposit, which is equal to one month's rent. We'll pay the first month's rent just before we move in. On top of that we have two dogs and don't even have to pay more rent or a pet deposit. I was thinking I was going to have to write a check for $4K to get in, what a relief.
So I just thought I'd post this to let folks know that you do have options for renting after bankruptcy, and it may not be as tough as you think.