Renting after foreclosure?

[frmrdwn]

How difficult did any of you find to rent again after bk? I am still deciding if I want to try to keep up with my house payments. Further compounding my problem (oh, so humbling to write) is that this is my second time around with bk. First time due to divorce and huge, unexpected medical bills and this time all on my own. Really, no credit cards ever again. I get it.

Anyway, since I was already renting when I filed 8 years ago I did not have to notifiy management about the bk. I paid my rent on time for the entire three years that I lived there. I suppose I will find out when I apply for apartment rentals, but any words of wisdom?

My thought is that I really want to start fresh and move-out. I can't really afford the mortgage and expensive repairs are on the horizon. On the other hand, I don't want my family to be homeless.

[casdem1]

Renting after BK

We were honest about the bankruptcy and the fact that we were not reaffirming our house. This was not a problem. They only wanted the bk discharged and proof that our income was stable. One leasing agent we spoke to wanted a double deposit, but the people (not an agency) we ended up signing a lease with did not ask for anything extra. Good luck!!

[frmrdwn]

Thanks for the hope cadem1.

[bellee]

Prepaying 6 months in advance would work.

[Vanda]

I was able to rent - some places will just want a bigger deposit, some places will not take you with bad credit, but since rents are going down right now (at least in Miami) if you have a steady job that is the thing that matters most. As I said to my landlord, at least you know I have no debt!

[hnhlvr]

We found a house easily. The landlord wanted first, last, and a $1,800 deposit. Yep, it was a steep price moving in, but we found a nice home we like. We told the landlord about the foreclosure and she didn't bother to run a credit report on us! We were honest and that was more important to her. We also had a TON of references and had rented another place for a year after our foreclosure occured, so she could see we were already working to improve our situation.

It's easier finding a rental if it's being rented by the owner. Agencies can be more picky.

[atolar]

I've been having alot of problems here in Kansas. people around here hear foreclosure and they automatically turn us away. I'm starting to worry.

[hnhlvr]

I've been having alot of problems here in Kansas. people around here hear foreclosure and they automatically turn us away. I'm starting to worry.

Sorry you're having problems. Unfortutunetly, you're going to have to have additional funds to put down on a rental than generally asked for. You'll need a larger deposit.

[Vanda]

My sympathy, I hope with a larger deposit you'll have more luck.

[frmrdwn]

I've been having alot of problems here in Kansas. people around here hear foreclosure and they automatically turn us away. I'm starting to worry.

One of my co-workers was pretty upfront about her family's financial troubles and that they were thinking of filng bk along with the masses rather than further down the pike. As she put it, her family would just be another one of the many caught up in our troubled economy. Not as frowned upon as 10 or 20 years ago.

Her thinking is that it shouldn't be that difficult to find another place to live since so many people are in the same boat. But, we are in OR not Kansas. Homes are not selling, at least not for much. Others on the board have suggested looking at private renters and that makes sense. I suspect many of them are a few months away from joining us in the bk boat. Maybe they wanted to sell, but can't and are willling to rent out now. One of my neighbors decided to hire a property management co. to look after their home when it wouldn't sell (they bought a second home before the first one sold). My neighbor on the other side has had his home on the market for almost 2 years and has reduced the asking price by 35% over the course of time. They are either going to rent it out and move or file bk and move.


Still, I am scared and not in a place yet to really start looking. Must wait and the anxiety is aging me. I hear you, Atolar and good luck. Please post when you find a place.

[secondtimer]

I'm also a second timer with BK. After my first I got divorced and needed to rent. All the apartment complex managers were not willing to negotiate but several private owners were willing to rent to me. As already stated I offered extra deposit and first and last rent usually convinces a private owner to execute a lease. Only problem is that is alot of cash to come up with.

I'm getting close to filing a ch13 as my ch7 was 5 yrs ago.

After the ch7 in 2005 I worked hard to rebuild credit and landed right back in BK.

I'm done with credit. In order to rebuild Fico score you need to borrow which means debt.

I'm not worshiping The FICO score gods anymore.

[endisnear]

We were fortunate enough to find a small home for rent through a private renter. We were completely upfront about our BK and foreclosure. Told him I could provide discharge paper, addt'l deposit, etc. He didn't ask for anything, not even paystubs. Signed the lease on Saturday and get teh keys on the 1st!

[frmrdwn]

We were fortunate enough to find a small home for rent through a private renter. We were completely upfront about our BK and foreclosure. Told him I could provide discharge paper, addt'l deposit, etc. He didn't ask for anything, not even paystubs. Signed the lease on Saturday and get teh keys on the 1st!

Congratulations endisnear! It must be a load off your mind.

I'm still waiting until April and see where everything lands.