How hard to rent after BK?

[Mi Bankruptcy]

Well, we just found out this week that WF doesn't do reaffirmations and then we just found out yesterday how much my mom's health insurance is going to cost, which we'll need to pay with one of the car payments. Another poster suggested I look into short-term health insurance and I did that, but the only coverage they have locally apparently is for 3 months and they're the same price as the long term coverage that I found (around $250 for the coverage she wants/needs), but that's certainly a LOT better than $346! Still, we'll need to let one vehicle go.. still up in the air about the second. I think we'll most likely let the 2nd go just to make sure we actually have some money for emergencies b/c if we don't, we'll still be living paycheck to paycheck - even without credit card payments And then there's the fact that my mom's vehicle is currently being paid by her soon to be ex and I don't think he'll continue paying after she files, so then we'll also be paying her $150/month van payment and her car insurance.\

Oh, another reason we wouldn't reaffirm the mtg now even if we could.. we are in a new subdivision and the building pretty much came to a complete halt about a month ago. Houses that were being built haven't been touched and lumber has been delivered and sitting on lots for almost 2 months! We found out Thursday that the builder has filed BK and doesn't know what they're going to do with their business... so we figure we're probably better off if we have the option to walk away later just in case this neighborhood goes way downhill. They had already started drastically dropping the prices of the homes around me just to get people in here.

Wells is lying to you unless they just stopped. I reaffirmed out home. However, with the home prices falling a part of me still wonders if I should have. Of course, my house payment is lower than rent and my attorney told me we had to reaffirm ( scared my wife, or else I would have fought it)

[coolmom04]

Wells is lying to you unless they just stopped. I reaffirmed out home. However, with the home prices falling a part of me still wonders if I should have. Of course, my house payment is lower than rent and my attorney told me we had to reaffirm ( scared my wife, or else I would have fought it)

I did find out directly from WF today that they are indeed accepting reaffirmations now.

[Mensa1]

I did find out directly from WF today that they are indeed accepting reaffirmations now.

This really makes sense from the lender standpoint to reaffirm. Not sure that it ever makes any sense from the debtor view point; (unless their wife is really nervous ).

For the lender the value of the mtg as a marketable commodity (if they wanted to sell the paper) is worth more with a reaffirmed debtor than without. So if they are being hit left, right and center with Bk's... and we know they are, then reaffirmations could mean millions of dollars in market value of their portfolio. But I sure don't care about them, however I can understand why they would want the paper reaffirmed.

[WhatMoney]

Just wondered WhatMoney, did you ever try to get your parents accepted into a '55 and over' apartment community? They seem to have less rigid requirements especially when the applicants income is guaranteed by the Gov as SS is.

plus often times there are slightly subsidizd programs or communities that are just as nice as mkt rent communities and if a retired fixed income person is making 1200 per mo they might get their place at 350, compared to someone who is making more $$$ might pay 550 or 600 for the same thing.

continuing with the threadjack...
Yes I was aware of these places, but there were none in my town and the closest was a 20 mile drive. There are only a few around here. Since my then 85 yr old father could only drive a few miles on familiar city streets in daylight, they needed a place closer to me. But all of the senior housing in the area had a waiting list. Usually was a 6 mos wait. Since they were always filled and nobody ever moved, you had to wait for someone to die to get a vacancy, and then that went to the top of the waiting list.

They did find a place large enough to handle their furniture from their old home. It was in an older part of town, surrounded by Mexicans, but the landlord was the owner and he had no restrictions like the corporate run places. He had many senior residents too - they never tore up the place like the younger renters will. The landlord was quite a character. He kept a loaded gun in his office and would chase the local residents away - and shoot them if he had a chance. My dad only had his car broken into once, and they only stole his toolbox from the trunk.
(And our town is listed as the safest town in the state, in a state that has a very low crime rate.)