For those concerned about not finding a rental

[ssmdem]

We've gone back and forth between finding a rental now while the foreclosure and bankruptcy aren't on our credit report and the delinquent payments haven't had time to --- and waiting until the foreclosure happens and save up some money. I obviously want to do the latter - but still had that nagging doubt about finding somewhere to rent afterwards. Finally decided to call the agents who represented most of the rentals around here and just see their opinions for THIS AREA. We told them we would have three months rent, deposit, good solid job history - but would have a bankruptcy and foreclosure on our record, would this present a big problem with MOST landlords? Each said they would have to go to the owners with the proposition, but in their opinion, very few owners would have an issue with it based on what we would be offering.

So, if you're concerned about your area - might be worth your while just calling around. We're still several months away (hopefully MANY) from needing a rental, but it's good to know that our history won't knock us out of the running for a good percentage of the homes.

[HHM]

This is one of those over-blown concerns because of the perceived uncertainty.

Housing is relatively available, and bankruptcy or foreclosure rarely prevent anyone from renting. However, a larger deposit is sometimes required and you may need to shop around a little harder.

[ssmdem]

Yeh, I was just getting a little spooked because all the ads were reading "good credit required" or "credit check will be run." Didn't know if it would be an issue regionally here - so just called to get their opinion.

[LissaF26]

Geeze I wish that was true here in Minnesota. I filed Chapter 7 March 2010 and still haven't found a rental who will take my family because of BK on file. Most places here will NOT take anyone with BK unless it has been more than a year. It really sucks.

[ssmdem]

Geeze I wish that was true here in Minnesota. I filed Chapter 7 March 2010 and still haven't found a rental who will take my family because of BK on file. Most places here will NOT take anyone with BK unless it has been more than a year. It really sucks.

That was my concern -- that my area might not be so open to it which is why I checked with several agents to see what their opinion was. I wish you the best. Try looking for places through an owner not an agent. One of the best tenants we ever had for our property was someone who had just gone through a foreclosure - glad we gave them a chance. Who knew down the road we'd be facing the same hurdle?

[ryan]

Geeze I wish that was true here in Minnesota. I filed Chapter 7 March 2010 and still haven't found a rental who will take my family because of BK on file. Most places here will NOT take anyone with BK unless it has been more than a year. It really sucks.

I'm surprised...It may be that the overall rental market in Minnesota is firmer than other places. I'm not sure Minnesota has suffered as badly through this recession. I'll bet if you stick to the private owners and keep at you'll find something decent.

I'll also bet many landlords do not even understand how BK works or how much better it positions you to meet your obligations going forward ...like renting a new place.

Places like Las Vegas, Phoenix and Chicago have more and more rental ads for 'special programs' for people with Credit Challenges. In many markets its getting EASIER to rent with recovering credit than a few years ago.

[jtallerie]

How about Florida?

Don't know if my chapter 13 will be approved. If it is not I will be looking for a rental home. Does anyone know how hard it would be to rent a house in South Florida?

[ssmdem]

I'm in Florida myself -- but North Florida. Just trying calling some agents like did. I went online and found some rentals I'd be interested in if looking now and called up those agents. They were more than helpful.

[JackBondLove]

You should keep in mind that in Chapter 7 BK, any deposit on file for a home rental (or any deposit, for that matter) would need to be forked over to the trustee.

[jtallerie]

Jackbondlove, does that mean I should not put a deposit on a rental until the bk is completed? Where would the Trustee expect us to live, if he were to take away a security deposit for a rental?

[justbroke]

Jackbondlove, does that mean I should not put a deposit on a rental until the bk is completed? Where would the Trustee expect us to live, if he were to take away a security deposit for a rental?

You need to exempt it, if possible, or it is technically property of the Estate. I can't say that your particular Trustee will go after it, but others have had their security deposits (whether for a home or a utility) become property of the Estate.

Usually, the Trustee may allow you to pay it to the Trustee over a period of time.

[jtallerie]

Justbroke, I do have a 400.00 deposit with my electric company. If the Trustee takes it I would have to come up with another deposit or I will be without electricity.

Does anyone know how much cash you are allowed to exempt in Florida?

If I have the money for my living expences in my checking, will the Trustee just take it away and leave us without water, electricity & food?

[Bell30656]

As I was contemplating divorce and bankruptcy, I bought a mobile home. Yep, we pronounce that word "trailer" down here in Georgia. The idea was that I'd live in it for a year or so then after the CH7 was through move somewhere else.

That was a couple years ago now and I love only paying $215 a month lot rent. I got used to having more money than month as opposed to the way it used to be. There are still those that look down their noses at the idea of a trailer they have their advantages.

[ssmdem]

As I was contemplating divorce and bankruptcy, I bought a mobile home. Yep, we pronounce that word "trailer" down here in Georgia. The idea was that I'd live in it for a year or so then after the CH7 was through move somewhere else.

That was a couple years ago now and I love only paying $215 a month lot rent. I got used to having more money than month as opposed to the way it used to be. There are still those that look down their noses at the idea of a trailer they have their advantages.

I hear ya! Me personally - love those little patio homes with zero yard that you can mow the grass with a weedeater and a house so small you can vacuum the entire house without ever once unplugging the vacuum.

[bkinparadise]

I've looked at the local paper almost everyday and I've seen so many rentals available. Many are retired people that have a cottage on their property and most likely won't do a credit check. I lot of landlords and rental agents are having a hard time finding tenants.