Renting before BK Complete

[JustDo]

Hello All,
In Northern CA, it doesn't seem to be a problem renting after BK/Foreclosure. I have a pretty good story (true) to go along with a rental application also.

My question is, does anyone have experience renting after filing, but before discharge. I'm trying to figure out if we should try and stay current on our house for an extra month just so our BK is completed before we need to go out and rent.

Thanks for any help !!

[TEW]

I am looking at places to rent in KY it does not seem to be a problem. some appartments ask for 2 months diposit some don't care

[adaughter]

I'm so worried about this because In Southern CA it is definitely a big deal, I have no idea how we are going to find a place to rent in a decent area. :-/ -if we are forced out of our place that we live in now but hopefully not since we always pay our rent on time!

I'm thinking the smartest thing to do probably is to get a private land lord and discuss with them your situation so they will trust you more if credit is a problem?

[hnhlvr]

What is your credit score right now? When you fail to pay your mortgage, your score will drop by about 100 points! So, if you already have a very low score, it would make more sense to use your mortgage pmt money on a rental (and make sure you have enough for first, last, & damage) IF it's very easy and common for individuals w/unfortunate circumstances to find housing down there.


What my husband and I did was found a rental the month we planned NOT to pay on our mortgage, when our credit score was still good, and then didn't pay our mortgage that month. Money came into play too. . .our mortgage was *thousands* and the rental we moved into is $1,500 per month and we needed first, last, and damage. Be sure you have enough funds for all that IF you plan to pay your mort.

[hnhlvr]

I'm so worried about this because In Southern CA it is definitely a big deal, I have no idea how we are going to find a place to rent in a decent area. :-/ -if we are forced out of our place that we live in now but hopefully not since we always pay our rent on time!

I'm thinking the smartest thing to do probably is to get a private land lord and discuss with them your situation so they will trust you more if credit is a problem?

Private landlords tend to be more forgiving than rental agencies. We have a rental agency and that is why when we found the perfect rental, we applied before defaulting on everything, since they are more strict - do credit checks and criminal checks. I'm hoping to sign a new lease MONTHS before our lease is up to be sure we have a chance of renewal.

[Cali]

I live in SoCal, and it is hard to rent a place when you have filed BK. Both private and rental agencies do credit checks.

I am not saying it is like this everywhere, but it does happen.

[hnhlvr]

Oh, and I didn't entirely state the info about your credit score dropping 100 points after missing your mortgage payment. That is for EACH month. My Dh's score went from 700+ to 539 after two late payments!

I do think having enough cash up front to cover first/last/damage will aid in finding a rental, but I'm doubting dh and I will easily find another place this second time around so I am paying rent two weeks before it's due each month to be sure to prove responsiblity to the rental agency AND I'm asking for receipts to prove I paid.

[mmenz22779]

my tenents had credit issues before and told me up front. I saw no reason to run thier report as they already disclosed to me. I checked a few previous places they were at and inspected the one they were currently living in and all was well.

Three years later they are stil good tenents.

My suggestion is tell the landlord upfront what your issues was and let them inspect your current living place.

Good luck