I applied for a rental home, was asked to...

[Debbie2]

Hi

I applied for a Rental home and I was told if I could write a statement on why I filed for bankruptcy, I could probably get approved...I filed because I was in over my head in debt, even though I surrendered my Condo after 2 years of ownership

I dunno...What can I tell them? Because I really have to find me somewhere to go, I'm currently residing w/ a friend.

Any suggesions/advice will be greatly appreciated!

For some reason I just don't believe "I was in over my head in debts" will work

[Overmylimit]

I think these days honesty is the best policy, just tell the truth and you'll have nothing to hide.

[liz417]

Maybe you should attach the local business section regarding rising #'s of BK filings/housing/financial mess that our State is currently in. Just today, I read that foreclosures where up something like 87% from last year!!

[Debbie2]

Thanks Guys...Anymore?

[fathergolf]

We just leased a house and they did ask why we filed. I explained the situation and they said they understood and we now have a lease with them. Be honest.

[2Bshinyandnew]

If the potential landlord pulled a credit report, they already know *why*. Your stated income on your credit app and your income to debt ratio pre-BK should tip them off. If you gave up a condo, perhaps you fall into the category of people who bought when the market was artificially high, or maybe got one of those cosmicinterestonlyARM's that everyone is defaulting on now? If so, there is your answer.

Tongue-in-cheek version/idea below. Eliminate the sarcasm when writing it yourself, LOL

Dear Potential Landlord,

Thank you for considering my rental application and for giving me an opportunity to explain my financial situation.

I got into financial trouble because of a greedy sub-prime mortgage industry that was permitted by our government to practice legal loan-sharking. Like millions of Americans who bought homes in 2005/2006, I trusted that my lender would not loan me more than I could realistically pay back, and was given a mortgage I could never afford.

Once it became clear my home was in trouble, rather than make it possible for me to work with them, my credit card issuers jacked my rates up to 29% (the small print says they could so, they did! To what advantage, I don't know), thus raising my minimum payments to levels I could not afford.

This explains the reason why I exercised my right to filed for BK, a federally protected right guaranteed by the United States Constitution.

As a landlord, it may comfort you to know that citizens of the US may only file BK7 every 8 years. I will be starting my lease with NO consumer debt, making me an ideal rental candidate. I look forward to renting from you.

Sincerely,

Debbie2

[optimistic1]

Sounds like discrimination. I dont see why it would even matter anyway, tell them you wont do it, and go somewhere else.

[dr618]

How hard is it to find an apartment after bankruptcy? I would like to move in the future and I know they will check your credit report. How long should you wait until you can start looking for an apartment?

[dingdong]

I just rented a house recently, I carried around a CR with me.

When I was applying I brought current paystubs to show proof of employment and income, had a printout of my employer's ( I have two jobs) contact info, managers names/phone numbers, hours and names of who to contact in HR to verify employment.

I found a place very quickly, they never even called to verify employment. Althought it would not have been a problem if thy had. Your best bet is probably going through a private LL. Management companies seem to do a pretty thorough check. Private LLs seem to kind of sum you up at the first meeting. Make sure you dress nice and look professional and your car is washed and clean inside. First impressions are very important

[dr618]

Thanks for all the info. The place I had in mind was a management company. My mother lives there and I was thinking of moving to be close to her. My last apartment was a private landlord and he asked for tons of documents, I'm in New York. I wanted to move to Illinois, it one of those apt complex.

[Mi Bankruptcy]

Just tell them it was medical bills and you didn't have insurance. People seem to understand that since it is common. My BK was a combination of CC and medical.

[Intoodeep80]

God Ive been freaking out for the past week... Found the rental house of my dreams. Best part of it - its Lease to own. Right on the lake, with a canal behind the house. Anyways, I found somebody to share it with me, we put down 1.5 months security depo and 1 months rent with our applications.

Of course, Im in bk7 (my FICO is 600) and my roommate has a FICO of 517.

Im hoping they dont do a credit check, or if they do that they dont discriminate based on my bk or my roommates low FICO. They had me go over to the house and take the rental sign down out front and are having new carpet put in the living room per my request, so Im thinking I got it regardless......

Just know, you arent the only one out there pre/during/post bk trying to get a rental. Im right here with ya!

[dingdong]

Be careful on a lease to own, check all your county records and make sure the are no notices of default or problems with the mortgage/title. You could end up losing your deposit if they default and foreclose, then file BK and have to move in a very short time period. There is a lot of this LTO scammy stuff being played, and if you get caught up in a LTO, then foreclosure than the LL files BK, you are , well, screwed. Check PACER for your LL name and make sure there are no filings and Motions For Relief on the property. Checking with your county rec is free , PACER will probably cost you less than .50 if there is a BK filing. Worth the time and money!

Not trying to put a damper on your situation, but be sure to do your due diligence and check out the LL first. These are scary times in the property rental area, I know I just went through a LL foreclosure/BK., it was rough.