top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

Renting after foreclosure

Collapse
X
Collapse
 
  • Page of 1
  • Filter
  • Time
  • Show
Clear All
new posts
Previous template Next
    #1

    Renting after foreclosure

    So here is my question. If I decide to file chapter 7 or 13 and do not keep the house I currently own because the mortgage payments cannot be paid ($5,500 a month) how do I go about renting another house after I have to move out of mine?

    I know I can rent a house for about $2,000 in the DC area in the current market. I am just not clear on if I file now how long I can stay in my current house and how I could convince a landlord to rent to me? Assuming I have good income will they just not do it because of the recent BK?

    Although I have read through the standard foreclosue process, I am not clear if I can stay in the house for 4-6 months after filing mortgage free while the case and foreclosure process is going on. My attorney without directly saying so hinted that I could and its a good way to put away money.

    Is it possible to rent some place within a year after filing BK?
    Tags: None
    #2
    You really want to get your housing situation nailed down before you file a Ch 7.

    You need to know if you can stay in your current place for the duration of your BK if you file Ch 7. If not, you might want to make the move before you file.

    Many Landlords will not rent to anyone in an open and active BK. During the 90-120 days a Ch 7 takes to Discharge, Landlords know you can add your lease with them and Discharge the debt.

    Maybe someone with Ch 13 and rental experience will pop in and answer about that situation for you.
    Filed Ch 7 - 09/06
    Discharged - 12/2006
    Officially Declared No Asset - 03/2007
    Closed - 04/2007

    I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

    Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

    Comment

      #3
      I would suggest you stop paying the mortgage,

      and save your mney until you are evicted by the lender. Then, you'll have plenty of money to pay a landlord upfront of up to a few months' worth of rent- that will easily get you into a rental, since the landlord will already have the rent. I really doubt a landlord cares about a BK if s/he has prepaid rent?

      Comment

        #4
        The DC area can be a tough renter's market. If at all possible, I would try to find a private party landlord rather than one who uses a leasing agent - that's almost always a harder deal because they run your credit, etc. whereas a private party may not. At least it could be easier to explain your scenario if you have to. Otherwise, secure your new digz before filing.

        Comment

          #5
          renting

          Thanks for the replies. Appreciate the advice.

          Comment

          Previous template Next

          bottom Ad Widget

          Collapse
          Working...
          X