Timing of Foreclosure & Finding A Rental (San Francisco, California)

[Isobel]

I'm planning on filing Ch 7 on July 5th and I'm not really optimistic I will be able to keep my house. Some facts:

* Feb 2011 - stopped paying 1st mortgage (Wells Fargo)
* Mar 2011 - stopped paying 2nd mortgage (PNC Bank)
* May 23, 2011 - received Notice of Default and letter saying NDex West had taken over the debt from Wells Fargo
* Underwater ~$150K and the house is in a low-value neighborhood (value ~$160-180K)

Seems like Wells Fargo moved quickly to sell my loan and NDex filed the NOD promptly... I'm concerned they may act quickly throughout the foreclosure process as well.

What might be the best timing for finding a rental (btw: I'm in the San Francisco Bay Area where housing is expensive and competitive)?

Are there any implications of renting a place during the 3-4 months of the chapter 7?

Should I try to wait until the Ch 7 is discharged or closed? But I'm concerned that might put me in a time crunch to find a rental, with the result of having to take a place that doesn't really work for me...so stressful!!!!

Any thoughts or observations about recent trends in this regard would be appreciated. Thanks! I love this forum!!!

[jacksjean]

Isobel - I filed BK7 12/10 - - it discharged and closed the first week of April 2011. Between December 2010 and April 2011, I closely monitored advertized rentals. When a house came up that I was interested in, I contacted the Property Management company and applied for the property accordingly (this was in March 2011). I was up front and explained to the Property Management company that I had an active BK7 and that my house was in foreclosure (it really wasn't at the time). They rented to me but with a higher deposit. I did not let the timing of our move to be predicated on the BK7 discharge/close and the foreclosure. I let the timing of our move depend upon what rentals were available (that I liked) and I jumped accordingly. Lowering my stress and taking back control of what I could was worth more than banking money.

[Isobel]

Isobel - I filed BK7 12/10 - - it discharged and closed the first week of April 2011. Between December 2010 and April 2011, I closely monitored advertized rentals. When a house came up that I was interested in, I contacted the Property Management company and applied for the property accordingly (this was in March 2011). I was up front and explained to the Property Management company that I had an active BK7 and that my house was in foreclosure (it really wasn't at the time). They rented to me but with a higher deposit. I did not let the timing of our move to be predicated on the BK7 discharge/close and the foreclosure. I let the timing of our move depend upon what rentals were available (that I liked) and I jumped accordingly. Lowering my stress and taking back control of what I could was worth more than banking money.

Sounds very reasonable! I've been looking since Feb. and passed up a place in March that would have worked out quite well. I may have until Oct/Nov, but I think I'll seriously start looking towards the end of July and start down-sizing this summer (after 11 years in my house, I've got stuff). It's not that easy to find a decent place for reasonable rent, esp. w/ 2 cats!

Thanks!!!! http://www.bkforum.com/images/icons/icon6.png

[onthebrink]

Isobel,

I'm also in the SF Bay Area (actually in SF). We are trying to get a loan mod but yesterday got a notice of sale stating our home would be auctioned off. I have been told that they cannot by law sell the home while a loan mod is under review, so in all likelihood the sale date will be postponed by at least another 30 days. Worst case, we have to rent. My question is what has been your experience in trying to find a rental when one has a less than stellar credit history?

[Isobel]

Isobel,

I'm also in the SF Bay Area (actually in SF). We are trying to get a loan mod but yesterday got a notice of sale stating our home would be auctioned off. I have been told that they cannot by law sell the home while a loan mod is under review, so in all likelihood the sale date will be postponed by at least another 30 days. Worst case, we have to rent. My question is what has been your experience in trying to find a rental when one has a less than stellar credit history?

Hi Onthebrink - I've been actively looking lately. I've been upfront about the bk and I was offered a place a few weeks ago, but turned it down because it was a little too early. I'm looking for an in-law or cottage north of SF and it doesn't seem to be much of a hindrance if you're honest and willing to give an extra deposit. Honestly, having 2 cats has reduced the number of available rentals as much, if not more! I don't know what it would be like to try to rent in an apartment complex.... I can't go there, personally (too cookie cutter for me). Good luck and let me know how it goes!

[onthebrink]

Thanks, Isobel! And best of luck to you as well.

[Isobel]

As I mentioned in my earlier post, I filed for Chapter 7 on July 7th. I've been looking at rentals for 6 months, since I wanted to prepare myself for the likelihood I'd be a renter once again. Well here's a happy update: I found the most amazing cottage in the redwoods yesterday in a great area near San Francisco. It was so fantastic that I thought it was one of those scam listings... but it was real. But, alas, there was stiff competition... There were about 20 or 30 people at the one-hour open house, and 10 of them were feverishly filling out applications. I thought I didn't have a chance in hell, given the bk....Well.... I got the place! I explained to the landlord why I had to filed for bankrupcty and she was OK with that. I offered an extra deposit and she said, "Nope - it's OK. We understand what you're going thru." How's that for compassion?

Not only that, but before I found out the good news, I looked at another apartment yesterday and that landlord didn't give a hoot about the BK either - she wanted to rent to me as well. At least in my neck of the woods, seems that landlords are really more concerned about renting to a person with a good job who seems easy going and responsible. And so many of us are victims of the real estate crisis, there seems to be a lot more understanding.

I hope you all have the amazing good fortune I've had in this regard. I can't wait to start my life over again! I keep humming this tune to myself:
In a forest pitch dark
Glowed the tiniest spark
It burst into a flame
Like me, like me...

[IamOld]

AWESOME and congratulations!!!

As I mentioned in my earlier post, I filed for Chapter 7 on July 7th. I've been looking at rentals for 6 months, since I wanted to prepare myself for the likelihood I'd be a renter once again. Well here's a happy update: I found the most amazing cottage in the redwoods yesterday in a great area near San Francisco. It was so fantastic that I thought it was one of those scam listings... but it was real. But, alas, there was stiff competition... There were about 20 or 30 people at the one-hour open house, and 10 of them were feverishly filling out applications. I thought I didn't have a chance in hell, given the bk....Well.... I got the place! I explained to the landlord why I had to filed for bankrupcty and she was OK with that. I offered an extra deposit and she said, "Nope - it's OK. We understand what you're going thru." How's that for compassion?

Not only that, but before I found out the good news, I looked at another apartment yesterday and that landlord didn't give a hoot about the BK either - she wanted to rent to me as well. At least in my neck of the woods, seems that landlords are really more concerned about renting to a person with a good job who seems easy going and responsible. And so many of us are victims of the real estate crisis, there seems to be a lot more understanding.

I hope you all have the amazing good fortune I've had in this regard. I can't wait to start my life over again! I keep humming this tune to myself:
In a forest pitch dark
Glowed the tiniest spark
It burst into a flame
Like me, like me...

[4bkstuff]

That is really great for you!! Congratulations!!

[onthebrink]

Congrats and thanks for giving us hope!

[sleeplessinohio]

Isobel, I've followed this post and appreciate you sharing your experiences.

Congratulations on your new found home!

[sunshinepa]

Isobel..........so happy for you. To find a perfect place is a dream come true during a BK. Hope all the luck holds in the future!!!!