Apartment Credit Checking

[rps78]

We are about to file for BK and we own a home. We are not paying the mortgage from this month on. I know it could be months before they kick us out. But for those of you who have gone through this my question is.
1. When did you move out, how long did you manage to stay in your house?
2. Did you move to an apartment and if so, could you apply for a apartment under your name or have to have somebody else apply for you?
I am wondering if we don't move before we file then how will we get a lease if they run a credit check and we are bankrupt and foreclosed on? is it still possible to rent?

[JessMN]

I just went through this - Sheriff's sale was Nov 4. Redemption timeline in MN is 6 months so I was able to stay rent-free until May 4. After that they made me a cash for keys offer and I was out of my house by July 10th. In the meantime I file BK on May 23rd so I am in the middle of bk and foreclosed and was able to get an apartment - I did explain I was in an active BK when I looked at the place. They did have me do a larger deposit, but otherwise no issues. I suggest being upfront when you look at the place, dress nicely and explain your circumstances. If they don't turn you away before you even apply then you are halfway there. Just be prepared to pay a bigger deposit and swallow your pride I actually asked my attorney for advice before I looked and he was the one who suggested telling them about the active BK when I look at the place.

HTH

[IHateChase]

Hi from another poster from NJ and welcome!
I was told by a NJ atty that foreclosures here are taking 2 years. You might get even more with dragging out techniques, and there are free task forces in some counties to aid with the process.

I hear we are #3 in the country with fc's. Guess we'll have to try even harder than Avis

Good luck!

[helpmeout]

I moved out shortly after being served with a foreclosure notice. I stayed for over a year. I could still be there but I wanted to keep the kids in the same school district so moved out when I found an apartment. Which was a day after being served.

The apartment is in my name. I used to be a member at Creditkeeper and printed out a copy of my most recent credit report, with my scores, and gave the realtor that. My lowest was 610, which was acceptable. I don't know if the realtor told the landlord about my bankruptcy, but I did disclose that to the realtor when I initially called about an apartment.

[hnhlvr]

We applied for a new place before missing our mortgage payments (first & second) so we were approved since our credit showed paid up. We've moved a couple times since then and basically the deal is, once you've been foreclosed on, just be upfront and anticipate you WILL be paying an extra deposit. If you decide to stay in your home while waiting for the completion of the foreclosure, use that time to save up for another place. It took almost a year for our house to complete the foreclosure process and we could have stayed there, but we had some other life changes and found a rental that was the best (and the probably the only) that worked for us and we didn't want to risk not getting a place once our credit tanked and we would have had to move.

We're about to file for Ch 7 so I can't answer that part. I can say our credit reports are horrifying as is...not sure if that looks worse than a BK...

[hnhlvr]

I moved out shortly after being served with a foreclosure notice. I stayed for over a year. I could still be there but I wanted to keep the kids in the same school district so moved out when I found an apartment. Which was a day after being served.

The apartment is in my name. I used to be a member at Creditkeeper and printed out a copy of my most recent credit report, with my scores, and gave the realtor that. My lowest was 610, which was acceptable. I don't know if the realtor told the landlord about my bankruptcy, but I did disclose that to the realtor when I initially called about an apartment.

Yes, for sure disclose ASAP. Talk to the realtor, ask about apartment/house, show interested, then explain the situation. It's horrible to waste HOURS/Credit checks only to be turned down. Also, make sure that the realtor has talked to all parties involved because someone may have a supervisor who won't accept what the realtor thinks would be!

[gmk]

The best bet for acceptance is with an individual owner. They may or may not check your credit history and they are often understanding if they do. Realtor run properties are problematic but "money talks." If you can scarf up additional security deposit or other creative assurances you may be OK. Co-signers almost always work.

[AngelinaCat]

The suggestion to dress nicely, when you go apartment/house hunting is an excellent one. If you look like a slob when you tell the potential landlord about your BK--especially an individual owner--I would think that would shoot your chances in the foot. I suggest 'business casual'--nice slacks and blouse for the ladies, and nice slacks and a polo shirt for the gentlemen. Also, remember to use your best manners. You are marketing yourselves as a serious, industrious, reliable tenant--who had some bad circumstances happen.

Good luck to you!

[helpmeout]

The best bet for acceptance is with an individual owner. They may or may not check your credit history and they are often understanding if they do. Realtor run properties are problematic but "money talks." If you can scarf up additional security deposit or other creative assurances you may be OK. Co-signers almost always work.

In NJ, the most the security deposit can be is 1 1/2 months rent by law. The landlord cannot ask for a higher security deposit than that for any reason.

[zpbk13]

Here is my experience. Unfortunately my husband and I are separating and will ultimately divorce. BOA has offered us cash for keys while our foreclosure is progressing and we have until October 8 to vacate the premises which is the day I move into my apartment.

I decided to just go for the gusto and apply to the apartment building of my choice in a great neighborhood, near mass transit, grocery stores and other shopping etc. I am about 2 years post discharge and was able to stay in the house for nearly 18 months without payment.

I was approved by the complex with full disclosure of my bk. All they ask for was a copy of the discharge papers, which I provided. I even qualified for a $299 deposit! I was thrilled.

So my point is you never know what you may qualify for unless you try. I was also offered a 3.9% interest rate on a 2012 Ford Escape which I purchased this weekend.

I am sure things will not always work out in my favor when the bk comes up but so far so good and apparently, the longer it is from your discharge the better.