Renting after a forclosure or short sale - Loan Modification Forum

civilguy · 12-15-2008, 03:33 PM

I just wanted to share my experience trying to find a rental after having a delinquent mortgage on my credit. We seriously tried looking for a house to rent here in Orange County a couple of weeks ago. My credit score has dropped from the mid 700's to mid 400's since we stopped paying the two mortgages. We looked at a few houses and submitted an application to the first house we liked. We told the owner upfront that we had credit issues due to our mortgage problems, however we had stable income and would be willing to pay 3 months rent up front. The owner flat out rejected us and decided to look at more credit worthy applicants. The second house we applied thru the property management company and gave them the same concessions i.e 3 months rent upfront, increased deposit. They ran our credit, saw it was horrible but he convinced the owner that we had rock solid jobs and verifiable income that could support the rent and that we were paying 2 months in advance. So we are moving into a house that is bigger and nicer and cost us 2500 bucks less each month this Saturday. So far I have not regretted my decision in letting the house go.

btt04 · 12-15-2008, 03:51 PM

I am glad you shared. I was concerned about this.

KT in CA · 12-15-2008, 04:40 PM

That is one of my concerns as well. We are in No Cal and I'm worried about that since we have 2 kids as well. I feel there will be more success trying to rent through property management companies, though some have had success renting through individuals. I think if you can prove a stable job and income, and credit is good other than the foreclosure, that all it should take is maybe a little larger deposit and maybe an extra months rent or too (at least that's what I'm hoping...we probably won't leave our house until May or June.) Thanks for the info.

emb00 · 12-15-2008, 10:53 PM

Thanks for sharing your experience. I am going through the same thing as you and I find it very disconcerting when I’m looking at rental ads and I see “must have good or excellent credit” in the listing. I mean come on if you are looking at the score alone the renter is excluding may qualified applicants, such as yourself, with the excepting of a short sale. As for me when I see a place that I like I tell them my story before filling out the application and look at the reaction. Most of them don’t even know what a short sale is and I have to try and explain but if I get the reaction that they will not look beyond the few delinquencies I have from the short sale then I do not waste my time. Just today I put in a application on two apartments that I like and I’m waiting on a word back. If I don’t get either of them I will just keep looking I know that somebody out there will rent to me I just have to find them.

civilguy · 12-16-2008, 09:10 AM

My wife and I were somewhat worried after getting rejected by the first property owner. We have never been rejected for anything since our credit has always been excellent so that also added to our disappointment. I think most people are ignorant on what a good credit score really means. One can be in debt to the tune of 100k and spend 60% of their income on credit card minimum payments and still have a fico of 750.

spj3210 · 12-16-2008, 11:28 AM

Do you think that is the mortgage is only in one spouse's name, but the other spouse is on the title (I think that's the word I'm thinking of), will her (my) credit be affected too? I have no income at the moment but since the loan is in DH's name only I am hoping my credit will stay OK (as long as me being on title isn't an issue..), but I don't know how that would qualify us for renting if DH is the one w/income..

civilguy, glad to hear you were able to find a place to rent!

CaWalker · 12-17-2008, 04:38 PM

The spouse's credit DOES NOT take a hit if not on the loan.
I'm in the same boat. The loan is in my name only. My wife is on the title and her credit will not be affected.
My wife recently had to move to a different city for 2 months as part of her college degree for an internship.
She has no income now, never had any ever. Her credit score is good and she was able to rent an apartment in her name only by putting down 2 months rent as deposit.
My plan to rent after my house is foreclosed is to have my wife, with excellent credit, but no income, rent in her name only.

Quote:

Originally Posted by spj3210

Do you think that is the mortgage is only in one spouse's name, but the other spouse is on the title (I think that's the word I'm thinking of), will her (my) credit be affected too? I have no income at the moment but since the loan is in DH's name only I am hoping my credit will stay OK (as long as me being on title isn't an issue..), but I don't know how that would qualify us for renting if DH is the one w/income..

civilguy, glad to hear you were able to find a place to rent!

DeadBeat · 12-31-2008, 07:56 PM

We didn't have any problems renting after (actually before) foreclosure. We're moving to a house twice as large and paying $500 less a month

.

We're going from a 2000 square foot house at 2100/month because of 10.24% interest rate to a 4000 square foot house for 1600/month in a higher cost of living area.

We got an approval with a property management company before the first missed payment was on our credit. We were told that the approval was good for 1 year - this varies with the company so ask before putting in an application and paying the fee.

If you're already late or have bad credit to begin with, don't be afraid to ask if they accept larger deposits in the case of bad credit. The people you want to deal with don't treat you poorly when you ask this question - and **** the rest of them, they'll just take your application fee and tell you no anyway. Just keep talking to people until you find the one you want to deal with. It's worth taking the time for small talking and schmoozing a little - my wife's an expert and you'd be surprised the results she gets.

We went with a small (husband and wife), somewhat unorganized company who never even asked what we were doing with our house since the credit showed the payments up to date.

We took a trip to look at houses a month after the approval (moving out of state to a state that doesn't allow wage garnishment). Since it was at the end of the month, there was no problem having the house held for a month with deposit. So we are moving in 3 months after stopping paying the mortgage without the rental company even knowing we're getting foreclosed upon. Applied one month after first payment due, waiting one month to look at houses and then putting deposit down to hold the house one month.

Depending on how long your approval is good, you can stay in your current house rent free longer. We just decided the money isn't worth the stress and we were ready to move on with our lives. The 3 months missed mortgage payments are paying for the deposit on the new place and moving costs with hopefully some left over for new furniture.

Be careful of rent-to-own deals. Most set up it up so they know that the person will not be able to buy by the deadline and pocket the large 'option fee'.

If possible, get a longer lease. Your next place is going to depend on your rental reference more than anything else. The longer you can show a good rental history, the better. It's easier right now to rent with bad credit than in a good market. Some people are getting pretty desperate to rent out houses because there's so many empty ones out there.

ultimate4799 · 12-31-2008, 08:31 PM

Thanks guys for sharing your experienced.. I'm one of those so worried in finding a rental place when I got hit by foreclosures.. I also wanted a place with a good school district so I appreciate the tip...

pjd123 · 01-01-2009, 03:11 PM

I'm in Northern California (Sacramento area). I can only speak for this area, but I'm seeing ALOT of rental ads that say "Will considering applicants with foreclosure/short sale situations". I think with each passing month and more of us in the same boat, property owners may not have the option of excluding us.... at least thats my hope.

Good luck everyone...

pjd123

The Professor · 01-01-2009, 03:17 PM

Yep pjd123, i concur.....

Daniel

J2911 · 01-01-2009, 04:40 PM

pdj123, that is good to hear, thanks for sharing. I haven't seen any yet but will be on the look out for those.

pjd123 · 01-06-2009, 12:30 PM

Good morning all!

I have potentially good news here - I just spoke to a property management company here in my area. They said that the industry saw this coming and knew they were going to have to deal with it. As long as the foreclosure or short sales is the only negative, meaning all credit cards and other debts are paid on time, there will be no problem renting through them. The particular company I spoke to is requiring 150% of the deposit rather than 100% (1.5 times rent for deposit, plus 1st months rent). The industry standard, because its a law, at least here in California, is 200%, in other words, a total of 2 months rent as the deposit, plus 1st months rent). So WORST case scenerio is 3 X monthly rent - again, providing all other debts are being paid on time. Yahoooooooo - what a relief! I hope everyone reading will find the same in your areas.

Have a 'Terrific Tuesday'!

pjd123

KT in CA · 01-06-2009, 01:32 PM

Paula -

That is what a property manager here in Vacaville told me as well. She said if the credit report wasn't impacted other than the foreclosure, they wouldn't require anything additional. If it was, she said it would mean an extra month's rent or a co-signer on the lease. I don't anticipate it to be a problem unless you are renting from an individual who might not be too experienced and is scared to rent to someone in foreclosure (which I can totally understand).

Good news.

Karen

J2911 · 01-06-2009, 01:33 PM

That is great news!!!
I'm in the Sacto area too. Thanks for the info...I will be printing out the post for reference.

pjd123 · 01-06-2009, 08:52 PM

One more thing - I forgot to mention that the property manager I spoke to said that 50% of their renters are former homeowners that have gone through foreclosure or short sales, and they expect that number to rise. Just wanted to share that as I found it comforting.

pjd123

brown1978 · 01-08-2009, 10:27 PM

After missing 5 payments I decided to start looking for a rental. I found a house for rent on craiglists in the bay area by owner. Made an appointment to see it and asked for an application. Turn in the application, owner said they were not going to check credit. What a relief as I have a dog and most houses dont take pets but owner said it was ok to have a dog. I will be paying $1000 less a month and going to a house twice the size. I think its better to rent from owner than management company.

pjd123 · 01-08-2009, 10:36 PM

Brown1978,

Thanks fantastic! Good for you! Good luck in your new life free of mortgage free living!

pjd123

pjd123 · 01-08-2009, 10:38 PM

oops - too many 'free's there!

J2911 · 01-09-2009, 09:55 AM

Brown1978,
I think it would be cheaper initially going through an individual owner...they site's I've checked want an application fee for each person over the age of 18, ranging from $25-$30 each. My 18 year old lives with us, and sometimes my 22 year old son...So for each rental management co I submit an application to, it's a minimum of $60. Personally, it's going to be about the house, no matter who's renting it.
Thanks for sharing

pjd123 · 01-19-2009, 02:45 PM

Hi Everyone,

Just wanted to give an update that I think is hopeful. As I've posted on another thread, we made last full payment in September. Foreclosure started a couple of weeks ago. Not knowing where we were going to live and having to be in the house we couldn't keep has become too much - its keeping us from being able to 'move forward'. So last week we decided to start looking at houses and just get on with it. I called about 5 property mgmt companies - told them everything, that my credit was good before the missed payments and that all of my other credit (cards and car payment) were 100% on time every month. All of them said no problem, you're not alone, 50% of our renters are in the same boat. I found that comforting but it gets better... We found a gorgous CUSTOM home for $1K less than our mortgage and decided to go for it. We were approved within 24 hours. But HERES what I think is SO great - today, one of the other companies CALLED US and offered to drop the rent and fix the back yard to our liking (there was a muddy area and we have a little dog - it would have been a problem). I told her we had already taken another house. But how great is this? They knew about the foreclosure and were making offers to us! Anyway, just wanted to share this - if you're worried about being able to rent, dont be. I believe its only going to get easier.

pjd123

pjd123 · 01-22-2009, 02:06 PM

Hi All,

Got another call today from another rental we looked at a couple of weeks ago. They too offered to reduce the rent. Has anyone else gotten a rental yet?

pjd123

marinah1208 · 01-22-2009, 05:52 PM

What about if you have a Ch. 7 bankruptcy, in addition to the foreclosure? Will we ever be able to find a rental?

pjd123 · 01-22-2009, 09:28 PM

Hi marinah1208,

I'm sorry, I don't know about the bankruptcy. When I spoke to each of the different property managers, each of them said 'as long as the foreclosure is the only negative on your credit report, and all your other bills are being paid you'll be fine'. So I'm not sure how a bk would play into that. I think you may be able to offer an additional deposit (like 1 extra months rent in advance) and possibly a co-signer. Your best bet is to talk to a few different property managment companies in your are and tell them the truth. They will respect your being upfront about your situation. They will tell you what you need to do and that way you can be prepared for when that time comes.

Good luck,

pjd123

srhadden · 01-23-2009, 11:53 AM

Here is a question.

What if I rent a house right now and then put my house up for sale. I'll immeidately have double the debt because of the rental.

When they are calculating my monthly expenses to see if I can pay the mortage, will then count my rent now as monthly expenses? Because I just would have put myself into financial hardship and can no longer afford the house.

12-15-2008, 03:33 PM	#1 (permalink)
civilguy Senior Member Join Date: May 2008 Location: Orange County California Posts: 65 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Renting after a forclosure or short sale I just wanted to share my experience trying to find a rental after having a delinquent mortgage on my credit. We seriously tried looking for a house to rent here in Orange County a couple of weeks ago. My credit score has dropped from the mid 700's to mid 400's since we stopped paying the two mortgages. We looked at a few houses and submitted an application to the first house we liked. We told the owner upfront that we had credit issues due to our mortgage problems, however we had stable income and would be willing to pay 3 months rent up front. The owner flat out rejected us and decided to look at more credit worthy applicants. The second house we applied thru the property management company and gave them the same concessions i.e 3 months rent upfront, increased deposit. They ran our credit, saw it was horrible but he convinced the owner that we had rock solid jobs and verifiable income that could support the rent and that we were paying 2 months in advance. So we are moving into a house that is bigger and nicer and cost us 2500 bucks less each month this Saturday. So far I have not regretted my decision in letting the house go.

12-15-2008, 03:51 PM	#2 (permalink)
btt04 Member Join Date: Oct 2008 Posts: 19 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Renting after a forclosure or short sale I am glad you shared. I was concerned about this.

12-15-2008, 04:40 PM	#3 (permalink)
KT in CA Senior Member Join Date: Dec 2008 Location: Vacaville, CA Posts: 488 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Renting after a forclosure or short sale That is one of my concerns as well. We are in No Cal and I'm worried about that since we have 2 kids as well. I feel there will be more success trying to rent through property management companies, though some have had success renting through individuals. I think if you can prove a stable job and income, and credit is good other than the foreclosure, that all it should take is maybe a little larger deposit and maybe an extra months rent or too (at least that's what I'm hoping...we probably won't leave our house until May or June.) Thanks for the info.

12-15-2008, 10:53 PM	#4 (permalink)
emb00 Member Join Date: Nov 2008 Posts: 6 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Renting after a forclosure or short sale Thanks for sharing your experience. I am going through the same thing as you and I find it very disconcerting when I’m looking at rental ads and I see “must have good or excellent credit” in the listing. I mean come on if you are looking at the score alone the renter is excluding may qualified applicants, such as yourself, with the excepting of a short sale. As for me when I see a place that I like I tell them my story before filling out the application and look at the reaction. Most of them don’t even know what a short sale is and I have to try and explain but if I get the reaction that they will not look beyond the few delinquencies I have from the short sale then I do not waste my time. Just today I put in a application on two apartments that I like and I’m waiting on a word back. If I don’t get either of them I will just keep looking I know that somebody out there will rent to me I just have to find them.

12-16-2008, 09:10 AM	#5 (permalink)
civilguy Senior Member Join Date: May 2008 Location: Orange County California Posts: 65 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Renting after a forclosure or short sale My wife and I were somewhat worried after getting rejected by the first property owner. We have never been rejected for anything since our credit has always been excellent so that also added to our disappointment. I think most people are ignorant on what a good credit score really means. One can be in debt to the tune of 100k and spend 60% of their income on credit card minimum payments and still have a fico of 750.

12-16-2008, 11:28 AM	#6 (permalink)
spj3210 Senior Member Join Date: Dec 2008 Posts: 44 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Renting after a forclosure or short sale Do you think that is the mortgage is only in one spouse's name, but the other spouse is on the title (I think that's the word I'm thinking of), will her (my) credit be affected too? I have no income at the moment but since the loan is in DH's name only I am hoping my credit will stay OK (as long as me being on title isn't an issue..), but I don't know how that would qualify us for renting if DH is the one w/income.. civilguy, glad to hear you were able to find a place to rent!

12-31-2008, 07:56 PM	#8 (permalink)
DeadBeat Member Join Date: Dec 2008 Posts: 28 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Renting after a forclosure or short sale We didn't have any problems renting after (actually before) foreclosure. We're moving to a house twice as large and paying $500 less a month . We're going from a 2000 square foot house at 2100/month because of 10.24% interest rate to a 4000 square foot house for 1600/month in a higher cost of living area. We got an approval with a property management company before the first missed payment was on our credit. We were told that the approval was good for 1 year - this varies with the company so ask before putting in an application and paying the fee. If you're already late or have bad credit to begin with, don't be afraid to ask if they accept larger deposits in the case of bad credit. The people you want to deal with don't treat you poorly when you ask this question - and **** the rest of them, they'll just take your application fee and tell you no anyway. Just keep talking to people until you find the one you want to deal with. It's worth taking the time for small talking and schmoozing a little - my wife's an expert and you'd be surprised the results she gets. We went with a small (husband and wife), somewhat unorganized company who never even asked what we were doing with our house since the credit showed the payments up to date. We took a trip to look at houses a month after the approval (moving out of state to a state that doesn't allow wage garnishment). Since it was at the end of the month, there was no problem having the house held for a month with deposit. So we are moving in 3 months after stopping paying the mortgage without the rental company even knowing we're getting foreclosed upon. Applied one month after first payment due, waiting one month to look at houses and then putting deposit down to hold the house one month. Depending on how long your approval is good, you can stay in your current house rent free longer. We just decided the money isn't worth the stress and we were ready to move on with our lives. The 3 months missed mortgage payments are paying for the deposit on the new place and moving costs with hopefully some left over for new furniture. Be careful of rent-to-own deals. Most set up it up so they know that the person will not be able to buy by the deadline and pocket the large 'option fee'. If possible, get a longer lease. Your next place is going to depend on your rental reference more than anything else. The longer you can show a good rental history, the better. It's easier right now to rent with bad credit than in a good market. Some people are getting pretty desperate to rent out houses because there's so many empty ones out there.

12-31-2008, 08:31 PM	#9 (permalink)
ultimate4799 Senior Member Join Date: Nov 2008 Posts: 233 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Renting after a forclosure or short sale Thanks guys for sharing your experienced.. I'm one of those so worried in finding a rental place when I got hit by foreclosures.. I also wanted a place with a good school district so I appreciate the tip...

01-01-2009, 03:11 PM	#10 (permalink)
pjd123 Senior Member Join Date: Dec 2008 Location: Placer County, CA Posts: 485 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Renting after a forclosure or short sale I'm in Northern California (Sacramento area). I can only speak for this area, but I'm seeing ALOT of rental ads that say "Will considering applicants with foreclosure/short sale situations". I think with each passing month and more of us in the same boat, property owners may not have the option of excluding us.... at least thats my hope. Good luck everyone... pjd123

01-01-2009, 03:17 PM	#11 (permalink)
The Professor Senior Member Join Date: Jul 2008 Location: 49er Gold Country Posts: 1,543 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Renting after a forclosure or short sale Yep pjd123, i concur..... Daniel

01-01-2009, 04:40 PM	#12 (permalink)
J2911 Senior Member Join Date: Dec 2008 Location: Rancho Cordova, CA Posts: 80 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Renting after a forclosure or short sale pdj123, that is good to hear, thanks for sharing. I haven't seen any yet but will be on the look out for those.

01-06-2009, 12:30 PM	#13 (permalink)
pjd123 Senior Member Join Date: Dec 2008 Location: Placer County, CA Posts: 485 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Renting after a forclosure or short sale Good morning all! I have potentially good news here - I just spoke to a property management company here in my area. They said that the industry saw this coming and knew they were going to have to deal with it. As long as the foreclosure or short sales is the only negative, meaning all credit cards and other debts are paid on time, there will be no problem renting through them. The particular company I spoke to is requiring 150% of the deposit rather than 100% (1.5 times rent for deposit, plus 1st months rent). The industry standard, because its a law, at least here in California, is 200%, in other words, a total of 2 months rent as the deposit, plus 1st months rent). So WORST case scenerio is 3 X monthly rent - again, providing all other debts are being paid on time. Yahoooooooo - what a relief! I hope everyone reading will find the same in your areas. Have a 'Terrific Tuesday'! pjd123

01-06-2009, 01:32 PM	#14 (permalink)
KT in CA Senior Member Join Date: Dec 2008 Location: Vacaville, CA Posts: 488 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Renting after a forclosure or short sale Paula - That is what a property manager here in Vacaville told me as well. She said if the credit report wasn't impacted other than the foreclosure, they wouldn't require anything additional. If it was, she said it would mean an extra month's rent or a co-signer on the lease. I don't anticipate it to be a problem unless you are renting from an individual who might not be too experienced and is scared to rent to someone in foreclosure (which I can totally understand). Good news. Karen

01-06-2009, 01:33 PM	#15 (permalink)
J2911 Senior Member Join Date: Dec 2008 Location: Rancho Cordova, CA Posts: 80 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Renting after a forclosure or short sale That is great news!!! I'm in the Sacto area too. Thanks for the info...I will be printing out the post for reference.

01-06-2009, 08:52 PM	#16 (permalink)
pjd123 Senior Member Join Date: Dec 2008 Location: Placer County, CA Posts: 485 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Renting after a forclosure or short sale One more thing - I forgot to mention that the property manager I spoke to said that 50% of their renters are former homeowners that have gone through foreclosure or short sales, and they expect that number to rise. Just wanted to share that as I found it comforting. pjd123

01-08-2009, 10:27 PM	#17 (permalink)
brown1978 Member Join Date: Sep 2008 Posts: 11 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Renting after a forclosure or short sale After missing 5 payments I decided to start looking for a rental. I found a house for rent on craiglists in the bay area by owner. Made an appointment to see it and asked for an application. Turn in the application, owner said they were not going to check credit. What a relief as I have a dog and most houses dont take pets but owner said it was ok to have a dog. I will be paying $1000 less a month and going to a house twice the size. I think its better to rent from owner than management company.

01-08-2009, 10:36 PM	#18 (permalink)
pjd123 Senior Member Join Date: Dec 2008 Location: Placer County, CA Posts: 485 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Renting after a forclosure or short sale Brown1978, Thanks fantastic! Good for you! Good luck in your new life free of mortgage free living! pjd123

01-08-2009, 10:38 PM	#19 (permalink)
pjd123 Senior Member Join Date: Dec 2008 Location: Placer County, CA Posts: 485 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Renting after a forclosure or short sale oops - too many 'free's there!

01-09-2009, 09:55 AM	#20 (permalink)
J2911 Senior Member Join Date: Dec 2008 Location: Rancho Cordova, CA Posts: 80 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Renting after a forclosure or short sale Brown1978, I think it would be cheaper initially going through an individual owner...they site's I've checked want an application fee for each person over the age of 18, ranging from $25-$30 each. My 18 year old lives with us, and sometimes my 22 year old son...So for each rental management co I submit an application to, it's a minimum of $60. Personally, it's going to be about the house, no matter who's renting it. Thanks for sharing

01-19-2009, 02:45 PM	#21 (permalink)
pjd123 Senior Member Join Date: Dec 2008 Location: Placer County, CA Posts: 485 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Renting after a forclosure or short sale Hi Everyone, Just wanted to give an update that I think is hopeful. As I've posted on another thread, we made last full payment in September. Foreclosure started a couple of weeks ago. Not knowing where we were going to live and having to be in the house we couldn't keep has become too much - its keeping us from being able to 'move forward'. So last week we decided to start looking at houses and just get on with it. I called about 5 property mgmt companies - told them everything, that my credit was good before the missed payments and that all of my other credit (cards and car payment) were 100% on time every month. All of them said no problem, you're not alone, 50% of our renters are in the same boat. I found that comforting but it gets better... We found a gorgous CUSTOM home for $1K less than our mortgage and decided to go for it. We were approved within 24 hours. But HERES what I think is SO great - today, one of the other companies CALLED US and offered to drop the rent and fix the back yard to our liking (there was a muddy area and we have a little dog - it would have been a problem). I told her we had already taken another house. But how great is this? They knew about the foreclosure and were making offers to us! Anyway, just wanted to share this - if you're worried about being able to rent, dont be. I believe its only going to get easier. pjd123

01-22-2009, 02:06 PM	#22 (permalink)
pjd123 Senior Member Join Date: Dec 2008 Location: Placer County, CA Posts: 485 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Renting after a forclosure or short sale Hi All, Got *another* call today from *another* rental we looked at a couple of weeks ago. They *too* offered to reduce the rent. Has anyone else gotten a rental yet? pjd123

01-22-2009, 05:52 PM	#23 (permalink)
marinah1208 Member Join Date: Nov 2008 Posts: 23 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Renting after a forclosure or short sale What about if you have a Ch. 7 bankruptcy, in addition to the foreclosure? Will we ever be able to find a rental?

01-22-2009, 09:28 PM	#24 (permalink)
pjd123 Senior Member Join Date: Dec 2008 Location: Placer County, CA Posts: 485 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Renting after a forclosure or short sale Hi marinah1208, I'm sorry, I don't know about the bankruptcy. When I spoke to each of the different property managers, each of them said 'as long as the foreclosure is the only negative on your credit report, and all your other bills are being paid you'll be fine'. So I'm not sure how a bk would play into that. I think you may be able to offer an additional deposit (like 1 extra months rent in advance) and possibly a co-signer. Your best bet is to talk to a few different property managment companies in your are and tell them the truth. They will respect your being upfront about your situation. They will tell you what you need to do and that way you can be prepared for when that time comes. Good luck, pjd123

01-23-2009, 11:53 AM	#25 (permalink)
srhadden Member Join Date: Jan 2009 Posts: 29 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Renting after a forclosure or short sale Here is a question. What if I rent a house right now and then put my house up for sale. I'll immeidately have double the debt because of the rental. When they are calculating my monthly expenses to see if I can pay the mortage, will then count my rent now as monthly expenses? Because I just would have put myself into financial hardship and can no longer afford the house.

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