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Kaubk103, Renter in Chicago, IL

Recently divorced, forclosed single mom with good income looking for downtown 2 bd rental. What are the chances with my past? Much more to story...

Asked by Kaubk103, Chicago, IL Tue Aug 9, 2011

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Hi there - I am a soon to be divorced mum with a 2-storey walk-up 3BR, 3 BA in Old Town (not DT, I know but close). If you are still looking please let me know since I will need to put my place up for rent/sale soon.
0 votes Thank Flag Link Wed Sep 28, 2011
My company deals exclusively in residential leasing, and so I run into these sorts of challenges every day. Not to be a complete downer, but for many management companies in Chicago, foreclosures are an instant disqualifying factor when considering a potential tenant (they're equated with failing to pay rent). Fortunately, the easiest way around this problem is with a cosigner: a sibling, parent, or close friend willing to take the financial risk of you not paying your rent. Having that conversation now with your potential cosigner will make the process move much more quickly than if you delay until a landlord demands it.
Web Reference: http://www.trudorealty.com
0 votes Thank Flag Link Wed Aug 17, 2011
I am only writing to encourage you...living downtown will be the best post-divorce therapy you can get. With proof of good income you won't have a problem, and if you want to maintain even more of that income, frequent the establishments along Rush Street, where you will be entitled to complimentary meals, weekend cottage invitations, and lavish gifts. Don't be scared to return any either, because there are always better ones. You'll begin to wonder why anybody gets married when Chicago offers so many temptations.
0 votes Thank Flag Link Tue Aug 16, 2011
If your rent-to-income ratio is solid, your landlord references are solid and your criminal/eviction history is clean there is a good chance that you will be able to find something, but you may need to apply in a few places before you get approved.

Landlords who are newer to landlording (like some of the accidental landlords who are just renting their places out until the sales market turns) will be more jittery about renting to you than established investors who understand that a FICO score does not tell the whole story vis-a-vis tenant performance.

I recommend that you prepare an extra month's rent or two to offer up front as an assurance that you'll be able to uphold your end of the offer, or if that isn't possible, find someone who's willing to cosign for you.

Be aware that the market is moving fast and that September is one of the busiest months for rentals. When viewing places it will be more practical to pick your top 3-4 favorites rather than get your heart set on one perfect place. Remember that it's only a year and that next year you'll have an established rental history and time to clean up your credit if you need to shift places.

Rentals are currently the majority of my business and I'd be happy to help you with your search if you like.

Kay Cleaves
312-929-7077
0 votes Thank Flag Link Wed Aug 10, 2011
In our current economy there are many people out there with credit issues. I tell my clients who are renting out their homes to take that into consideration....are the tenants paying their bills now, what were the circumstances for their credit issues, is their income able to cover the rent, etc..

When you find a home you want to rent I would suggest you include a letter with your application that explains your unfortunate circumstances. Many times this will help the landlord understand why you had a foreclosure and some credit issues and why you are able to pay the rent now.

Good Luck!
Web Reference: http://LauraKarambelas.com
0 votes Thank Flag Link Wed Aug 10, 2011
Your chances may still be good. Most landlords will take into consideration extenuating circumstances. Your credit may have taken a big hit, but if it you are paying all your other debt on time, you still have a chance. You can look for private condo-owners who may be more flexible than large apartment companies.
0 votes Thank Flag Link Tue Aug 9, 2011
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