Foreclosure in 91403>Question Details

C, Home Buyer in Los Angeles, CA

From Luxury to Homeless! Who will rent to me in LA after foreclosure?

Asked by C, Los Angeles, CA Sun Feb 22, 2009

I was juggling two mortgages while my two luxury houses were on the market for a year, as the values dropped below the mortgages, I lost the equity, but also my 25% cash downpayments on both homes ($300,000). My home foreclosed and the other house sold in a short sale. Now I have been evicted from my home and am staying in a motel, trying to find an apartment who will take me. Apartment communities won't rent to me with a a foreclosure and credit score below -500, and I filed then cancelled chapter 13 to gain an extra month in the home. Who will rent to me in L.A.?

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Dear C

Sorry about your situation. You might try to call property management companies in your area and briefly let them know your credit was compromised from bad real estate investments. They might make an offer for you to pre-pay a few months rent in advance and that way you they have some comfort and you can have a chance to live in a safe home not a public motel.
once your bk is discharged you might want to consider signing up for credit repair so that you can get all the trade lines removed, with a 50% chance of getting the bk removed. See right now you have all the negative trade lines in addition to the bk. If you sign up for credit repair you will then just have the bk with a good possiblity of removing it.
You can get a new mortgage in 24 months after a bk with FHA lender or 48 months with conventional lenders. Call me I will assist you with your credit repair. Good luck!
0 votes Thank Flag Link Sat Jul 4, 2009
I am sorry to hear about what you are experiencing. I would suggest you be persistent. I always suggest to renters that you might want to drive around in the neighborhoods you'd like to live in and take down phone numbers off of rental signs. See if you can find property owners who are handling their own search for tenants. Be up front with the owner your situation and sometimes if you can pay put a larger security deposit or pay a few months in advance that might do it. Good luck to you.
0 votes Thank Flag Link Wed Jul 1, 2009
As long as you have an income and some money in the bank, many landlords will help you out.
Please understand that landlord are looking to rent their properties and they will do almost anything they can to rent instead of loosing money by not renting.
Offer the landlords 2 months deposit, show them your income. you dont have to show them your credit.
I know many landlords that dont care about the credit, they just want to rent.

Good Luck.
Web Reference:
0 votes Thank Flag Link Fri Jun 12, 2009
Craigslist has alot of owners you are not dealing with a property mangement comapny. Sometimes with your credit sucking you ca as long as u have a job and proof of funds you should be fine:)
0 votes Thank Flag Link Sun Mar 8, 2009
I symphatize with your situation. The best advice I can give you is to keep looking there a very few that will understand and accept your situation but you must have a cosigner. Someone that have good credit, steady and good income and that the landlord feels he/she can charge to in case you do not fullfill the lease/rental agreement.
Also, you can offer a larger deposit.
Please call me with questions (951) 294-4426. I work in Yorba Linda,Orange County and surrounding areas.
0 votes Thank Flag Link Sun Feb 22, 2009
Contact me. We manage properties for homeowners in San Fernando, Santa Clarita and Antelope Valley areas and have come across people with situations similar to yours. In some cases the homeowners (single family/townhome/condo) have agreed to rent out with conditions. If you are interested to rent in the West LA area in an apartment let me know and we will see what can be done.

Bob Khalsa
Broker Owner
United America Realty
U A Property Management
0 votes Thank Flag Link Sun Feb 22, 2009
I would keep trying. I have not heard of this situation before. I am from the mid west and the people that I have delt with that have filed for bankruptcy or have been foreclosed have been able to find renals quickly. I assume some larger rental may have instructions for renal agents to follow that may be causing the problem. Either contact smaller complex owners, people looking to rent condos or houses, or considering giving the landlord a largers security deposit.

Good luck!
0 votes Thank Flag Link Sun Feb 22, 2009
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