Your thinking is correct, as there are more folks in the same situation as you, reasonable landlords understand that they are going to get tenants with credit issues. A good agent will be able to represent your interests and help you get situated properly. There is a lot going on here and this is probably not the best forum to go over all the options. Please feel free to contact me with all your questions and concerns.
I wish you the best of luck,
RE/MAX New Beginnings
Toms River NJ 08753
CDPE-Certified Dipressed Property Expert
SFR - Short Sale & Foreclosure Resource
ASM- Advanced Short Sale Member
I would not worry...as long as your income and job are steady you should have no problem. Many folks are in the same situation so renting is a big deal for the landlords and the tenants. You may be asked to provide a monthly budget disclosure of your income and expenses to make sure you can afford the rental. That is reasonable and needed to compare your rental payment with your previous mortgage payments that you had trouble paying. Tom Hinz http://www.shortsaletosell.com
First off, don't panic! There are plenty of landlords out there who are willing to work with people with foreclosures and bankruptcies, especially if your partner has steady employment.
The key to this is to be aware of what your issues are and be upfront with the landlord. Many landlords will work with you but charge somewhat higher rates for the higher risk they won't be paid.
I recommend checking your own rental history report and figuring out what is on your record and what landlords can tell about you.
Most landlords require a credit report when submitting your lease application. With that said, all landlords are different and depending on yours specific situation, you wont know until you ask. Simply talk to the landlord and explain your situation. Just make sure you are as honest as possible and im positive you can find a landlord that is willing to work with you. It just may require a bigger security deposit.
If you cannot get a landlord to look past your credit report, try renting by owner. They normally don't check credit reports/scores and will judge you by whether or not they like you.
There are other things you can do, too. Reach out to me via Trulia or my website below and I'd be happy to discuss them with you.
From what you just said here, you don't need to go the bankruptcy route! Fifteen years ago, in the last real estate downswing, I was told from the bankrtupcy attorney that bankrtupcy in addition to the foreclosure was the way to go . . . so I listened.
What I Iearned is that (1) foreclosure stays on your credit record for 7 years and (2) bankruptcy 10-12 years. I went crazy buying everything I could to rack up my credit cards and let my car payments go as well. It was the biggest mistake of my life. That 12 years is sooooooooo long! . . . . and fast forward to today, the foreclosure involved some liens that although were included in the banktrupcy reared their ugly head in my recent home sale . . . .and now I am spending money fighting that!
Frankly, in all honesty, based on the description of yourself above, SHORT SALE is the way to go for you. Short sales bring your credit score down to approx 500 (foreclosure 200-300) AND in two years after the SHORT SALE, you will be able to buy again.
Of course, I am not an attorney, just sharing my personal experience. If you would like to call me to discuss more, please do ot hesitate . . .. 732.606.2931.
Francesca Patrizio, Broker Sales Associate
In some cases, as a bargaining chip you can set up automatic deductions from your account to the landlord's bank so that monthly rental payments will be near gauranteed.
Next, provide two excellent references.
My strategy recommendation for you is full disclosure, full transparency. Include current bank statements if necessary and even tax returns if you feel it will help you establish that you could be great tenants despite a Bankruptacy.
It's always best to be upfront about both with an explanation so both you and the landlord won't waste time if it will be an issue.
William F. Troy
Pre-foreclosure Specialist Mastery Certification
RDC PRO, SRES, e-PRO, CDPE, Luxury Home Team
Veltri & Associates Realtors
121 Washington St.
Toms River, NJ 08753
Office-(866)483-5874 ext. 422
In the end, it is the landlord's decision. You'll need to convince them that you can be counted on to pay your rent on time and without interruption in spite of your past hard times.
Good luck and best,
Unwavering Commitment to Service, Unsurpased Results