Foreclosure in 08753>Question Details

Teresa, Home Owner in Ocean County, NJ

Is it hard to rent after a foreclosure and bankruptcy ch7?

Asked by Teresa, Ocean County, NJ Sun Sep 30, 2012

Obviously I will have horrific credit. But my husband has a very good salary and the same job for 12 years and no chance of losing it. Plus all other bills are always on time. Will that help my case? In this economy Im sure there are a ton of people who foreclosed and need to rent. They need to go somewhere so Im assuming people are willing to rent to them

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Hi Mrs. Burns,

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,

Ronald Shaffery
RE/MAX New Beginnings
Toms River NJ 08753

CDPE-Certified Dipressed Property Expert
SFR - Short Sale & Foreclosure Resource
ASM- Advanced Short Sale Member
2 votes Thank Flag Link Sun Sep 30, 2012
Do you know of any rentals in adult communities that rent to 48+?
Flag Tue Oct 9, 2012
You can apply at EZ Lease Rentals, a reputable leasing company. The company helps people with issues like bad credit, broken lease, bankruptcy, eviction and foreclosure. You can check out their website for more information.
1 vote Thank Flag Link Sat Aug 3, 2013
I would not 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
0 votes Thank Flag Link Thu Sep 24, 2015
Hey Teresa!

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.
0 votes Thank Flag Link Wed Sep 23, 2015
Some landlords may take you more seriously if you offer a higher-than-requested deposit. Do what you can to prove that you have funds available to pay your rent on time, and the foreclosure on your credit history may not hurt you as much.
0 votes Thank Flag Link Tue Aug 18, 2015
You can find some place to rent Teresa. The steady job history is part of it. My biggest question is why is your credit so bad even 3 years after the BK You can get your credit score good again if you know what to do. if you need help call or text me 859-494-1558
0 votes Thank Flag Link Fri Jan 25, 2013
Hi Ron:

I (Ash) am over 55 yrs old and i am purchasing a unit ( 99 Prince Charls Drive) in Holiday City and thinking to rent now.

would you pl help me my email is

thank you
0 votes Thank Flag Link Sun Dec 23, 2012

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.

Sal Ventre
Crossroads Realty
0 votes Thank Flag Link Fri Nov 23, 2012
There are plenty of people who are in similar situations and have lost their homes and need a rental. Landlords will typically check your credit score and review your report. If everything else looks good, you will be able to tell your story and possibly find a sympathetic landlord.
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.
Web Reference:
0 votes Thank Flag Link Mon Oct 1, 2012
FHA guidelines show that you can get a mortgage (providing everything else lines up with employment and improved credit) in 2 years after a short sale and 5 years after a foreclosure. That alone should indicate what the better thing to do is.
0 votes Thank Flag Link Sun Sep 30, 2012
I would go with a short sale if I was in your position. It's something you can recover from in 2-3 years after you re-establish credit. I sold a short sale in Elizabeth and the homeowner there rented a single family home in Scotch Plains. We had to look at 15 rentals and made offers on 3 before one said yes. It's not an easy lease process, but it's possible.
0 votes Thank Flag Link Sun Sep 30, 2012
I just want to clarify I went bankrupt already 3 years ago but didn't include my home. Due to an underwater mortgage and a bank that doesn't want to work with me I decided to leave. So now Im trying to figure out whether to foreclose or short sale and if anyone would consider renting to me
0 votes Thank Flag Link Sun Sep 30, 2012

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
0 votes Thank Flag Link Sun Sep 30, 2012
I just want to clarify I went bankrupt already 3 years ago but didn't include my home. Due to an underwater mortgage and a bank that doesn't want to work with me I decided to leave. So now Im trying to figure out whether to foreclose or short sale and if anyone would consider renting to me
Flag Sun Sep 30, 2012
Alica, I agree with Jeanne. If I was your agent, I would recommend that you write a letter explaining your Bankruptacy circumstances and emphasis your husband's consistent employment history. I would also have you outline (list) current monthly expenses to show that your expenses do exceed your means.

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.
0 votes Thank Flag Link Sun Sep 30, 2012
It really depends on the landlord. I've heard that in regards to a foreclosures some landlords will ask that the renter pay upfront rent (not a security deposit) for three to six months. One of my clients had to do this in order to get a rental because of a foreclosure and a bankruptcy on her credit.

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.
0 votes Thank Flag Link Sun Sep 30, 2012
It depends on the Landlord and the tenant on a case by case basis. I have had Landlords that were in the most secure jobs known and they lost their job so unless you work for yourself there is no such thing as a guaranteed job right now. However I have some Landlords that want a particular credit score, others look at the situation. They will review the report to see if you were late every single month for 7 years, every other month for 7 years or just recently over the past 2 years or so when something happened. They will then look at the big picture and make a decision. Others will just say yes or no. Case by case basis is the best I can say. If you need any help feel free to contact me. By the way, a short sale or deed in lieu will look better on your credit than a foreclosure. Call or email me to discuss since this is an area I have a lot of training in.

William F. Troy
REO/HUD Director
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
Cell- (732)600-1570
Fax- (732)557-6425
0 votes Thank Flag Link Sun Sep 30, 2012
It is more difficult. I've worked with some folks in your shoes and it has helped to "tell the story" - so that the credit report does not stand alone. Work with an agency that has the patience and willingness to help you.

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,
Jeanne Feenick
Unwavering Commitment to Service, Unsurpased Results
0 votes Thank Flag Link Sun Sep 30, 2012
Thank you. I would hate for someone to count me and my family out over credit. Hard times fall on good people. Im hoping that a 6 figure, steady income is enough to convince people we can be trusted :)
Flag Sun Sep 30, 2012
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