FromW2S, Renter in Lake Dallas, TX

Rent after short sale is on credit report

Asked by FromW2S, Lake Dallas, TX Thu May 20, 2010

We went through a short sale last September and moved to a different state/city. We rented before the short sale was final & property manager didn't do a credit report.
This September we are wanting to rent in a different city. I'm scared we are going to lose our application fees due to our short sale. Can someone tell me how high of a possibilty this is. We have paid our rent month to month in full & on time. We did have to stop paying our last mortgage for 2 months to be considered for a short sale. So that will be on our credit report.

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Mary Beth Harrison’s answer
Robert is correct, the choice to rent to you is up to the landlord. Most want to see job stability and no recent 30 day late payments on bills. Be up front when you apply for the lease before a credit fee is paid and see what the landlord says. You might also offer to pay an additional month rent up front.

Good luck in your move,

Mary Beth Harrison
The Harrison Group
Keller Williams Realty
Web Reference:
0 votes Thank Flag Link Thu May 20, 2010
I agree with Mr Greenblatt! You can get 1 free credit report per year. What they care about is that you are making your housing payments-roof over head so if the current landlord will give good report on you and/or you have cancelled checks with on time payments then you are going to be in a good place for the next time-remember how many people are in trouble with the housing. Getting a GOOD credit report isn't as easy for Landlords as it used to be-do try to stay on track with the rental so that in a couple of years should you choose to buy you will have that good news on the credit report! It does matter and it is probably about 2 years from now.
0 votes Thank Flag Link Thu May 20, 2010
Hi. The determination about whether you are credit worthy to a landlord can be very subjective. If your rent has been paid on time and you have a good job history with adequate income to pay your bills, you should be able to find a home to rent. Your credit report may only reflect the late mortgage payments. That is a much better situation than a foreclosure. How about running a credit report to see what it looks like. That way, when you start looking for your next home, you can share your story with the prospective landlord.

~Robert Greenblatt
Keller Williams
Cherry Hill, NJ
Web Reference:
0 votes Thank Flag Link Thu May 20, 2010
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