Rentals in New York>Question Details

ChrLee, Renter in New York, NY

I have weak credit due to current divorce but have steady job and income of 90K.

Asked by ChrLee, New York, NY Mon Nov 26, 2012

Recently signed lease with co-op owner but was not advised of board approval until today. Will I get denied?

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Joseph Hastings’ answer
Hello. You did this without benefit of a broker, yes? The question is how weak is your credit. Since these type of things are usually on a case by case basis, you might not have a problem. If you've been steadily employed, have reasonable assets and hopefully no crushing debt, it could work out well. Then again, maybe not. Good luck.
1 vote Thank Flag Link Mon Nov 26, 2012
It's a little unclear what you are saying, but it sounds like you you did not know that there was board approval involved until today. If you can show that you earn 40 times the monthly rate as your annual income, you would qualify financially (you don't say what the rent is). If the credit is weak due to the divorce, that should be explained to the board. Did you do a board package? That should be explained in the cover letter. It sounds like you dealt directly with the co-op owner and not an agent, so I hope they know how to handle the sublet application. What may be requested of you if they have issues with your credit is to escrow some funds.
1 vote Thank Flag Link Mon Nov 26, 2012
That is correct, I was advised today by the co-op owner that board approval is needed. And he would overnight the board package to me. The monthly rate is $1900. I just wish he had advised me of this earlier in the month when I signed the sublet application and provided him with deposits, considering I have scheduled movers and such for December 1st move in date.
Flag Mon Nov 26, 2012
You signed a lease which means you passed step number one and your are halfway there. Unfortunately, no one in this forum can tell you if you will be denied. It is totally up to the co-op board, good luck!
0 votes Thank Flag Link Mon Nov 26, 2012
Unfortunately none of us can accurately answer for the board---keep in mind each building and board have different requirements.....
0 votes Thank Flag Link Mon Nov 26, 2012
if you make 40-45 times monthly rent in annual income you should be ok. Also depends on how weak the credit is and may be you can write an intro letter to the board explaining your situation upfront
0 votes Thank Flag Link Mon Nov 26, 2012
Every Board has a different basis for approval or disapproval. Good luck with the outcome.
0 votes Thank Flag Link Mon Nov 26, 2012
Not necessarily. It depends on the building's board, it might take longer for them to make a decision so just be patient. I assume your agent (if you had any) knew about your divorce in advance so he would not put you through the process unless you have a good chance! Best of luck!
0 votes Thank Flag Link Mon Nov 26, 2012
I didn't go through agent. A friend moved out of the apartment and went directly through landlord. He knows of my current situation and when I met with him to sign lease and give deposit and 1st month rent he did not make me aware of board approval until I followed up on my move in date. Which btw is scheduled for December 1st!
Flag Mon Nov 26, 2012
Co-ops are always tricky, and each one is different. There have been co-op buildings that approved people with a somewhat similar situation, and some that will deny someone who can be strong financially all around. With your situation, you'll just have to wait and see what will happen. The only thing I can suggest is to make sure all of your financials(besides your credit, obviously) are strong, and make sure you don't have any late payments on anything that shows your a flaky tenant/person.

I hope everything works out for you, but you should always be prepared with a backup apartment that you have a good feeling about, and can get with little to no stress. If you have any questions or need some more advice, don't hesitate to contact me!

Lais Reid
Knickerbocker Village N.Y., Inc.
Phone: 269-213-5247
0 votes Thank Flag Link Mon Nov 26, 2012
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