Rentals in Warwick>Question Details

Rebecca, Home Buyer in Rhode Island

is it possible to rent a single family home if you claimed bankruptcy and had a foreclosure?

Asked by Rebecca, Rhode Island Mon Jan 24, 2011

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Hi Rebecca, The answer this will differ depending on the landlord you encounter. Many people have fallen on hard times so I think people are a bit more understanding these days. They may require a more in depth look at your income and current employment, maybe even extra security.

Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
William Raveis Legends Realty Group
914.406.9023
0 votes Thank Flag Link Wed Mar 23, 2011
It is definately possible to rent with those issues. In fact, many renters are in the very same situation. Many people looking to rent in this market have lost a home to short sale or foreclosure or have sold and downsized. I have also rented my own properties to people who have sold their home via short sale. In both those instances the tenants have been model, to say the least. They have been on time consistently and I have never had to chase them.
I hope this helps!
bob
crudalerealtygroup@yahoo.com
0 votes Thank Flag Link Wed Mar 23, 2011
Rebecca,

Yes. Many people find themselves in this type of situation because they have either lost their home, jobs or both and have to rent.

Landlords are aware of this and many are prepared to lease but under certain conditions. Because they are taking a bigger risk be prepared that they may ask for a credit report, more deposit money and possible reference. Some landlords may be just as anxious to lease as you are to get a home and be very lienant and ask for none of these.

More importantly, be honest and upfront. You can disclose this information without going into deep details and divulging your personal life story. Be prepared with the information you need to give them. Prior to seeing a house for rent ask them what information you will be required to give as that can help you decide if you even want to consider that particular home.
I wish you well.
0 votes Thank Flag Link Mon Jan 24, 2011
Actually, a landlord will be interested in proof that you have (and have had) a job. Most landlords are aware of the current economy so as the others have said let the landlor know up front, but then show proof that you can pay.
0 votes Thank Flag Link Mon Jan 24, 2011
Hi Rebecca,

Anything is possible. You will just have to find a landlord who is willing to look past the recent issues and look at the rest of the information(maybe explaining your situation would help too). It all depends on the landlord, there is not set rule on credit score to rent a house, in fact I wouldn't be surprised if more than 50
% of landlords don't even run credit!

You may just have to sweet talk your way into the lease and possibly offer up a little extra security to offset the credit concerns.

Hope that helps and good Luck, let me know if you need any assistance finding a landlord that is willing to work with you.

Happy Hunting,
Chris
0 votes Thank Flag Link Mon Jan 24, 2011
I believe it is possible
I would disclose it up front to potential landlord
With the bankruptcy you should have a clear slate
Thank you and good luck
0 votes Thank Flag Link Mon Jan 24, 2011
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