forclosed in 2009 at the onset of the mortgage fiasco (yeah, I was stupid, lost my shirt), i even claimed bankruptcy to stop them from forclosing

Asked by Mary Mclane, Rancho Cucamonga, CA Thu Jun 27, 2013

just when I was getting together financially and was moments from being able to buy a new home, i had a catastrophic health problem that took a year to recover from. Now, I am back to work full time, married my first husband and we are looking to lease a house near work. Everything together killed my credit (although it is recovering slowly as we got it caught up). Will a home owner lease a house to me based on our income, our stellar recommendation from our current landlord? What else can we do to improve our ability. Haven't tried yet, am just preparing for the process.

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Anjetta Thackeray’s answer
Anjetta Thac…, Renter, Long Beach, CA
Tue Aug 6, 2013
I've had similar experiences. Here's my advice:
--be upfront about your situation before you even view the house
--get a copy of your credit report in advance and know what's on it
--be honest about EVERYTHING (list bankruptcy, etc.)
--be prepared to pay a larger deposit
--have proof of a good rental history
--have $$ in the bank
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Alex Montelo…, Agent, Seal Beach, CA
Sat Sep 13, 2014
As mentioned in earlier comment by my colleagues, you should be able to find a landlord that will lease to you. Just be up front and let them know about your financial hardships and how you have now overcome them in a letter. Put together your best package hen submitting your rental application. Get letters or statements from landlords, employers, references, etc. Show proof of income and bank statements. Offer to put down an increased deposit if necessary. Have a guarantor or co-signer ready just in case they are needed. You may not get the first one that you apply for, but keep trying until you do.

Best of Luck,

Alex Montelongo/Broker
Coldwell Banker Star Realty
562-810-7387 Cell
BRE Lic #01456982
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Kim Benedict, Agent, Overland Park, KS
Fri Sep 12, 2014
There are landlords out there that know people get dealt a crappy hand and crap happens...

What I tell my people in this type of situation with hard time to do is write a letter short not to long to the point about what happened and how you are fixing the problems to get your credit rating higher again.

Make sure you have some credit thats in good standing and paid on time over the past year. This seams to help the majority of times, yet not all...

Hope this helps!
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Rosemary Sag…, Home Buyer, Alta Loma, CA
Fri Apr 11, 2014
Yes they will, because someone leased to us! We walked away, then went back to short sell our home at the end of 2012. Before we short sold, we found a wonderful owner who gave us a 2 year lease on the home we're currently in. Just be honest with them, everyone has felt some of the sting of the "mortgage fiasco" and if they are renting, they most likely will be more concerned about your ability to pay. We wanted to stay in our same community and count our blessings that we were able to do just that. I was nervous and concerned about that as well. Our credit still has not recovered completely, and it will likely take a while before it does. Thank goodness giving up our home didn't prevent us from finding another. Best wishes to you!
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Robert Chome…, , San Diego, CA
Mon Aug 5, 2013
Yes many landlords will go more based on your income and rental history then credit, especially mom and pop type landlords vs. large property managers. Many times landlords will overlook one time big credit events like foreclosure and BK if you do not have a history of being late on everything and having lots of collection accounts. And you have not been late on bills after these big events.
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Carebear2, Renter, California
Mon Aug 5, 2013
Mary, my husband and I easily found the lovely home we are in right now when we realized that our former lender wasn't going to budge on a loan modification. We ultimately did a short sale, but as you may know, that doesn't do much better for your credit than a straight foreclosure. I had also filed a BK at one point at the recommendation of a lawyer, to buy time to hammer out a deal which never happened. We were able to secure a 2-year lease when we were honest with the owner about our situation. We make good money, were in this same community for well over 10 years, all of our ties are here. We have paid our "rent" on time or early each and every month, and my hope is that after our lease is up that we will be able to be considered to purchase again, or at least be in the ballpark. You are not alone by a long shot, please don't feel bad. Many neighborhoods have several homes being rented on the same block as is the case where we now live. This was once a premier area, the home we're in was actually once a model home that I drooled over in approximately 1991! Imagine my surprise now living here! You'll be fine.
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Christopher…, Agent, New Cumberland, PA
Thu Jun 27, 2013
Hi Mary,
Sorry that you are going through this but it seems like things are getting better and congrats on your wedding. The best advice I can give you is just be completely honest with any possible landlord you might rent from. Explain your situation and a lot of times they will understand and have some compassion. This sort of thing is happening to a lot of people, being upside down on there mortgage and things like that. I have helped a few people in similar situations and things have always worked out when they are honest. Best of luck to you and your family.
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Rayanna Will…, , Highland, CA
Thu Jun 27, 2013
Income proof and For Rent by owner signs will be your best bet. They may want to run a credit check, and if so, write a letter with your application. Put every best foot forward. The main thing that landlords want to see is that you can pay your rent and that you are not a fly-by-night renter. Working in the area shows some stability, so stress that. Also stress you are newly weds... wanting to settle in a nice home. These are all pointers of STABILITY and a clue that you may be a long term renter. If you are not a good negotiator, or feel you cannot explain yourself in the best light, do not hesitate to get a real estate agent. It is not our everyday work, but we are able to do it. I have helped a renter before, and it brings just as much joy as a first time buyer. Go to my profile if you have any questions, need any help, or just to drop a note on what you are doing for the 4th of July! Thank you for reading!
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Jose Vallada…, Agent, Rancho Cucamonga, CA
Thu Jun 27, 2013
I would like to see you at my office, 10535 Foothill Blvd. Ste 150 Rancho Cucamonga, CA 91730, let me know the date and time, I've seen some of my clients accepting applications to lease, in cases worst than yours, let me if I can be of help. (909) 263-8498
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Jory Blake, Agent, Norco, CA
Thu Jun 27, 2013
Ron offers great advice! You will have the best results dealing with owner-landlord .

The foreclosure and BK shouldnt hurt you much and I recommend having a "renters package" ready when prospecting for a rental. The packet should have copies of recent pay stubs, credit report, reference letters, landlord testaments, tax returns,etc.
If you keep your current house maintained and tidy, bring photos to show that you take care of your home. And as silly as it sounds, make sure your car is washed and cleaned out when meeting with "landlords"...they all check :-)
Generally , a FICO of 600+ will do the job...

Good luck and hollar if I can help you guys in any way!

Jory Blake
Web Reference:
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Ron Thomas, Agent, Fresno, CA
Thu Jun 27, 2013
Seen it before; once or twenty times:
Drive around the neighborhood where you would like to live;
look for FOR RENT signs with a phone number.
Deal only with the Owner, not a management company.
Face to face; explain what happened; be open and honest.
If you cannot sway them; you probably didn't want them for a landlord anyway.
Keep trying.
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