I am the previous owner of 611 M Street, Louisville, Kentucky and if has 3 bedrooms instead of 2 bedrooms and I had to walk away because of the

Asked by Carol Walton, Louisville, KY Tue Jan 4, 2011

Morgage Company taking too long to agree on a Loan Modification and PNC Bank was filing Foreclosure on the property with the delay on the Mortgage Companiies part, and now I have this on my record and having trouble renting property, What can a Grandmother do at this point? I even had a shed built in the back yard.

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Jim Simms’ answer
Jim Simms, Mortgage Broker Or Lender, Louisville, KY
Thu Jan 6, 2011
Carol,

I have reviewed thousands of credit reports over the years; they include a lot of information in addition to mortgage histories. Your question indicates that you “had to walk away” which sounds like you have already moved out of the home. If the default on the mortgage is the only problem on your credit report that may be something you can work around. If there are other problems besides the mortgage it will be more difficult. Most of the time when I see mortgage late payments on a credit report there are other items that were also late or unpaid. Many people will make their house payment before paying on credit cards, etc.

A landlord may be more cautious if the monthly rental on their property is equal to or higher than the mortgage payment you stopped making. Something you may not have thought of is a co-signor on the lease. It is not necessary for the co-signor to live in the rental, it is just additional security that the landlord will be paid. Good luck.
0 votes
Mark Atteber…, Agent, Louisville, KY
Tue Jan 4, 2011
This is very situation dependant. I don't know that the modification is off the table just because they have filed since you were seeking it before it happened. The property is still in your name. If it hasn't been sold I would continue to pursue the modification. If it has, generally speaking, having 2 months rent plus your deposit may make you a more attractive tenant. I would also write a letter of explanation as to what put you in the position to lose your home (job loss, illness, adjustable rate) and attach to every rental application. You may want to also take the extra step of getting 3-5 written personal references. It may seem like overkill or that you are applying for a job, but you are asking someone to take a chance on you when you are still rebounding from a very difficult situation.

Best of Luck!

Mark Atteberry, SG Priest Realtors
Providing excellence in Buyer Representation
0 votes
Marcia Whigh…, Agent, Simsonville, KY
Tue Jan 4, 2011
Call Whitney Railey 502-614-3150 at legal Aid. She will be able to give you the guidance that you seek.
0 votes
Ryan Frey, Agent, Crestwood, KY
Tue Jan 4, 2011
Unfortunately there isn't much you can do if the foreclosure proceedings have already concluded. Many landlords will overlook certain areas of a renters past as long as you can provide a reasonable explanation as to why the foreclosure happened, but it will be tough. I wish you the best of luck in getting things worked out.
0 votes
Joel Lobb, Mortgage Broker Or Lender, Louisville, KY
Tue Jan 4, 2011
I would call your attorney if you have one. Good Luck. Seems like a legal issue.
0 votes
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