Rental Basics in 90019>Question Details

Mstporter90, Renter in 91605

I filed Chap. 13 bankruptcy and have been making payments to my trustee every month. I will be discharged 1/2012. How can I find an aprtment now? Help

Asked by Mstporter90, 91605 Fri Jun 17, 2011

I filed Chap. 13 bankruptcy and have been making payments to my trustee every month. I will be discharged 1/2012, however, I need an apartment now and the bankruptcy on my record isn't helping. The apartment I managed to find and I am living in now is terrible. It was bad to begin with and 100 times worse now. Its filthy, crime ridden, and depressing. I am in school full time and I work for Bank of America (fulltime) and have been working in the same line of business for 5 years. I make decent money and have no overhead besides my rent and trustee payment. I fear for my safety in my current place and need out bad. Ant help wpuld be greatly appreciated! Thanks, :-)

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There are plenty of lanlords that understand the BK is just a matter reflecting the current economy. Offer to pay double deposit and be upfront about it. you have to sell them. Hopefully you have stable income and other good qualifying factors... people in general want to help, and that includes landlords... do not give up... be positive about it.
0 votes Thank Flag Link Fri Jun 17, 2011
MstPorter - You may be eligible for financing on a FHA loan. You should call a lender and learn if you have the ability to qualify for a home. Apparently, no one told you that you could qualify for a home loan after 1 year of successfully making your payments in your Chapter 13. If you'd like, call me and I can review your situation for you.
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1 vote Thank Flag Link Fri Jun 17, 2011
Excellent advice Anthony! I ended up renting from a friend. She owns a beautiful home in Sherman Oaks but is seldom home because of her work. My rent is minimal.... I just keep the house clean and take care of the landscaping. This way I can save money and try for my own place once my bankruptcy has been discharged. I took the upfront a appraoch with a few land lords before moving in with her and they all wanted huge deposits. I just couldn't see myself putting a house like down payment down on a small apartment.
0 votes Thank Flag Link Mon Aug 8, 2011
Your best bet is to be honest with the landlord. In my experience, Ive noticed that it is easier to deal with independent landlords than property managers. Landlords can be persuaded while property management firms have stricter codes they have to follow. Bankruptcy is a way of life and you are not the first person to have this issue. Try the humanistic approach and be straight forward with the landlord.
0 votes Thank Flag Link Mon Aug 8, 2011
Hi Mstporter90:

Yes, you can find an apartment now. There are landlords that will rent to people that have filed bankruptcy if you are upfront and tell them your story, show that you have been taking care of your obligations since the BK and that you have a steady job.

You just have to find them. I find that if you find the neighborhood that you want to be in, drive the streets, look at the signs posted, you will find the right place for you with the right landlord who will accept you.

Good luck!

All the best,

Kat Becker, Agent
Prudential California Realty
0 votes Thank Flag Link Mon Jun 20, 2011
Ron- Thanks so much for the positive feedback!!

Toons- You are right. Knowing someone would really help. I have just been so secretive about my bankruptcy. Had I known that 10K in debt would have caused so much trouble...I would have asked my grandparents for loan instead of filing BK. You live and you learn, huh? Thanks for your advice! =)
0 votes Thank Flag Link Fri Jun 17, 2011
It's going to really be a matter of "who you know" in order to get out of this IMO. Ask around your friends and co-workers odds good they can hook you up.

Good Luck and stay safe...
0 votes Thank Flag Link Fri Jun 17, 2011
Well.. It is 2 years if it is a Chapt. 7.. Let me know and call me. I am also a direct lender.
0 votes Thank Flag Link Fri Jun 17, 2011
Thanks Ted. I was under the impression that I had to wait 2 years before I could qualify for an FHA loan. I would have pressed for that before dumping money into this dump. I guess looking for an afforable home (or condo) so I could meet the 3.5 % down payment would be a good option. I will share this with my mother and get back to you.

Thanks again! :-)
0 votes Thank Flag Link Fri Jun 17, 2011
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