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Renting after bankruptcy

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Renting after bankruptcy  Reply with quote  

For understandable reasons, landlords arenít thrilled at the prospect of
renting to individuals who have recently filed for bankruptcy. The law
supports a landlordís right to deny a prospective tenant because of bad
credit. Itís not one of the Fair Housing lawís protected categories. For
many landlords, a person who has filed for bankruptcy canít be trusted to
make rent payments in full each month and that personís bad credit score is
indicative of that risk. You may find that after bankruptcy you have a
difficult time finding a landlord who will rent to you. Not all landlords
will refuse you outright. Some may be willing to work out an acceptable
compromise that may include a higher deposit up front. Here are some tips
for renting after bankruptcy.

Beggars canít be choosers

Though it may sound harsh, you may need to lower your standards a little
when it comes to your living situation after bankruptcy. If youíre having a
hard time finding an apartment or house to rent, you may have to cast a
wider net and start looking for areas with lower rent. Apartments that are
near campuses are a good choice because landlords are expecting to have
tenants with little or no credit history.

Watch your credit score

Itís always important to know your credit score. But this is especially
true after bankruptcy. Keep a close eye on your credit score. Use a free
service like Credit Karma to regularly check your credit score. Because
these free services are soft inquiries only, they wonít negatively impact
your credit score because of constantly checking on it.

Be open and honest

One of the best things you can do is be open and honest about your
situation with your potential landlord. When looking at the house or
apartments, you can tell them a ballpark figure for your credit score and
ask if they would rent to somebody at this level. A landlord will be more
likely to rent to someone who is honest and upfront.

Be willing to negotiate

When you do find a landlord willing to rent to you, be prepared to make
some concessions. As already mentioned, you may be asked to pay a bigger
deposit before moving in. You may also need someone with a better credit
history to cosign on the lease.

Remember bankruptcy doesnít mean your life is over, it just means you will
need to be patient and understanding when landlords and lenders wonít work
with you. Eventually however you will get through it.

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Post Sat Dec 14, 2013 10:27 am
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First Time Poster

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Joined: 15 Dec 2013
Location: HOUSTON TX
I have to agree... i have been folowing the renting "tr  Reply with quote  

I have been following the "renting" trend across the USA since the housing crisis/crash. The rents have increased by over 26%, yet pay increases have either declined or stayed the same across the country.

Prices for good and consumables have also increased.

I am trying to figure out when will there be a housing "rental crash", when people are no longer able to pay their rents ((instead of mortgages))...The USA is hugely predictable with trending phases that ride the economy for a period of time and then crash it.

The newest thing to question will be how will these people find a home. There are now businesses helping people even after their bankruptcy. People can now rent after bankruptcy and get another chance using a rental guarantee company. One company i have been following is visnova usa. www.visnova.us offers their service for a fee. they will back up the renter with their credit and get them approved to live in a place of their choice, allowing them to get accepted to rent after bankruptcy.

how's that for ingenuity???
Post Sun Dec 15, 2013 6:37 pm
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