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jscott1026

Renting a home with shakey credit

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So i have posted what is going on with my mortgage and i am going to handle that now. What is the best way for my to approach a Rental House. I see there are a lot of houses listed by agents. I am going to be savng up enough money to make a 1st and 2nd payment in advance and a good Deposit. Will this help them look past my Credit. It has been one hell of a year. Looking to rent for 2 years and spend every day during that time fixing my mistakes on my CB.

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So i have posted what is going on with my mortgage and i am going to handle that now. What is the best way for my to approach a Rental House. I see there are a lot of houses listed by agents. I am going to be savng up enough money to make a 1st and 2nd payment in advance and a good Deposit. Will this help them look past my Credit. It has been one hell of a year. Looking to rent for 2 years and spend every day during that time fixing my mistakes on my CB.

 

 

Tell the agents up front what your situation is and they'll relay that to the owner. Some owners won't mind and others will say no. If they don't accept you, move on to the next house. Good luck!

 

800s

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Deposit & first month's rent is standard around here, so the extra month you are willing to put down could help a landlord look past your credit. Renting from an individual landlord is entirely up to them to determine you meet their requirements or not, 3 different landlords could have 3 different responses. To save yourself some unneeded inquiries I'd be upfront with all of the issues on credit (even provide a copy of a credit report if you are willing), the landlords will appreciate your honesty and if you don't meet their requirements then perhaps they can let you know what they were looking for.

 

Were both you and your wife on the mortgage? If she wasn't, and she works, perhaps she could apply for the rental by herself.

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You may have a hard time with rental managment agents due to your credit. I would suggest looking for an average Joe managed/owned rental, someone like myself. I do run credit but if someone has 1st, last and a deposit in cash in front of me, I would SERIOUSLY consider giving the benefit of doubt if the credit is questionable.

 

Money talks.

 

j

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My wife was not on the mortgage it was just me. She doesn't make much just 1900 a month i make anywhere between 5-6K and sometime more it really depends. My YTD it 71K so i got income it sucks because it is all this past year. i had pretty good credit. What amount of money do you think would be to my favor....1st and Second months rent plus a few 1000 for deposit.....? Hell if i sell my house i would pay six months in advance.

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Well you said you found some houses for rent that would be just over half of what she makes, so perhaps landlords have a more liberal "debt ratio" guideline than mortgage lenders and she could just apply in her name. I can recall helping one individual with a past 120 day mortgage late (she was able to sell prior to foreclosure) and she was willing to pay 1 year of rent payments in advance, which enabled her to find a real nice place to rent at. I don't think her 1 year of advance payments was required, but she insisted on it because she wasn't great at budgeting.

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Her income is about 1900 a month. We will see. If my house sells i will be in good shape. So i am keeping my fingers crossed. I dont want to do a apartment because it will be hard to go really backwards for my kids and wife who was already so upset. When should i start getting serious about looking for a rental. My house hit the market next tues. It could take a few months i imagine although we will be looking at every option. If i cant sell it by the 27th of Dec it will be sold at Forclosure. Now if that happens when will i be kicked to the curb. It is pretty scary i pulled a Court records and last thursday there was 98 Forclosures listed by the clerk of courts in my area alone....Ouch!

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It's never too early to start looking, worst case is you could gain valuable insight into what landlords in your area are looking for and make that a goal over the next few months. I totally understand you on the apartment thing, going from owing a house to living in an apartment with a "corporate" landlord can really play with your emotions, going from owning a house to renting a house is different though, it's much more "personal".

 

I will warn you on choosing a house to rent though, I'd check out the owner of the home almost as much as they check out you. The big one is to make sure they can afford their mortgage payment, because if they start to have the same problems you have recently gone through, your signed rental contract doesn't mean a whole lot if the bank takes the property away from your landlord.

 

The foreclosure process is different in each state, what state are you in? I'm not an expert in the foreclosure process, but there are a few contributors here at CB who are.

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I am in Florida. Now after reading so many post and on the internet my head feels like it is about to explode. I want a good house for my kids but everyone says stay clear of Rental AGents. Every house i see in the paper or on the net has a rental agent. Now i am getting really nervous. What a bad year! This sucks so bad. I hope that i dont get laughed at by any agent i call. The funny thing is we know friends of ours that have worse credit and make 1/3 of what i make but they rent. I dont know what to do! my head feels like it is going to blow off my shoulders. :)

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I don't think you have anything to worry about with real estate agents laughing at you, since you are in FL, they know what's going on... they should expect to see a lot of people with imperfect credit looking to rent houses now. Rental agents do get a % of the total lease as their commission, but it's paid by the seller (at least here in CA), and while you are at first talking to the agent (and not the individual making the decision to rent to you or not), it's a required step in renting a house... so I wouldn't be put off by others saying to stay clear of them.

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Well i decided to check my credit and my exp was a 529 TU 549 eqx 559. My mortgage shows 60 Days late but a ton of really old stuff finally fell off my CR. Out of 17 Accunts list i have 5 Current Delq and 9 previous now current. I was worried that is would be worse than that. My wifes score should be better because she is not on the mortgage. Keeping my fingers crossed that i can sell this house soon. Lets say it takes a while to sell or doesn't sell. Should i start talking to a rental agent sooner rathr than later. Explain the situation. It is funny when you look at my CB you see how everything was fine until i lost my job. It really matches what happend perfectly.

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Yes, like I said, it's never too early to start looking at rentals in your situation. Also because it was from job loss it's more likely that you'll be an acceptable candidate since you now have new employment.

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Spoke with a rental agent today, told them my story and they said they would be able to help and that it is a really good renters market in Florida. So that was good. We also found a 4 br 2 bath 2300Sq ft rental for $1295 not to far from my house. It was listed for rent buy owner with a buy option. :dntknw:

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