General chatter - Renting an apartment/pending foreclosure
04-13-2010, 10:52 PM
Hi everyone -
Just wondering if anyone else on here has experienced this. My husband and I have fallen behind on our mortgage and are soon going to be facing foreclosure.
We have begun apartment hunting, but I'm very worried that our credit report will adversely affect our chances of being able to rent an apartment.
Our income over the past couple of years has gone down and what we were once making is quite a bit less than what we were making when we first bought our home.
If anyone has any advice or experience with this and are willing to share, I would very much appreciate it.
04-13-2010, 11:27 PM
I don't have much experience, and I don't know what the economic climate is in Michigan...but here in FL I got an apartment with my roomies no problem and two of us have NO credit and one of us was several thousand dollars in debt.
04-13-2010, 11:34 PM
I don't personally have experience.
However, my aunt recently went through this. To be honest, she had a hard time finding a place to live. She couldn't get approved at any of the larger apartment complexes. However, she quickly got an apartment in an old renovated Victorian. (The house had been renovated into 3 different apartments.) It wasn't the nicest thing in the world, but it worked.
I think you'll have better "luck" with privately owned smaller buildings than with the larger complexes.
Good Luck. This economy is rough, our income was cut by more than half in the last year due to the economy and we have been very lucky that we bought our house back in college when we made next to nothing anyway.
04-14-2010, 12:29 AM
Also, if you're in an area with high rates of foreclosure due to the economic crisis, you may find the apartment complexes are more lenient, as they've been working with applicants with poor credit since the housing market crashed.
04-14-2010, 04:34 AM
I agree with Jacque - stay away from the huge 'impersonal' apartment complexes - to be honest, they are ugly and loud anyway. Look for a landlord that is more personal and tell him/her your story. Then you will have 'less hoops' to jump through.
I really think, because EVERYONE has bad credit nowadays, it doesn't matter.
04-14-2010, 03:41 PM
I'm sending you good wishes. That must be incredibly stressful to deal with.
04-14-2010, 05:57 PM
I know in NJ if you can pay for a few months rent in advance some landlords will overlook bad credit. I wish you luck during this difficult time. Keep us updated.
04-14-2010, 11:58 PM
Hi everyone -
Thank you all for your responses. Here is the latest...I went to check out an apartment in a complex today and submitted an application. I explained to the manager (who showed me the apartment) our situation and she said that the first step to approval is that we meet the income requirements. With my income alone I am nearly there, so with my hubby's income, we will qualify on that level. Next comes all the "checks" - the criminal check (no problems there), the credit check (shaky ground there) and the sex offender check (again, no problems there). If we can get through the credit check hoop, hopefully I won't have to look at anymore.
To Aliquot - the economic climate in Michigan is horrendous. I think we rank pretty high in the unemployment arena - lots of companies have moved their operations out of our state and to others. LOTS of foreclosures happening - and I can speak first hand on that since I work in the title insurance industry and we do property searches for the attorneys who represent the lenders. I'm just waiting for the search request to come in for my house :dizzy:
I have a few more rentals to call on tomorrow during my lunch break, but I'm hoping I won't have to...but perhaps I shouldn't get too hopeful on the first one I see. I am also waiting for a call back on one I called on Monday.
Well, that's the latest...
My *HOPE* is that we will be able to move as soon as possible and list the house for a short sale before the foreclosure process begins...but all of this is in God's hands now.
Thanks for listening and being so supportive!
(On a side note - through the past two weeks of going through this, I have lost weight and have not been eating to drown my emotions :carrot:)
04-15-2010, 12:20 AM
Glad to hear of your progress. My fingers are crossed for you. Also I am glad that you have stayed on plan and continued your weight loss.
Blessings to you and your family,
04-15-2010, 01:01 PM
It sounds like you're in the same exact spot my family and I are in. Our house is in the forclosure process, I believe we're supposed to be out by the end of May. House is on the market for a short-sale and we thankfully just barely found somewhere to live.
When we found the house to rent they did all the same kind of checks, and obviously the credit one wasn't amazing. The only thing we had to do was pay an additional $1,000 on the deposit for the house, which they're letting us make in payments.
We're thinking our house may actually get bought on a short sale, the same couple has been back for a showing 3 times and there is talk of signing a contract. Which would be amazing.
But good for you for still losing and being awesome! I know how insanely stressfull this whole process can be.
04-17-2010, 01:27 AM
I just moved into an apartment back in June. I hadn't even graduated college yet so I did have much of credit backing. All I did was fill out the App. and prove I could pay the rent and the bills and that was that.
I guess it really depends on the place you rent from. Good luck!