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I am so worried. we are moving next month to another state. We are selling our property on a Short sale after trying to get a Loan Modification (for a year) - was not approved - now we got an offer for $10k less of the value of the house. We are still on the process of being approved. But now we need to rent and our credit is all messed up. We needed to be late to be considered for the loan modification and then for the short sale they required the same thing.. so now, when I am looking into rents - we will have a bad credit report -- and where are we going to be!!
I am soo upset with all this.. I have been reading the requirements of some management companies and they are to the top! How is the majority of people affected witht his crisis doing? I am just frustrated...
I am so worried. we are moving next month to another state. We are selling our property on a Short sale after trying to get a Loan Modification (for a year) - was not approved - now we got an offer for $10k less of the value of the house. We are still on the process of being approved. But now we need to rent and our credit is all messed up. We needed to be late to be considered for the loan modification and then for the short sale they required the same thing.. so now, when I am looking into rents - we will have a bad credit report -- and where are we going to be!!
I am soo upset with all this.. I have been reading the requirements of some management companies and they are to the top! How is the majority of people affected witht his crisis doing? I am just frustrated...
any suggestions?!
NP ~ As suggested, the check out the Rental Forum for more info or finding a home in your new location.
~ As to Short-Sales, they have been discussed, at length, on the Real Estate Forum too, but the main threat to you as the seller is to make sure that your debt (Mortgage) is FULLY SETTLED by the short sale.
~ In other words, don't ASSUME that, becuase your lender approves a shrt sale that yu are 'off-the-hook for the loan balance.
~ You SHOULD BE! But you need to make sure that the paperwork cancels (Satisfies) your mortgage AND your Promissory Note.
~ If you don't, they have 25 YEARS to collect!
Hope this helps . . .
Another option that would work with big management companies would be to prepaid 3-6 months of rents if you have bad credit. That usually does the trick, especially if you can prove you are gainfully employed.
You are taking steps to make things better. Instead of walking away from your problem and contributing to the decline in the economy, you sought help. You should be commended for that. There are worse things on earth than bad credit. Finding a rental will be a little harder than you would like, but there are more people out there who will be understanding of your situation than you probably suspect. Just like you had to explain your hardship to your bank for your short sale to be approved, you'll have to do the same with finding a rental. You are not alone, many people are going through the same thing. In your spare time, I think you should draft your letter to go with whatever application(s) you submit. You should also proactively offer a double security deposit or a few months rent up front. If you can't do that, try offering more rent every month and a "probationary" lease term instead of the 12 month term which is typical in my area. If you don't feel confident enough to find a place on your own, have a real estate agent help you...more specifically one who has experience with situations like yours. Let us know if you need help writing your letter
Quote:
Originally Posted by nala's parents
I am so worried. we are moving next month to another state. We are selling our property on a Short sale after trying to get a Loan Modification (for a year) - was not approved - now we got an offer for $10k less of the value of the house. We are still on the process of being approved. But now we need to rent and our credit is all messed up. We needed to be late to be considered for the loan modification and then for the short sale they required the same thing.. so now, when I am looking into rents - we will have a bad credit report -- and where are we going to be!!
I am soo upset with all this.. I have been reading the requirements of some management companies and they are to the top! How is the majority of people affected witht his crisis doing? I am just frustrated...
any suggestions?!
Last edited by Tish Thompson; 05-04-2010 at 05:42 AM..
Reason: clarification
You can try a private LL. They may have less strict requirements.
There is also a renting forum where I believe this issue has been discussed. Check it out.
Agree w/a private LL. We have rented one of our properties to a family that we wouldn't have considered a year or two ago, BUT, just about everyone is in a similar situation - gainful employment and an extra sec. dep. or pre-pay usually eliminates these issues.
I suspect it is only a matter of time before the professional management companies will figure this out.
Thank you for all the recommendations. I will take all of them in consideration. i never thought about the hardship letter w/the application. That makes sence.
To be honest, as a private landlord, credit report is one of the most important things to me. California is so hard to evict someone, I would rather let a unit sit vacant waiting for the right tenant. If you are going to a state with a speedier eviction process, you may have better luck. As an example, if I could evict someone in 30 days, not only would I be a lot more willing to take in "riskier" tenants but if they go late, I would be more forgiving.
Is it true that you have to be behind on your house payment 90 days before being able to apply for an FHA home modification?
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so now, when I am looking into rents - we will have a bad credit report -- and where are we going to be!!
Short Sales . . . .
