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Old 10-11-2017, 01:32 PM
 
Location: Mount Airy, Maryland
10,460 posts, read 5,926,819 times
Reputation: 16156

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Yeah I need to understand the problem with such a large deposit by a retired age couple. We will be in this position, and in the possession of pets. I'd hate to have a problem finding a home to rent.
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Old 10-11-2017, 02:21 PM
 
Location: Lakewood OH
21,699 posts, read 23,661,739 times
Reputation: 35449
Quote:
Originally Posted by Sand&Salt View Post
What stigma? Drug lords with lots of cash?
Maybe not a stigma but it would be a fear on the part of the landlord that once the three months were over, the tenant might not be able to pay for the next months. This can and does happen when someone moves to a new city with cash but does not get a job before the cash runs out.
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Old 10-11-2017, 02:32 PM
Status: "Re-edit status" (set 17 days ago)
 
Location: Was Midvalley Oregon; Now Eastside Seattle area
4,169 posts, read 1,895,955 times
Reputation: 3200
Quote:
Originally Posted by Giesela View Post
So a first hand account. That's crazy, what are retirees supposed to do? Not sure where I'd live in them mean time but if I got turned down because I was retired on SS or pension I'd be visiting my senator. No no, I'd get a tent and camp out in front of my senators home.
We paid the 40% down to get the debt to income ratio to meet conforming loan standards. We will refinance as we take annuity payments. Mortgage wants to see two years of annuity payments to qualify as income.
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Old 10-11-2017, 03:53 PM
 
7,980 posts, read 11,659,551 times
Reputation: 10473
Quote:
Originally Posted by charlygal View Post
I question if a landlord would have problems with ANY verified source of regular, legal, monthly income. If the numbers are right, I would not think there would be a problem. I seriously doubt a smart landlord would put anti-SS statements in an ad.
The original poster saw it in rental ads and a person on this thread related that it happened to them in Washington State I think.

You are saying they are lying?
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Old 10-11-2017, 04:30 PM
 
Location: East Coast
2,902 posts, read 4,582,294 times
Reputation: 4291
Quote:
Originally Posted by HappyDogToday View Post
I have been looking at local ads lately and I am seeing something I've never seen before: owners of houses and apartments stating that they do not rent to retired tenants on SS or pensions because they cannot garnish wages should they fail to pay rent.

They also mention not renting to self-employed or people working multiple part-time jobs. Only full time workers. One even wants employer references detailing job security.
Back in the "olden days" when rental ads appeared in newspapers, it would have been illegal to publish ads of this sort.

So where are you seeing these ads? CraigsList?

Quote:
The federal Fair Housing Act of 1968 and the federal Fair Housing Act Amendments Act of 1988 prohibit discrimination on the basis of the following criteria (called “protected categories”): race or color; religion; national origin; familial status or age—includes families with children under the age of 18 and pregnant women; disability or handicap, or sex.

https://www.nolo.com/legal-encyclope...hapter5-2.html
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Old 10-11-2017, 06:05 PM
 
11,127 posts, read 8,537,739 times
Reputation: 28094
Quote:
Originally Posted by Giesela View Post
The original poster saw it in rental ads and a person on this thread related that it happened to them in Washington State I think.

You are saying they are lying?
I would think if this happened, we would be reading the story of what happened after they reported this to the authorities if there were any illegal acts committed.
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Old 10-11-2017, 07:27 PM
 
Location: Planet Woof
3,139 posts, read 3,507,801 times
Reputation: 9889
It's on a local Facebook group page, which I don't feel comfortable linking. And yes, it was a lengthy, ridiculous ad. Not only what I mentioned, but they had detailed requirements of how the tenant would do yard chores and property upkeep and even tend to animals on the property. All that sounded like running a farm plus working full-time. This was a house. I also saw apartments for rent with comments of no SS renters.
I am going to research the state laws on this and will let you know what I find out.
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Old 10-11-2017, 07:47 PM
 
Location: Philadelphia/South Jersey area
2,875 posts, read 1,403,268 times
Reputation: 10085
Questions. How do banks get away with it then? It is extremely hard to get a mortgage with just ss or a pension??
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Old 10-11-2017, 07:51 PM
 
Location: Planet Woof
3,139 posts, read 3,507,801 times
Reputation: 9889
I don't know. Also, it is impossible to get car loans or credit cards. Since SS can't be garnished and a lien can't be put on a bank account with a SS direct deposit, in other words ''judgment proof'' unless there is non-exempt property, I guess they can choose not to grant loan approval in those situations.
No credit cards, no loans, no way to improve your credit score if you have a low one.
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Old 10-11-2017, 08:08 PM
Status: "Re-edit status" (set 17 days ago)
 
Location: Was Midvalley Oregon; Now Eastside Seattle area
4,169 posts, read 1,895,955 times
Reputation: 3200
Quote:
Originally Posted by eliza61nyc
Questions. How do banks get away with it then? It is extremely hard to get a mortgage with just ss or a pension??
^ Not so much as the Banks, but a old requirement of Fannie Mae to force lending institutions to vet their applicants.
reference: BearSterns, Citigroup, Washington Mutual, GoldmanSacks, JPMorganChase, BankofAmerica, MerrillLynch, et al.

In the Great Recession, the Lenders virtually acknowledge their lack of due diligence and possible outright fraud in vetting the borrowers. Because of this, the US Treas and FedReserve had to assume control of Freddie and Fannie Mae and other GSEs plus TARP to private money entities. All of this cascaded down to the consumer and public in lost jobs, higher national debt, government oversight, and stricter lending standards. Just how the lenders vet the borrowers to make requirements is their business and not the governments.

In our recent purchase we chose not to fight the stringent requirements because we wanted the condo. On the refinance, we will have more time to find a more agreeable lender.
YMMV
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