Relo with bad credit? (Tampa, Noma: apartment complex, foreclosure, renters) - Tampa Bay - Florida (FL) -Tampa - St. Petersburg - Clearwater - City-Data Forum

PghNomad · 08-31-2010, 10:23 PM

Greetings Floridians,
Relocating the family to TPA to look after my disabled mother. We recently went through a foreclosure and Chap 13 bankruptcy and I'm wondering how this may impact our rent "worthiness". I have a good stable income @ 100k and no issues with past rentals. I am prepared to pay 1st & last months rent and a full deposit but I wonder if that will be sufficient.
Anyone out there in similar straits or know how management companies handle situations like this?

bentlebee · 09-01-2010, 04:12 AM

Quote:

Originally Posted by PghNomad

Greetings Floridians,
Relocating the family to TPA to look after my disabled mother. We recently went through a foreclosure and Chap 13 bankruptcy and I'm wondering how this may impact our rent "worthiness". I have a good stable income @ 100k and no issues with past rentals. I am prepared to pay 1st & last months rent and a full deposit but I wonder if that will be sufficient.
Anyone out there in similar straits or know how management companies handle situations like this?

If you pay cash, 1st, last and sec. deposit that might be your only chance.

You are not the first person they want to rent to, but also for sure not the last person...

algia · 09-01-2010, 05:07 AM

Isn't half the country in the same boat? or the others won the lottery and bought again?

kbrkr · 09-01-2010, 06:13 AM

You will have problems when the landlord pulls your credit report and check your FiCO score. Don't kid yourself. Unfortunately, you will need a LOT more money than 1st, Last, Security. I would try 6 month prepaid rent. Also be prepared for exorbitant Auto / Renters insurance rates. Most insurance companies rate applicants not just on driving record, but also on credit rating. Maybe even more so on credit rating.

algia · 09-01-2010, 06:22 AM

I THINK this is really bad advice, you don't know if the landlord will foreclose on you! we lost our security deposit, 1st and last when we first moved to Tampa when the landlord seemed all nice etc and 4 months into it they sent us a letter they are foreclosing and filing bankruptcy! paying that much in advance is really not smart in today's market when someone else can be in your exact situation trying to save up so they can move wherever they came from!
You'll have to swallow higher rates UNLESS you can transfer your insurance, but in Florida you have to be prepared because car insurance rates vary by zip code no joke.

On a side note, I think potential LLs should get a grip, a LOT of people bought at peak, a LOT.....and a LOT MORE lost their jobs, even the ones that were able to afford their homes just fine lost jobs because employers got cold feet, so you know what...not all people who foreclosed or short sold their properties are bad people, most just wanted to have a home for their families. let's stop judging people by cliches that were never true...my brother has stellar credit FICO and has chosen to rent since 1977 when he moved here from Europe because he wanted be live his life and travel freely and not be tied down to some property having to mow the lawn etc...so, NO, not all renters are crooks or illegal Mexicans! I am sick and tired of this cliche!

Isn't this a "free" country? so why can't people just rent if they want too without being looked down on and judged! "ohh they are too poor to own etc"! Miserable attitude to have towards renters here absolutely miserable! Or let's take advantage and charge them more money! cause THAT make all the sense, let's punish them for being renters! shame on you!

Quote:

You will have problems when the landlord pulls your credit report and check your FiCO score. Don't kid yourself. Unfortunately, you will need a LOT more money than 1st, Last, Security. I would try 6 month prepaid rent. Also be prepared for exorbitant Auto / Renters insurance rates. Most insurance companies rate applicants not just on driving record, but also on credit rating. Maybe even more so on credit rating.

Stewabby · 09-01-2010, 06:31 AM

Quote:

Originally Posted by algia

we lost our security deposit, 1st and last !

I understand how you lost your security deposit but how did you lose your first month and last month if you lived there at least 4 months? Didn't you live there the first and "last" month?

Stewabby · 09-01-2010, 06:32 AM

Quote:

Originally Posted by PghNomad

Greetings Floridians,
Relocating the family to TPA to look after my disabled mother. We recently went through a foreclosure and Chap 13 bankruptcy and I'm wondering how this may impact our rent "worthiness". I have a good stable income @ 100k and no issues with past rentals. I am prepared to pay 1st & last months rent and a full deposit but I wonder if that will be sufficient.
Anyone out there in similar straits or know how management companies handle situations like this?

I think it will be tough, but doable. Be prepared to pay a large deposit.

algia · 09-01-2010, 06:36 AM

Right....sorry, the deposit was 2 months worth...but considering that we were left in the air, I could say we lost 6 months worth! since none of what we paid them actually went on their mortgage, when my husband checked public records, they actually stopped making payments 4 months BEFORE we moved in!

Quote:

Originally Posted by Stewabby

I understand how you lost your security deposit but how did you lose your first month and last month if you lived there at least 4 months? Didn't you live there the first and "last" month?

FloridaKash · 09-01-2010, 07:08 AM

I think for the most part, if you have a stable income and have been at the job for several years you will be fine. I think in this economy and around here, landlords are more concerned about having a stable income than they are in regards to your credit. You might have to explain why your credit is so bad, expect them to call after running your report and ask you questions on your negative items.

Most place only required a deposit and first month rent. If you have bad credit they will likely ask for a larger deposit. If you credit is super awful you may have to pay first, last and deposit.... which personally I don;t think I would do unless its to a large apartment complex. Renting someone's home should be only first and deposit.

Now if you have an eviction or a history of paying rent late, you're in a whole new game and you will basically have to accept whatever type of place someone is willing to rent to you.

druthb00 · 09-01-2010, 08:40 AM

Don't forget that you'll definitely be paying deposits on utilities if your credit is poor. We moved down here in Jan. and then moved again by April. Had we needed to pay the $200 Progress Energy security deposit, we would have lost that money because they don't give it back to you for 2 years. So just be prepared to lose your deposits if you don't rent in one place for very long. Also, take a look at what your car insurance is going to be, since most of those companies pull credit reports also. We had Progressive in Indiana but in FL, it is underwritten by a different company so your credit report will probably be pulled regardless if you stay with the same auto insurance or not. Based on your income, providing, of course, that 60% (I just picked a number, but you get the idea) of it isn't going towards paying back debt, you should be fine.