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Old 03-17-2015, 06:19 PM
 
422 posts, read 491,857 times
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My in laws are going thru a foreclosure in the near future. They initially looked at a short sale, but chose to just let it go in order to buy more time in their house.

They are living off of my FIL 1600 a month disability. Mil is out of work. They're not being proactive on this situation and don't even know when the sheriff's sale will be.

I'm trying to help them so they don't get completely hosed. They don't want to move in with my wife and I due to our location. Mil can't drive and needs to live in an area you can walk. They're in the southdale area, and can walk to cub or target in a few minutes.

Their credit is shot, and only have 1600 a month income. They only want to live in one specific apartment since its close to their house. Rent for 1bed is 700-800 a month. Would an apartment let someone on 1600 a month pay nearly half their income on an apartment, all while coming off a foreclosure and with awful credit? I plan to call the apartment tomorrow on their behalf.

Is there a normal formula for foreclosure victims like X months upfront? Will a complex even rent to them?

Thanks
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Old 03-18-2015, 05:22 AM
 
Location: MSP
442 posts, read 512,458 times
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You'll have better luck working with small landlords, rather than big apartment complexes.
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Old 03-18-2015, 09:06 AM
 
Location: Mound, MN
267 posts, read 507,127 times
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I'm that kind of smaller landlord Bryan refers to. But...

Personally I require 3x income to rent which is pretty standard. That would mean a maximum monthly rent of around $530 which isn't going to get you into many places. I don't really care if someone lost their house but I do care if I see a pattern of missing payments on anything else (utilities, car loans, credit cards).

Your best bet might be to offer to co-sign as most landlords would allow that if your credit is good. Just puts you on the hook for their financial responsibilities so you may not want to commit to that.
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Old 03-19-2015, 10:52 AM
 
422 posts, read 491,857 times
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I called the place they were looking at and yes it is 3x income to rent. Plus a credit check, and I know my in laws credit is below 600, so I don't really see anywhere that will work. Section 8 housing apparently takes ages to get into, and they maybe have 6 months. Any ideas
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Old 03-19-2015, 04:43 PM
 
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How about senior housing?
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Old 03-20-2015, 03:01 AM
 
422 posts, read 491,857 times
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Quote:
Originally Posted by MnMomma View Post
How about senior housing?
They're both 50
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Old 03-20-2015, 02:00 PM
 
168 posts, read 227,663 times
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They might actually qualify for senior housing since they are over 50. That actually seems to be the cut off age for many senior programs now. Plus if one is disabled that also counts. I have a friend who is 50-ish and was able to get into a nice seniors apartment complex in Vegas that includes an income based rent since she is partially disabled.
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Old 03-20-2015, 11:29 PM
 
370 posts, read 484,289 times
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How employable is MIL? She would only need to make $800 a month to afford the $800 apartment given the disability payments they also are receiving.
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Old 03-21-2015, 06:11 PM
 
422 posts, read 491,857 times
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Quote:
Originally Posted by cheddar View Post
How employable is MIL? She would only need to make $800 a month to afford the $800 apartment given the disability payments they also are receiving.
Shes a high school dropout with a checkered past. Not only that, but she feels most of the jobs she qualifies for are beneath her. She's been out of work 3+ years, but always says how hard she's looking. She's waiting for that perfect job lol...
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