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Techzone-- you are about to find out how important it is to have a credit rating.
My blood is boiling as well. You actually think that the share holders of the company that owns your mortgage should take your loss for you?? It has been said before but I will say it again deficiency judgement.
be prepaired to not have any credit cards, have great difficulty shopping around for auto insurance, great difficulty renting a roof to put over your families heads, and a whole host of other problems. I have known people who do this to themselves, and it is pittiful to say the least.
That deficiency judgement will chase you to your grave if you don't pay it off.
Oh, do you have PMI, if you have PMI the bank has no interest in short sales, or cash for keys. To collect on PMI the bank has to foreclose.
Techzone-- you are about to find out how important it is to have a credit rating.
My blood is boiling as well. You actually think that the share holders of the company that owns your mortgage should take your loss for you?? It has been said before but I will say it again deficiency judgement.
be prepaired to not have any credit cards, have great difficulty shopping around for auto insurance, great difficulty renting a roof to put over your families heads, and a whole host of other problems. I have known people who do this to themselves, and it is pittiful to say the least.
That deficiency judgement will chase you to your grave if you don't pay it off.
Oh, do you have PMI, if you have PMI the bank has no interest in short sales, or cash for keys. To collect on PMI the bank has to foreclose.
I will not call you wrong about having bad credit and its consequences. But you know what? With what has been happening the past couple/few years, if creditors dont start loosening up on their strict lending standards there is going to be a whole lot of people homeless in the very near future.
What I mean is there are millions and millions of new foreclosures just this year alone. What are they all going to do? On the other hand if Landlords start rejecting all those with good credit but..... a foreclosure on their score then there will also be a whole lot of empty rental homes and apartments.
Think of all the people who have had good credit their whole lives and now lost their job due to the depression and thereby lost their home. These are good people who are a victim of the economy. It was never anyones goal to lose their home, lose their retirement egg due to the stock market, lose their job and health insurance, ruin their credit.
Some people in this horrible economy still have jobs. Those who do should always think before putting anyone down for any of the above. Losing ones job and credit is not a crime. It can happen to anyone. Perhaps the only safe jobs today are in healthcare. Other then that we are all nothing more then just a number to our employers and we are very very expendable.
I will not call you wrong about having bad credit and its consequences. But you know what? With what has been happening the past couple/few years, if creditors dont start loosening up on their strict lending standards there is going to be a whole lot of people homeless in the very near future.
What I mean is there are millions and millions of new foreclosures just this year alone. What are they all going to do? On the other hand if Landlords start rejecting all those with good credit but..... a foreclosure on their score then there will also be a whole lot of empty rental homes and apartments.
Think of all the people who have had good credit their whole lives and now lost their job due to the depression and thereby lost their home. These are good people who are a victim of the economy. It was never anyones goal to lose their home, lose their retirement egg due to the stock market, lose their job and health insurance, ruin their credit.
Some people in this horrible economy still have jobs. Those who do should always think before putting anyone down for any of the above. Losing ones job and credit is not a crime. It can happen to anyone. Perhaps the only safe jobs today are in healthcare. Other then that we are all nothing more then just a number to our employers and we are very very expendable.
Not saying you are wrong, but I have helped several people find rentals. The typical from the landlord is, if the renter has below a 640 credit score don't bother to apply.
There are plenty of people renting right now who have good credit. In many of the towns that I sell homes in, it is darn near impossible to find a good quality rental, why should the landlord take someone who has proved they will not pay their bills, not because they cannot, but because they just did not feel like it?
Not saying you are wrong, but I have helped several people find rentals. The typical from the landlord is, if the renter has below a 640 credit score don't bother to apply.
There are plenty of people renting right now who have good credit. In many of the towns that I sell homes in, it is darn near impossible to find a good quality rental, why should the landlord take someone who has proved they will not pay their bills, not because they cannot, but because they just did not feel like it?
Well the OP of this thread said she just dont feel like it. Lets call that the exception.
If a persons credit shows absolute perfection except a foreclosure, I see that as one item, one mistake. But, unlike a late Visa payment that dings you 15 points, a foreclosure dings you 300 points. That will automaticly put one under a 500 FICO. Should one mistake make one ineligable to rent? To buy something? To not get more credit for years?
What I was saying is lenders as well as landlords will have to lighten up on their strict standards or you will have a lot of homeless people and there will also be a whole lot of empty rental units.
Geez there has never been a situation in the history of the world where a campaigning politician told a stich of truth yet voters continue to give them one more chance one more chance one more chance....and get kicked in the face each time. Yet a borrower makes one mistake through no fault of his own (the economys fault) and gets discriminated against for 5 or more years.
Well the OP of this thread said she just dont feel like it. Lets call that the exception.
If a persons credit shows absolute perfection except a foreclosure, I see that as one item, one mistake. But, unlike a late Visa payment that dings you 15 points, a foreclosure dings you 300 points. That will automaticly put one under a 500 FICO. Should one mistake make one ineligable to rent? To buy something? To not get more credit for years?
What I was saying is lenders as well as landlords will have to lighten up on their strict standards or you will have a lot of homeless people and there will also be a whole lot of empty rental units.
Geez there has never been a situation in the history of the world where a campaigning politician told a stich of truth yet voters continue to give them one more chance one more chance one more chance....and get kicked in the face each time. Yet a borrower makes one mistake through no fault of his own (the economys fault) and gets discriminated against for 5 or more years.
Does anyone else see a problem with this?
Not to be argumentative, but are we talking about what should be or are we talking about the reality of life. Most landlords will take one look at a credit report that is below 600 and stop right there, end of discussion.
That is life. Someone who says they are not going to live their life to protect their credit rating is the kind of person who will move out of a place with 6 months left on a lease and just disappear, or stop paying rent because he just does not feel like it, and 3 or 4 months later when the landlord finally gets him into court finally get a eviction judgment against him. Oh yeah another $500 for the attorney and another $250 for the sheriff to actually serve the eviction.
Most good landlords will not take the risk on someone with a bad credit score no matter what the excuse.
Not to be argumentative, but are we talking about what should be or are we talking about the reality of life. Most landlords will take one look at a credit report that is below 600 and stop right there, end of discussion.
That is life. Someone who says they are not going to live their life to protect their credit rating is the kind of person who will move out of a place with 6 months left on a lease and just disappear, or stop paying rent because he just does not feel like it, and 3 or 4 months later when the landlord finally gets him into court finally get a eviction judgment against him. Oh yeah another $500 for the attorney and another $250 for the sheriff to actually serve the eviction.
Most good landlords will not take the risk on someone with a bad credit score no matter what the excuse.
Guess i'm lucky that my landlord took a risk on us. Hubby's credit score was down in the 480's when we looked for our apartment. It was partially because we couldn't afford the house we were in, and it was partially because he was a victim of stolen identity. But we didn't know that that was the case right away because we knew our credit was tanking, and we really just didn't want to look until we were ready to fix it.
We had money because we had just sold our house. We put down 3 months security, and have never been late with a rent payment once.
There are exceptions to every rule. We were one of the exceptions.
Not to be argumentative, but are we talking about what should be or are we talking about the reality of life. Most landlords will take one look at a credit report that is below 600 and stop right there, end of discussion.
That is life. Someone who says they are not going to live their life to protect their credit rating is the kind of person who will move out of a place with 6 months left on a lease and just disappear, or stop paying rent because he just does not feel like it, and 3 or 4 months later when the landlord finally gets him into court finally get a eviction judgment against him. Oh yeah another $500 for the attorney and another $250 for the sheriff to actually serve the eviction.
Most good landlords will not take the risk on someone with a bad credit score no matter what the excuse.
Maybe I am doing a terrible job of making my point. Ok using your example. If every landlord refused every renter who's score was under 600 then there would be almost no one to rent to. If a renter was only able to rent with a 600 or better score then they would almost all be homeless.
That fact be told.....Im saying if landlords dont start loosening up their stupid bank like standards then they will have their own rentals foreclosed on too cause they wont rent to anyone cause no one qualifies.
In America the average FICO score of all Americans combined is 640. Which means one and a half billion people have less then 640 and one and a half billion have better. These statistics were compiled before the current depression/recession. What do you think the average score is today? Im taking wild guess that I believe is accurate. 550. Maybe just maybe.......one and a half billion Americans do not qualify for a rental dwelling at this time.
Maybe I am doing a terrible job of making my point. Ok using your example. If every landlord refused every renter who's score was under 600 then there would be almost no one to rent to. If a renter was only able to rent with a 600 or better score then they would almost all be homeless.
That fact be told.....Im saying if landlords dont start loosening up their stupid bank like standards then they will have their own rentals foreclosed on too cause they wont rent to anyone cause no one qualifies.
In America the average FICO score of all Americans combined is 640. Which means one and a half billion people have less then 640 and one and a half billion have better. These statistics were compiled before the current depression/recession. What do you think the average score is today? Im taking wild guess that I believe is accurate. 550. Maybe just maybe.......one and a half billion Americans do not qualify for a rental dwelling at this time.
How sad is that?
OK, I could not help myself. The United States has a population of just about 300 million people. If you want to throw Canada into the Mix add another 30 Million people max. Where ever you were getting your numbers from desertsun41 is very questionable.
Believe me, in many of these north jersey towns, there is a shortage of desireable & somewhat affordable rental property. That is not likely to change until more of these people start buying homes again.
I have sunk so much money into the house. So I am loosing a lot of money too, by letting go. I would never be able to wreck the house before leavaing, however. It is just not me. So I would never be able to do the "Cash for keys" thing.
The main reason why I am not in a financial difficulty, is becuase I live well below my means.
I had a great idea, that would get the bank to negotiate. I guess, I can go pickup a fight with my boss. Have him fire me. Then I will have a financial difficulty to present to the lender!
Or, maybe I can tell my wife to forget about moving. Which will likely lead to a divorce (she is really hot tempered!). That would be, I think, considerd a difficlutly also.
Or maybe I just let the bank foreclose on the house. That would cost them thousands of dollars.. and I get to live for free. But wait, the governemt is bailing them out anyway! So maybe they just don't care!
OK. I guess I am a dead beat, evil guy now!
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