Okay... we're finally getting ready to file. I do have a question though. My wife and I have decided that we're going to relocate during/after filing BK. I'm wondering how the bankruptcy will affect our ability to rent. Will they not rent to us at all? Or will we just have to put down another months security deposit? What a nerve wrecking few months this is gonna be...
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Renting and re-locating
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gottago
Guest
Depends.
If you rent from an individual, they probably won't check your credit at all.
If you rent from a real estate agent, they may check your credit, and may deny you based on the bankruptcy.
If you rent from a large Apt. complex, they usually don't turn bankruptcy filers down, provided you have the income to support the rent payment, and you have no bad credit since the bankruptcy.
If you're worried about it, look to rent from a person rather than a business.
If you rent from an individual, they probably won't check your credit at all.
If you rent from a real estate agent, they may check your credit, and may deny you based on the bankruptcy.
If you rent from a large Apt. complex, they usually don't turn bankruptcy filers down, provided you have the income to support the rent payment, and you have no bad credit since the bankruptcy.
If you're worried about it, look to rent from a person rather than a business.
In addition to Gottago's comments, mortgage rates on generational lows mean many more people are buying homes. In my area {pop. about 175000} a number of apt. complexs are struggling. They may not be as picky as they have in the past. It'll also help if your present landlord can give you a good reference.
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gottago
Guest
No kidding about the rental market suffering. I own several rentals, and it's been a long time since I've seen such a tough market.
Of course, once the interest rates rise again, and the bottom falls out of the real estate bubble, I'll be raking in the cash again
I continue to be amazed at the mortgages banks are making these days. 100% first-time buyer, 125% 2nd mortgages, etc. This whole mess is a recipe for disaster.
Of course, once the interest rates rise again, and the bottom falls out of the real estate bubble, I'll be raking in the cash again
I continue to be amazed at the mortgages banks are making these days. 100% first-time buyer, 125% 2nd mortgages, etc. This whole mess is a recipe for disaster.
I agree Gottago. It seems we are at a stage in the eonomic cycle where having equity in a home is regarded as a poor business decision. I still remeber the mortgage burning party my parents had when they paid off the mortgage years early. Guess they and their friends would feel out of place today!
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gottago
Guest
Glad I'm not the only one to see the insanity
My home in Florida has doubled in value in the past 5 years. I now own a $450,000 1600 sq. foot home that's not even on the water. That's $281 a square foot!!
I'm selling it this month. Somebody came to my door last month and made an offer on it...it wasn't even up for sale yet. They didn't seem to care that the appraisal came back $40,000 below the selling price... they're willing to come up with the extra cash.
I really don't see it doubling again in 5 years, and I'm fairly certain that it won't even be worth the $450,000 two years from now.
The real estate market in this area (just like many others) seems to be caught up in the "greater fool" syndrome that struck internet stocks and Beanie Babies.
My home in Florida has doubled in value in the past 5 years. I now own a $450,000 1600 sq. foot home that's not even on the water. That's $281 a square foot!!
I'm selling it this month. Somebody came to my door last month and made an offer on it...it wasn't even up for sale yet. They didn't seem to care that the appraisal came back $40,000 below the selling price... they're willing to come up with the extra cash.
I really don't see it doubling again in 5 years, and I'm fairly certain that it won't even be worth the $450,000 two years from now.
The real estate market in this area (just like many others) seems to be caught up in the "greater fool" syndrome that struck internet stocks and Beanie Babies.