Generally, you can demonstrate this by showing proof of regular savings over a period of 3 to 6 months. This is commonly in the form of contributions to a savings account. Luckily, there are lenders out there who will consider a verification of retnal history from your real estate agent or property manager in place of genuine savings. On top of that, you can still can get the same competitive interest rates as a standard home loan.
Renting a place to live after a bankruptcy is actually a relatively easy thing to do with some insight. Granted, the major apartment complexes might not be interested if they make their decision solely based on a recent credit report but those places are generally guided by corporate policies and procedures that other places to rent are not.
If you do approach a major corporate apartment complex you should be up-front with them about your bankruptcy. If you apply they are going to find out about it anyway. Let them know you recently went bankrupt and ask what options might be available to help you get qualified. In the past this has been easily overcome a number of times with people agreeing to put up a slightly bigger security deposit to give the landlord some additional peace of mind.
The ironic fact is that filing bankruptcy generally frees up money each month that makes being able to afford a place to rent, easier.
Other places to approach that are easy to rent at are small apartment building landlords and especially private landlords. Check Craigslist for local rental opportunities or some other online portal that lists rentals in your area. Private landlords are the easiest people to rent from and the overwhelming vast majority of people seeking to rent from them after bankruptcy are easily approved.
Andy Faria of Northeast Properties offered this insight: One bit of advice that we often use, that seems to work very well, and is many times overlooked… a good heartfelt hardship letter.
Explain what you went through and your desire to get back on track.
We use this so often that we have a basic template already set up as a merge. And here is the letter format that Andy mentioned that his clients have used successfully. Feel free to copy and paste the letter and tailor it for your use.
As you can see it is really just an open heartfelt letter. Rental Hardship Letter Sample Dear [Rental Agent], Thank you for showing us your property and we would love the opportunity to rent the property from you.
We believe this home would be a perfect fit for us. We love the town, the area, and the school system. The purpose of this letter is to explain our financial situation. Over the past couple of years our family has come upon tough times. You will notice that our credit is certainly less than perfect, but we are working very hard to correct that.
Our primary source of economic strain has been the collapse of the real estate market, as you know home values have come down, and we have lost all of the equity in our dream home. We built this home ourselves and unfortunately it is up for sale as a short sale, because the market will not bring what we owe.
At present we are both employed earning a decent income and have downsized, cutting many expenses.This is an interesting question because most rental applications do NOT require a cover letter. In fact, most application forms don’t provide you with any opportunity to talk about yourself as a person.
A rental reference letter can be a crucial part of the home loan application process. Find out what it should contain and why you need one. How to pick a tenant you'll actually like.
Rental Application Cover Letter Template. Rental Property Application Cover Letter Template. Apartment Rental Application Form. Cover Letter For Job Application Example Pdf. Cover Letter For Job Vacancy Application. Printable Cover Letter For Job Application.
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It’s also a good idea to include a brief cover letter with your application, If anything is missing from your rental application or supporting documents, it could. 29 New Rental Property Application Cover Letter Template 7 valuable tips for a successful rental application anyone who’s tried to rent a property in one of australia’s capital cities can tell 7 valuable tips for a successful rental application sample cover letter rental application cover letter when you need to apply for tenancy in an.