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Can't buy, can't rent, can't pitch a tent!

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Can't buy, can't rent, can't pitch a tent!

 

OK! I am in real trouble now! Can't buy (short sale: they robo foreclosed on my paid as agreed loan modification,  and no one noticed until redemption period passed: city codes came by and said the city wanted to know why I was squatting: credit shows short sale? with late payments which is NOT true), I am told that I can't buy for 7 years!? Really 7years!? would have been better if I had them foreclose!

 

Can't rent,  credit score shows late housing payments. The horrible part it that I made copies of the cancelled checks from the bank to PROVE the payments were made on time as agreed, as well as a letter regarding the fact they unintentionally foreclosed, but the apt complex didn't care. At first I thought "well that apartment is just stuck up", but the third time it happened I started to get a little panicky. I contacted a real agent (she was nice, but the other agents DANG! can't believe those people work in sales). We showed all the proofs, and they still demanded a HUGE NON REFUNDABLE "retainer" (not a deposit) of several thousand dollars, and upped the rent to cover the terrible risk I am. The real crap part of this!!!!!!! I don't qualify for section 8 or low income housing (where the short sale wouldn't matter!) I make way too much money. So what are they saying? I need to quit my job, go on welfare and move my children to a school district that resembles a demilitarized zone?

 

OK! I make 50k+ a year, have 702, 700, and 692 on my scores, even with the previous issue showing on there. "Terrible risk"!? Please! gouge someone else!

 

Meanwhile I have about 6 weeks left where I am at, and can't renew.  The neighborhood went to pot around us in less than 4 months, son strong arm robbed twice, not only they raised the rent $200 because of the terrible risk I am! Really!? I have paid two weeks early for the entire lease! NEVER even 5 minutes late! They know full well I am not a terrible risk, only my son's possessions are risk from the tramps they are allowing to move in! Used to be a nice place to live.

 

AHHHH Can't pitch a tent, the city won't let me......Not sure what to do? Perhaps I could pitch a tent in front of Chase's headquarters! I wonder if they have showers in there, and if the vending machines have healthy snack choices?

Message 1 of 14
13 REPLIES 13
Senior Contributor

Re: Can't buy, can't rent, can't pitch a tent!

I'm sorry your son was robbed, and sorry about your situation.  i have been finding places to rent my whole life w/ ____y credit.  Find a person who has a property to rent(not rental agency/property management) and they are usually easier to get in.

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Message 2 of 14
Established Member

Re: Can't buy, can't rent, can't pitch a tent!

Thanks, Feeling a bit panicked! I have been financially stable since I was 17. Let us just say I have 25+ years of credit history, all of it clean! except for the stupid robo-foreclosure that should not have happened. Your FICO score means nothing to anyone! 9 past mortages PAID AS AGREED, Current lease payments=paid as agreed! I am not the financial monster they make me out to be.

 

Do you know where to get a cheap tent?

Message 3 of 14
Frequent Contributor

Re: Can't buy, can't rent, can't pitch a tent!

First of all, don't panic.  As the previous poster said, try to find a private owner that is renting.  Better yet, because you have good income, I would try to find myself a good rent-to-own property.  I was in a similar situation.  My wife's job relocated her, and we really weren't in a position to qualify for a new mortgage.  The housing market being the way it is, we found a builder that agreed to do a rent-to-own. 

 

IMO, if there were ever a time to be in your kind of situation, now is the time.    1st thing you should do is find out your REAL FICO scores.  Review your reports with a mortgage proffesional, and find out when you will have the best chance of qualifying for mortgage.  Then, shop yourself around. 

 

Good Luck!

5/2009 EQ-504(FICO), TU98-567(FICO), EX- 503 (FAKO)
10/17/11 EQ-633, TU04-652, EX-681 All lender Pulls
10/17/11 TU98-678
12/21/2012 TU98-677 (39% Util)
01/21/2012 EQ - 661 (37% Util) SW Alert
Message 4 of 14
Valued Member

Re: Can't buy, can't rent, can't pitch a tent!

I understand how frustrating your situation is.  Agree with others, private owner might be the way to go.  My other suggestion is perhaps a co-signer? Is there a family member who has good credit and would be wiling to co-sign for you?  I know of someone who was able to find an apartment that would rent to her (graduated from college w/ no credit history--no student loans or credit card).  The apt complex did not run a credit check if you were willing to pay 6 months of rent in advance.  She had the money to do so, but I know this is not easy for everyone, but maybe you could negotiate 3 months in advance.  I know someone with bad credti who was able to rent but just had to put down double the normal security deposit. 

Message 5 of 14
Community Leader
Super Contributor

Re: Can't buy, can't rent, can't pitch a tent!

Not sure where you live, but there are tons of renters with bad credit around here, and the apartment complexes are requiring increased deposits, as well as there are a lot of private rentals with landlords willing to accept months of rent in advance (i.e. 6).  Ask your agent if they have access to the private rentals on the MLS market.  CraigsList works great too (but bring some self-defense, like some mace spray).


Getting approved for a new mortgage will take getting the credit report fixed to reflect your on time payments, as well as evidence of the approved modification plan, and evidence that all parts of the modification plan were met.  Then you should have a shot with FHA financing, as with FHA financing you can purchase 1 day after a short sale under certain circumstances (which yours isnt a short sale I realize), and I've discussed a situation similar to yours with them a bit of time ago and they said with sufficient evidence they'd approve new purchasing after a foreclosure triggered by no missed payments (it was vacant land that was foreclosed on because of a technical error in the system putting in the wrong address/county changed the address, so didn't involve a loan mod).

Helping people with mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
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Message 6 of 14
Highlighted
Established Member

Re: Can't buy, can't rent, can't pitch a tent!

I did get them to change it to short sale, but it still says foreclosure pending. The Comptoller says Chase can not refuse to record payments made to them, but Chase said a loan modification isnt' the mortgage,, and since I was paying on the loan mod and not the mortgage they won't change it until there is an adminstrative ruling directing them to do so (must have struck a nerve with them! My attorney says most people just give up and go away, but I can't afford to, too much at stake).

 

Meanwhile If I had the $10,000 or $15,000 down that these crackheads want as an apartment FEE (in otherwords a non-refundable deposit) I could use a family member to just buy a house.

 

I have no late payments anywhere! I even pay my student loans on time. This such B.S.! I would rather they deny me the ability to buy a car or get a credit card (both of which have been recently offered, I of couse turned down) than the ability to even have a dump to live in.

 

I did find a land contract offered, but it suddenly change to a lease option, with me not only paying the inflated lease opt fee, but also adding a 220 for the stove and the dryer. The house has no 220 capability, so this would require MAJOR electrical work at my expense, which I would consider doing in exchange for the first year's lease opt fee, but the owner doesn't want that.  On a properly recorded land contract I would very seriously consider this, but not a lease opt! Too risky, can afford Extended Stay for a bit until I can find another land contract, or perhaps a lease opt that doesn't need that much work. Another red flag was the agents quote "I am not sure they want to consider a land contract anymore because it gives the buyer too many rights." (Shady! accidental confession or lazy unresearched advertising?) 

 

 

Message 7 of 14
Established Member

Re: Can't buy, can't rent, can't pitch a tent!

Recently I did submit copies of the cancelled checks and automatic withdrawals as proof of payment to all three credit bureaus but nothing has been updated yet.

Message 8 of 14
New Visitor

Re: Can't buy, can't rent, can't pitch a tent!

Just want to say thanks to Shane for all the information he gives. 

Message 9 of 14
Senior Contributor

Re: Can't buy, can't rent, can't pitch a tent!

Check into landlord/tenant laws in your state.  If it's a property management company, with more than 4 units, they must follow state law.  They count on the renter NOT knowing the law.  

 

Not sure what state you are in, but see if there is something about the law stating how much of a fee they can charge, etc.  In my state, the laws says you can charge a potential renter for a credit pull (reasonable cost, basically your expense) and an application fee.  IF you as a renter do not get the place, they must return the application fee.  If you do get to rent, they can keep the rental fee so long as they can show it was a reasonable fee to process your paperwork to get you into the place.

 

So here, it would be illegal for them to charge you a large fee to rent something.

 

 

Message 10 of 14
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