Subject: Renting with bad credit. Extra security okay?
Sat Sep 01, 2007 4:04 am
How can we rent? I found out today that my hubby and will not be getting a mortgage so in the meantime we will have to rent. Our credit scores are bad and I can have my debt paid off in a few months while hubby needs a debt consolidation program. Would we be able to rent if we offer an extra 2 months security? They can also call our current landlord to get a reference. We have good jobs and make 98,000 combined a year. I just cannot stand the neighborhood we are in anymore. 10 years is enough.
This process would be up to your prospective landlord. I think with your rental history and great income you should not have too many problems obtaining an apartment.Like you said be prepared to offer additional money. _________________ Cajunbulldog
Keeping an eye out for consumers.
Sat Sep 01, 2007 2:20 pm
Thank you Cajunbulldog. We have no problem giving an extra 2 months security on top of first and last months rent.
Unless security deposits are regulated by state or local law (which I haven't ever seen), a landlord can demand/accept whatever amount of security deposit that will make them feel comfortable enough to enter into a lease.
To put up first/last month rent + 2 months additional is a very large amount, and would probably entice any landlord to rent to you once they verify your previous tenancy. You probably should have no difficulty getting a lease if you are willing to put up that much security.
BUT BE AWARE of unscrupulous landlords. Once they have all that money in their pocket, they like to find reasons not to give it back when you move out. Make sure you get them to sign a sort of inspection report documenting any damage that may already be in the apartment (even if it's just a tiny scratch in a hardood floor), and take pictures of the place, before you move in. Don't let them take that tiny scratch and then try to hold onto your security for "floor restoration" after you leave.
Aside, my local/town law also makes a landlord pay the tenant interest on any security deposit they are holding.
Your personal details (name, email address and phone number) will be delivered to the company advertised on the Creditmagic after ve agreed to go for the counseling session by filling out the no-obligation form. However, it is your discretion to accept or reject their services.
Not all the creditors/debt collectors agree to trim down the outstanding balances, interests, and fees payable by the consumer.
Consumers working with the debt relief companies can still be sued by the creditors/collection agencies.
Debt relief services may have a diminishing effect on the creditworthiness of the consumer. The total outstanding balance may increase as the additional fees get accrued.
The overall amount saved by the consumer through the debt relief services is considered as taxable income by the IRS.