Our house was foreclosed upon this month after late payments due to an extended illness. We have a mutual agreement with our lender, who purchased the note, to move by mid-August. The realtor who will handle the sale of our home said that he would provide a good reference letter to help us find a home to lease.
We are in Texas. Will we qualify for leasing a home within our means with this foreclosure on our record? On the common Texas Leaser's application, I see questions asking about if there was a foreclosure or eviction.
Each of us has steady employment (9 and 10 years as a teacher and hospital worker, respectively) and great references. Our monthly gross income is 5200. with only one loan payment of 350./mo.
The houses we are looking at have management companies handling the application. Is there anything we can do to increase our chances of qualifying to rent? I thought about writing a letter and including a pic. Or, is there not a chance because of the foreclosure?
Thanks
2006-07-13 16:21:36 · 3 answers · asked by renter2006 1 in Business & Finance ➔ Renting & Real Estate
Us landlord & Us investment propertys has the laws in each state including yours under Laws & Statutes plus, Foreclosure laws when the map comes up click on Texas...
2006-07-13 22:23:26 · answer #1 · answered by Anonymous · 0⤊ 1⤋
I am a foreclosure agent & want you to know you are not alone. I think you should prepare a letter explaining your financial hardship in detail. Most are going to wonder why you couldnt make your payments with no more debt than you have with the large income. Your letter will explain that and if they verify your employment and income, that should suffice. Have you checked your scores? If you keep your other bills paid on time, your foreclosure may not all together destroy your credit and it will show you still payed everything else on time.
2006-07-13 16:46:58 · answer #2 · answered by Beauty Consultant 2 · 0⤊ 0⤋
Just be honest about your situation. Some landlords might refuse to lease to you but not all of them are so hard-nosed about things.
I used to be a landlord in TX and did accept a couple of tenants in your situation -- and they turned out to be excellent tenants. Good luck!
2006-07-13 16:39:28 · answer #3 · answered by Bostonian In MO 7 · 1⤊ 0⤋