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Discussion Starter · #1 ·
We are in the process of a Deed in lieu - hopefully on our home. We are waiting for the determination from the Mortgage company. If this doesnt happen, it will be considered a foreclosure. We have tried to sell/short sale the property. however, this is not really what my question is about.....here is my question.....after all of this goes thru (either way).

How do you go about rebuilding credit, finding a new place to live, etc. We own our vehicles outright and the only major bills we have are dr bills. We are currently living in a 5th wheel trailer - so we are just paying lot fees. At some point, we would like to rent an apartment or home.....how do we handle this? We are not in a rush for this - we want to get money banked before we do this.

thanks for any suggestions
 

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As far as an apartment goes, a lot of places require a credit check before signing a lease. Your best bet would be to find a private landlord who does not require credit checks.

I wish I could help you with the rebuilding the credit question, I honestly have no idea. With the exception of just keep paying your bills, pay off debt and not to incur more debt. :hugz:
 

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Discussion Starter · #3 ·
Thank you. We do not have any major debt, except for dr bills. I was in a car accident and the gentleman was underinsured. So, I am stuck paying hospital bills. No, we do not use credit cards or even possess them. We are hoping that Hubby will get a job soon..he has had 5 interviews.

Just briefly, we got into the above situation because of job losses - mine and husbands.
 

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I understand, really I do. :hugz:

I hope your DH gets a job soon. It's sure tough out there. :hugz:

I wish I could be more help, but I just don't have any ideas. I believe you can recover from this, I just think it's going to take time. :hugz:

I hope you are feeling better since your accident. The whole experience must have been very traumatic. :hugz:
 
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Hang in there - you will get through this! I am so happy that you have the trailer for now. My guess is that when you go to rent an apt they will require a few months rent in advance as a deposit so i would continue to live as frugally as you can and keep setting aside money into a savings account.

All the best to you!
 

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I would say to continue to pay your bills on time and save as much as you can. It may take awhile. When you are ready to rent a place I would state upfront exactly what happened concerning your credit check. I think most landlords/complex management will take into consideration the circumstances when considering you as a tenant because you were upfront. Sometimes being able to put down both the security deposit and a couple months extra rent might also pursuade them.

I think by staying on top of your payments and not accruing additional debt plus having savings will definately help you. It may take a while before you can move. But do not think you can never rent a place because of your current situation. Unfortunately there are many people in your situation. I think rental managers know this and are probably more understanding then we might give them credit for.
 

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You don't have an uninsured or underinsured motorist fund in Arkansas? Boy, makes me glad I live in Michigan...our son was in a car accident 10 years ago & we haven't incurred so much as a penny of debt due to the accident. All of his expenses related to the accident are 100% covered for the rest of his life & he was only 17 at the time of the accident.

I agree that you should just keep paying off your bills, saving as much as you can and see what happens.
 

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Did you have to move out before putting the house up for short sale?

I don't think finding a place that will rent to you will be as hard as you think. Many rentals are just sitting empty
 

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Discussion Starter · #9 ·
Annk - yes, my job is 240 miles from the house we are trying to sell/deed in lieu....When my husband lost his job, it was cheaper for us all to live in one location, so my family moved up here with me. I had moved for my work and was already living in the trailer.

We have our fingers crossed. We have sent in all of the paperwork that was originally requested. A representative just emailed me today asking for two more pieces of paperwork. I will be sending these off to them tomorrow. We are supposed to know something by the end of March.
 

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Generally speaking, after bankruptcy (which is worse on credit than deed in lieu) you can repair your credit by taking a secured credit card. That's where you put in $500 and use credit card against the $500. Basically like it was a debit card. Keep all your bills paid. Get a couple credit cards, use them each month and pay 100% each month. I've seen a lot of people manage to get car loans right away after bankruptcy but the interest rate is very high. Usually after two years of clean credit you can qualify for a new mortgage. That's assuming you've been employed for the correct amount of time and meet all othe criteria. Credit is tighter now than its been for a long time so some of these things may have changed.
 

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Ok. I have just been through this myself. First rule, you are not alone. Foreclosures are at an all time high. When that happens it can feel embarrassing as I know first hand. I went from exceptional credit to, well, much less than exceptional, and it was because of job loss. The mortgage was the only bill I was ever unable to pay. When I found new employment and had to relocate, I was concerned about apartment rentals and credit checks. I was straight up with them about my situation, and they let me know that that was not an unusual situation these days and I had no issue with getting an apartment. I had to pay one months rent as a security deposit, others may charge more. But that is the way it is in todays economy. Keep your chin up and be up front with whomever you may look to rent from!!
 

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Hang in there and give us updates, k? Absolutely, you are not the only one that has gone through this. Time will help heal the credit issue, too.

In the meantime, can you live in the trailer cheaper than renting a place? We have friends that sold their house out of desperation and are living full time in a small 5th wheel. They love it! It took a couple months to adjust, but there's tons of people doing it. For the first time in many years, they are able to sock away $$ every month.

:hugz:
 

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Fortunately I am in a little different situation.
My husbands name is the only one on our mortgage, our foreclosure should the house not sell will not go on my credit.
So I have been working hard at improving my credit score.
I found having a small credit card and paying the full balance each month has been very helpful. In just a few short months I went from being able to qualify for nothing at all to getting decent offers. You can and will be able to bounce back with hard work and a little sacrifice. Keep your chin up
 

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i always thought even if both spouses are not listed, the debit is still shared...maybe greebo can chime in on that one....just curious.

to the original poster = i have not much advice but do wish you the best of luck and hope things start to look up for you. we are landlords - we have rented to a couple who lost their home due to a short sale. they were honest up front about it. they were our best tenants ever! always paid before rent was due! in cash to boot! they kept it clean. i did run their credit anyway - just for my own self i think.

there are rental properties available. but not as many as people think (depending where you live) due to the current eceonomy. and, some rentals are through real estate agencies = those may not (not sure though) take you as renters w/ your current issues.

best of luck to you and your family
 

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Discussion Starter · #15 ·
Hi all.......Here is a quick update on everything.....First, we are in the last stage of the deed in lieu process. The deed is being transferred over to Wells Fargo, once this is done, the final paperwork will be sent to the settlement department.

We have looked at several places to rent...one a mobile home community....more room than our 5th wheel....payment not much more a month....The guy working in the office...was a complete jerk....We had discussed our situation with someone else in his office before even putting in an application. This particular guy thought that they could work with us and urged us to come in. Well come to find out, he is not a regular at the office....the jerk is the regular. I had to supply the deed in lieu info/mortgage company emails....I didnt mind...just he had a snippy attitude. So, we are waiting to hear back from him.

Next, we looked at a home to rent. This woman was very nice. We did explain our situation up front. We should hear something from her tomorrow morning. It is a little more expensive than the mobile home. However, it is on an acre lot....so we might be able to have a garden and some fresh veggies....

Then lastly, we looked at a rental housing community......they have hundreds of homes that they rent.....all credit worked with....this was the most expensive option.....we do not think we will go this route.....there rent is almost what our mortgage payment was.....

Have not tried to rent from an apartment complex yet. We have 3 chihuahuas.

So, we are still in our 5th wheel trailer.....our daughter is graduating high school in a week...she survived a full school year in the trailer...She is having the hardest time with it....She wants to move into an apartment with some friends....she currently feels it is embarassing to live in a 5th wheel...

Overall......life is good, my husband and I are both working full time again....have a warm/cool/dry place to live and food to eat....

Thanks again to everyone on hear for the support and encouragement.
 

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I recently lost my home to foreclosure as well. As horrifying and embarassing as it is, you have absolutely the right attitude. I'm happy that the girls and I never had to live in a box, always had food to eat and a vehicle to drive. There are many worse things in life than losing a house.

As for renting, the folks on here are right. With the current economic situation if people only rented to those with perfect credit, their properties would sit empty more than they would be full. I always tell people my situation up front and I bring pay stubs and an employment letter with me when I look at the apartment. Private landlords are also generally more flexible than large property management companies.

Side note: I grew up in Arkansas - it's a beautiful place! ;)
 

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Congrats to both of you for working your way through the housing/home situations - I know that at least one person out there needs to hear your words that it can be done!!
 

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i always thought even if both spouses are not listed, the debit is still shared...maybe greebo can chime in on that one....just curious.
Depends on if the state your in is a Community Property State or not. If it is then community property laws consider all assets and debt acquired during a marriage property of both parties, even if only one spouse purchased or applied for the debt for the property. Community property states are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin


Now if the lender that foreclosed elects to take the spouse to court to force him to repay the loan then that's a whole other problem. Banks as we all know can be pretty evil when it comes to getting their money these days.
 

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Discussion Starter · #19 ·
We have been approved for the house on the acre of land. We get to move in June 1. We are all very excited. My daughter wanted to move in the 15th of May, which is doable, but would have been tight between paydays. So, we decided to wait and be smart about it.

Now the fun stuff begins.......We have sold all of our furniture and washer/dryer set. So happy the yard sale season is in full swing....We do have mattresses for the bedrooms, they will just be on the floor for a little while. I have been looking at craigslist, however, the prices are almost the same as the furniture stores. I havent had a chance to look at the goodwill....that will be our next stop. Then to get the garden going.....OMG.....so much stuff that I didnt think would happen for a good long time....I actually get to do or think about doing now.....Yeah!!
 
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