What are your thoughts - Landlord Forum thread 331626

What are your thoughts by Lynn (Il) on March 2, 2015 @16:38

Renting a condo
Applicant fills out rental application and sends me everything I requested plus more
Facts earns in the70's more than qualified
1 year at this job
Previous job same line of work 2 years mid 60's
Ran credit mid 400
Just filed chapter 13 in feb of this year to consolidate credit
Another person who is not living there is willing to sign a personal guarantee but I haven't run their credit yet. Don't know if I really want to pursue this.
Your thoughts would be appreciated

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Re: What are your thoughts by Anonymous on March 2, 2015 @16:52	[ Reply ]

400 wow. I have never seen one that bad. usually when BK is filed it is a 100-150 point hit on the credit score. This guy had to have started with 550? even that is outrageously low. This guy does not honor any of his debts. ever. no personal guarantee will cover this guy pass him over or you will be the next debt he doesnt pay

Re: What are your thoughts

Re: What are your thoughts by MrDan (Georgia) on March 2, 2015 @17:32	[ Reply ]

It is risky to approve an applicant in an active bankruptcy case, because the bankruptcy petition can later be converted to a different chapter, allowing the resident to live rent free due a possible automatic stay going into effect at the point of conversion, or the active bankruptcy case can be dismissed, only to have another petition filed that subjects lease enforcement to a possible automatic stay.

Re: What are your thoughts

Re: What are your thoughts by Garry (Iowa) on March 2, 2015 @19:56	[ Reply ]

I agree with the others------PASS on this prospect! Even if he wants to pay a double deposit, plus 1st and last months rent, PASS! Even if 3 other people wish to cosign for him, and 1 was his Pastor, and 1 was the Mayor of the city,----PASS !!

Re: What are your thoughts

Re: What are your thoughts by Anonymous on March 3, 2015 @10:43	[ Reply ]

RUN! When a tenant has filed a Chapter 13 bankruptcy, the new landlord can be pulled into the case at any time without notice. Do NOT rent to a tenant currently in a Chapter 13 replayment plan. Furthermore, the reason they "needed" to consolidate debt is because they ran up more of it than they could handle, their creditors are getting less than 50 cents on the dollar for outstanding debt, and these folks can't budget. If a tenant can't live on less than they make, they're going to fail and the biggest expense each month is rent, so guess who doesn't get paid when debts mount up and tenant needs a pool of money to pull from?

Re: What are your thoughts

Re: What are your thoughts by VinFL (FL) on March 3, 2015 @17:33	[ Reply ]

It would be best to deny him. Think of it this way: He makes 70K+ and still cannot pay his expenses. Do you want to be one of those expenses he does not pay? The purpose of checking his credit score should be do determine how likely it is he will pay. Also, people with good credit scores WANT to keep their good score. He obviously does not care about his credit score, so a judgement would not be much leverage against him if it came to that..

Re: What are your thoughts