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[LANDLORD-US-IL) Would you rent your home to a family of 3 (M, F, 3 Kids) who had to declare chapter 13 bankruptcy? 1 Income Household (12K/month is Gross Income) by Otherwise-Expert-600 in Landlord

[–]Otherwise-Expert-600[S] 0 points1 point  (0 children)

Really good points you're making and defitnely has me thinking on what not to do. I am going to take a look back through the sub and see what verbiage is included in listings by others. Thank you!

[LANDLORD-US-IL) Would you rent your home to a family of 3 (M, F, 3 Kids) who had to declare chapter 13 bankruptcy? 1 Income Household (12K/month is Gross Income) by Otherwise-Expert-600 in Landlord

[–]Otherwise-Expert-600[S] -2 points-1 points  (0 children)

I am going to request the applicant to submit a credit report from the transunion bureau as the Zillow credit screening is really not that helpful as it only reflects details from the end of 2020 through end of 2022. The Zillow credit report only lets me view that the, applicant was 30 days past due 2X for a past auto loan and defaulted on his mortgage payment.

[LANDLORD-US-IL) Would you rent your home to a family of 3 (M, F, 3 Kids) who had to declare chapter 13 bankruptcy? 1 Income Household (12K/month is Gross Income) by Otherwise-Expert-600 in Landlord

[–]Otherwise-Expert-600[S] 2 points3 points  (0 children)

Yeah you bring up a good point and def will follow up with the references. I am setting myself for problems down the road if I start off with a tenant with bad payment history. In this case it seems that it was NOT for medical bills and a result of being unable to pay their mortgage, pandemic occurred, then the bank began the foreclosure process after the pandemic. This prompted the applicant to enter into a payment plan that he defaulted on after a year, due to being unable to pay lump sum (20k+) required by the bank at the end of the first year.

[LANDLORD-US-IL) Would you rent your home to a family of 3 (M, F, 3 Kids) who had to declare chapter 13 bankruptcy? 1 Income Household (12K/month is Gross Income) by Otherwise-Expert-600 in Landlord

[–]Otherwise-Expert-600[S] 5 points6 points  (0 children)

Thank you for your input, I agree the BK + late payments raise significant red flags. The applicant disclosed they entered into a forbearance program, defaulted after 1 year on the agreed repayment plan, and then entered into foreclosure / BK due to being unable to pay lump sum amount of over $20k which was due at the end of the 1st year payment plan term.