Renting a home while bankrupt and after repossession.
What are the chances of being able to find rented accommodation after home repossessed and during bankruptcy?
Renting A Home While Bankrupt And After Repossession
A lot of people particularly in the credit crunch of 2008/2009 unfortunately went into bankruptcy or even had homes repossessed.
Of course all of these people have to live somewhere now, and we often get asked is it possible to rent a property once you’ve been in that situation.
The answer really is yes, but it’s going to be little bit more difficult for you unfortunately, than other people.
This is because of course landlords want to take the safest possible bet when they’re taking tenant and they’ll want to know that their rents going to be paid and history of bankruptcy or something may through that into some doubt.
The thing to do really is to be very open and honest with the agent or landlord explain exactly what happened and if you can possibly get a guarantor, that could be a family member or friend who owns a property, whose willing to sign a contract to say that they’ll backup any shortfall in rent that you don’t pay, then that should be fine.
Equally, if you’ve turned things around a bit and you’ve now got a bit more money behind you, you could also offer to pay, for example, six months rent in advance so that the landlord knows that whatever happens, their rent is safe.
That way you should be perfectly able to obtain a property.