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Renting With Bad Credit - Leases; Window Guards; Co-Op Boards
Renting With Bad Credit Q. In 2010, I lost my full-time job and began freelancing. By 2012, my financial situation worsened and I was unable to make payments on my co-op apartment. To avoid foreclosure, I sold my apartment in 2013. I used the proceeds from the sale to pay off my federal tax lien, leaving me with about $200,000 cash. However, my credit rating is poor because of the mortgage delinquency and at age 43, I am a freelance graphic designer, with no steady income. I have been trying to find a rental apartment, but my sizable savings do not help. Landlords are unwilling to negotiate if I do not have a good credit score and verifiable income 40 times the monthly rent, or a guarantor. My family cannot co-sign and landlords will not accept a sizable cash deposit as an alternative. My options are looking glum. What can I do? Windsor Terrace, Brooklyn A. Your story of financial unraveling is a common one. Nearly half of American households do not have enough savings to shield them from financial ruin in the event of a job loss, and 56 percent of Americans have subprime credit, according to theCorporation for Enterprise Development, a nonprofit group. As you have learned, poor ... more
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