anybody have experience breaking apartment lease?
10-19-2009, 01:59 PM
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anybody have experience breaking apartment lease?
well im getting my house built and im supposed to close on it on november 25th. I am currently in a lease with the apartments i am in until february. i cant afford to pay off the other 3 months for the apartment on top of a house note. my question is, if i just stop paying the apartment after november, when i move out, will my credit score get messed up as well as my renters history or what? i dont really care about renters history since im going to be in this house for many years to come, but i have good credit and really dont want to mess it up. thanks
10-19-2009, 02:08 PM
#3
More than likely your credit score will take a hit, and your remaining balance on your lease will probably be sent to a debt collector, thus damaging your credit even more and eventually you have to pay the balance anyways.... Remember a Lease is a binding contract that you are liable for, just cause you move out and stop paying does not mean your are not liable anymore...
10-19-2009, 02:15 PM
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Also, the sooner you let them know, the better. They may say, "If I can get someone to commit to being in there before you leave, I won't charge you anything." This has worked out exactly this way for me more than once.
10-19-2009, 04:20 PM
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well i talked to them today, they pretty much said they want the reletting fee, plus 2 months rent. thats the policy. pretty much want 2 grand from me. i dont know what ima do
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10-19-2009, 04:28 PM
#8
whatever you do, dont default on it lol.
your first mortgage payment will be deferred. so if you close in november, your first house payment probably will not be due until january.
you can also ask for a small extension on the first payment from the bank at closing. it never hurts to ask for the first house payment to be deferred to february of 2010. dont let them think its a deal breaker...just let them know that it would make everything alot easier for you. explain the apartment situation and chances are that they will have no problem with it. your tied in with them for 30 years or so anyways lol.
your first mortgage payment will be deferred. so if you close in november, your first house payment probably will not be due until january.
you can also ask for a small extension on the first payment from the bank at closing. it never hurts to ask for the first house payment to be deferred to february of 2010. dont let them think its a deal breaker...just let them know that it would make everything alot easier for you. explain the apartment situation and chances are that they will have no problem with it. your tied in with them for 30 years or so anyways lol.
10-19-2009, 05:39 PM
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i had too do this in 07 , rent was 1500 a month with the same for a down and an additional 500 for deductable. too brake the lease i had to find new occupants or cough up 1500 and take a minor hit on my credit . i couldnt find anyone to take over the lease so i coughed up the money . two years later my credit was back to 700+ and now i am in my very own house. time heals everything.
10-19-2009, 06:05 PM
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well i got to meet with the manager tomorrow. pretty much what one lady said was i could just pay the remaining 3 months, or pay the fee to break the lease, which is only 10 dollars less then my rent, and i would still have to pay 2 months rent. which she says is normal procedure. so we'll see what happens tomorrow with the manager