Breaking lease affect on CR?

Discussion in 'Credit Talk' started by denied, Aug 5, 2002.

  1. denied

    denied Well-Known Member

    Typical situation--considering breaking my lease. I always thought I was a perfect tenant (travel at least 15 days a month, no noise, never complain).

    I get back today with a note taped to my door, it says b/c I haven't paid this month's rent, my rights of occupancy are terminated, and I must leave by the 8th of August. (Lease ends Mar. 03)

    I sent my rent check, but not until the 29th, and I sent it from Milwaukee (I live in Texas), so it's still in transit. My lease says they need the rent by the 3rd, and I owe them $20 a day each day past, but it doesn't say anything about my not paying the rent at all.

    Surely it takes longer that three days to kick someone out on their hind end?

    I'm thinking this might be a blessing in disguise. I'm very unhappy with the way the property is managed, and with the way the neighborhood is going (been here 1.5 years). I have full access to my company's apartment where I could live until I find a new place.

    Here is my question:

    How much of a hit will my credit take if I just walk away from my lease?

    If I pay to break the lease by its terms, it appears as I would pay about $2100 (2 months rent+reimbursal of $300 move-in special). I could do it, but I'd be eating mac and cheese until Winter.

    If I pay to terminate the lease, they can't whack my credit (right?).

    If I do not pay, will this create $2100 worth of future damages?

    I've searched around, but am having some difficulty seeing how a broken lease affects one's credit.

    I hate to even consider stiffing the property company; I've never broken a lease before, but it seems a convenient way to save a tremendous amout of money. The neighborhood is going downhill fast, and as much as I travel, it seems a waste to pay $900 a month for an apartment that I seldom see.

    Anyone? Thanks in advance for any help, I definately appreciate the input.
     

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