Hi. I am new to this board. Just wanted some advice if anyone can help. My wife an I have to move out of our apt with 6 months left on the lease and move back with her mom in order to be able to pay off our cc's that got out of hand for a variety of reasons. Anyway, what I want to know is, if the landlord company holds us responsible for the 6 months rent, (which we cannot pay) can it end up as a neg on our credit report? I already assume we won't get the security back. Any thoughts ?
I work in apartment leasing, and heres my suggestion. If its at all possible, try not to move out unless you have the money to pay out the rest of the lease. They will send your account to collections immediately and most apartment communities will not rent to someone that owes money to other communities unless its paid off. Most of the time they can overlook some things on your credit, but thats one thing that they dont. Are you living in the most affordable unit they have? Maybe it would be cheaper to move into a smaller, less expensive apt til your lease is up. Breaking the lease should be a last resort unless you want some major headaches down the road.
Why dont you tell your LL that you want to move because you cant afford it? They would rather absolve you of your lease then have a tenant that has to be evicted. if you play your cards right, you may be able to avoid that problem (judgement) totally.
The LL MUST MITIGATE DAMAGES...rent it out A.S.A.P. they can't just let it sit EMPTY because they "THINK" you will pay one way or the other!!! They can charge you daily rent till the new tenants move in...plus advertising fees...and showing fees & travel and time charges...
Apartments usually don't show up on your credit reports. They have their own credit bureau that they report to. Other apartments won't rent to you if your name shows up in their bureau until you pay the outstanding balance. I wouldn't worry about the 6 months' rent affecting your consumer credit reports.
yeah apartment community collections are nasty. dont get evicted whatever you do thats public record and computerized. it will haunt you for many years (renting,buying). A person that gets evicted is very very much likely to do it again. And in that eye, most apartment communities now check, and its auto-disqualify even if your score is like 750. You gotta bite the bullet and read your lease and see what the termination clause is. In georgia we get a cool clause, if you buy a house you can get out of your lease no fees, period, end of story. can't wait to use that I'll give notice of course.
