 Buying a home? |
I'm so excited I can hardly speak! We're about ready to start the process on buying a home.
We've run our credit reports (mine is 832) and have a list of homes we'd like to ... |
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 As a pregnant woman, do I have any legal right to stay in rented accommodation after notice is served? |
| My landlord has just served notice and my partner and I will have to move out three weeks before our baby's due date. The landlord has not breached our contract in any way but I'm wondering ... |
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 Is it possible to waive inspections and appraisels? |
| Im an investor and I want to buy a house asap is it possible to waive inspections and appraisels in michigan.... |
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 Ok would it be stupid for me to buy a small house if im in debt about 15k? |
| I want to take advantage of the the buyers market but i still have credit card debt ...I just want to buy something inexpensive would it benefit me?... |
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 I want to walk out of my home, my bank bent rules to Fund my HOme Loan.? |
I bought a home in 2005, i put 20% down to acquire Loan, i did not qualify for the loan amount since it was 55% of my monthly income.
the bank still funded the loan and we moved into our home. <... |
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 I need help getting out of buying a house? |
| My wife and i are first time buyers and kind of rushed in to things and made an offer on a house they rejected our offer and countered it then (24) hours later they accepted our offer. and we said ok.... |
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 Can a landlord increase a security deposit once you have moved in? |
| We had to renew our lease and the business manager informed me and our neighbors that the original deposit would increase and we must pay it by the end of the month. I am curious if this is actually ... |
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 What is the landlord responsible for and what do I have to do? |
| I came home to a flooded apartment yesterday due to the fact that they were cleaning the apt. above me since the lady moved out. The washer machine up there was broken and it flooded my whole apt ... |
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 How do you get solicitors to hurry up!!!? |
| bought a house and just waiting for solicitors to do the search etc but it's taking forever. How can we get them to hurry up so we can get a moving in date?????... |
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 When a developer sells a model home at the end of the sales, is it at a discount? |
| Once a new development is sold out and the developer is ready to sell the model homes, do they price them cheaper than homes with identical features/options? (I'm not talking about whatever ... |
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 Can my landlord evict me, and only give me a week? |
Back in the beginning of August, My bedroom window broke.
Well, actually, my bed was kinda up against the window and my pillow applied some pressure to it, and it broke. Leaving my head dangling ... |
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 I've heard a nasty rumor regarding existing fixed rate mortgages, Is it true? |
| I've heard that mortgage companies are trying to get new laws passed regarding 30 yr fixed mortgages. I've heard that they are trying to make it so that if any new company buys your ... |
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 What's the smallest house you could possibly live in ?? |
Sometimes I think I would like to live in a 10 room ..... 3 bath mansion .....
Other times .... with energy costs .... taxes ..... upkeep ... etc.... I think I could just live in a small ... |
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 Do i get my whole rent deposit back? |
| My rent comes out the 1st of every month, I gave my one month leave notice on the 10th. Do i get my whole deposit back?... |
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 I have called my landlady 6 times, and sje doesnt answer! i wanna move out? |
i will move out, and i called the landlady and left a message saying that i want to give notice. but she didnt call me back!
what should i do? if i move out without contact her again, is this ... |
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 As a landlord, should you be responsible for any appliances in the house that were left? |
| I am going to rent my house out soon and I am leaving the washer, dryer, stove, fridge, microwave and dishwasher in the house. If any of those items break without no sign of abuse would I be ... |
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Taegirl | If you break your lease or get evicted does it effect your credit report? |
I am curious to what happens in these cases. I am trying to get out of my lease but I don't know if it goes on your credit or if you have to pay. I have one more time to be late and they will evict me which I am ready for them to do right now but I don't want those marks on my credit. Or I can break my lease, but I didn't know if you could pay some money to do that. Or if that would be on my credit as well. I moved in Feb 08 and my lease isn't over until Feb 09! |
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Landlord
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Yes, it hits it a couple of ways.
First you will owe all of the rent money, and cost of evicting you. That shows up as a judgment and debt on your credit report. It effects you like any other debt, but does show that you were sued for the debt.
Second, it shows as an eviction, with no effect on your score, but as a warning to other landlords that you screwed one. If you screw one you will screw another. Renting will become very hard.
Also, employers commonly check credit reports now, looking for just this sort of thing. It will show that you do not honor contracts, your word is not good, and if they care about your honesty level it will make finding a job harder.
You will also not qualify for many government programs with an eviction on your record. |
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GWB
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A lease is a legal and binding agreement.
Your eviction will be public record.
I go for judgments on all lease breakers as it goes on your credit.
If you do not pay within 10 days, off to collections.
They add a 40% fee to the amount owed.
My lease states you are liable for all collection fees so I get ALL my money.
I also have a $3,000 lease break fee.
It also states forfeiture of all deposits if you default.
I am tough on lease breakers and non rent payers.
You are liable for all rents till I re rent your unit. |
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RM
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You're violating a signed contract and you've been late or not paying at all. Why would that not harm your credit?
It's the same as signing a mortgage and not paying... except you can leave and the landlord gets screwed, rather than you getting screwed and being homeless when the mortgage company takes your house back as collateral for missed payments. |
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Bigboi47
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Yes especially if you are evicted, an eviction on your credit report will make it difficult to rent in the future. But some places don't care as long as you can afford the rent. |
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chatsplas
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Eviction will mar your credit.
Breaking your lease, may or may not.
READ your lease. You bound yourself, made legally binding promises, and have been breaking them. It sets out penalties for breaking your lease.
TALK to LL to see what can be worked out--they probably don't want you as a tenant after your poor record. They have the right to hold you to the full term of the lease, to all the rent payments, and to all the penalties in the lease terms. Your cooperation with them might make them reduce some of their lawful claims on you. |
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Curious Georgette
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Sure can. |
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Answer Man
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IT can if the landlord reports you to the courts to file a judgement against you.
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gafpromise
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It definitely goes on your credit report.
If you think they are about to evict you anyway it sounds like they would be happy to be rid of you. You should talk to them reasonably, say that clearly this isn't working and can you just get out of the lease voluntarily. If it's mutual then it should be pretty easy to get out of the lease although they might still want to shake you down for some money. At the very least I expect you'd lose your security deposit. Just ask them if the situation can be resolved without getting the courts involved. |
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schwildcat1977
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the eviction itself will not go on your credit but it will go on your rental history and make it very hard to rent someplace else.
If you leave owing money - THAT can go on your credit report.
If you break a lease you WILL pay. If you get evicted you WILL pay. In the long run you still have to pay what you owe no matter what. |
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emeraldseye
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Depends on a couple things.
First, do you rent from an individual or from a corporation? If you rent from an individual chances are it will not go on your credit. If you rent from a corporation (or leasing company) it may very well adversely impact your credit report, but ONLY if they turn it over to the credit reporting bureaus.
If you break your lease, you are still liable for your rent up to and when they re-rent the apartment. Say for instance you leave tomorrow and they don't rent the apartment again until December, even though your lease expires in February, you are only liable for September, October, and November's rent. Landlords cannot be compensated for "double" rent.
As for your deposit, laws vary from state to state, but generally 30 days is a good rule of thumb. They have to refund your deposit within 30 days, provided you have done no harm to the apartment. However, if you are breaking the lease, they may opt to keep that money towards your outstanding debt.
Hope this helps a little.
-Em |
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Trouble
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If you are evicted, you will owe any rent per the lease, court costs, attorney fees and damages.
An eviction is a public court record. You will have an impossible time finding a decent rental for many years with an eviction on your record.
If the landlord is awarded a money judgment, it will go on your credit report either via court reporting (recorded judgment) or the landlord can put it on your credit report (all 3 bureaus) for less than $15.00
At this point your landlord would probably be receptive to a lease buyout just to be rid of you. Negotiate a lease buyout with the landlord. Start by offering the amount equal to 2 months rent. The landlord may require another month. If you come to an agreement, get it in writing. This way your liabilities end with the lump sum payment. Your rental and credit histories will not be affected.
If you do not come to an agreement and move out, the landlord can hold you liable for the rent until either the lease expires or a replacement tenant is found. The landlord can hold you liable for any costs he incurs due to your breach, such as advertising costs, agent fees, etc.
If you do not pay the amounts above, the landlord can sue you. The judgment will include not only the costs mentioned, but court costs and accrued interest until the judgment is paid.
Your rental and credit histories will be ruined. The judgment can be renewed for up to 20 years and the landlord can garnish wages or bank accounts, place liens on (future) personal property, etc.
Future landlords will deny renting to you due to the unpaid judgment. Many employers check credit, so you can be scrutinized for having the open judgment against you. Insurance companies and other creditors pull credit and adjust your rates dependant on your credit, so you will be paying higher rates for many years.
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Beloved Immortal
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yes it affects your credit record... if you pay late or if you dont pay or etc etc... all of it comes onto your record... you can break your contract but that will also come onto your record and they will be entitled to keep half of your deposit (which you put down when you moved in) |
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lynn
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It all depends on your landlord. If they report to a credit bureau then I suppose it could end up there, but I doubt it. Most places don't. Whether or not you will have to pay anything depends on the landlord also. Some will just let it go because it is more trouble than it is worth. Legally, they can sue you for the remainder of your lease but they have to go through all of the legal channels and the lawyers and pay the court costs and wait for a court date. If you do not pay a high rent amount most people will just let it go so that they can just re-rent the place and get their money back. If it is a company that you rent from they may take it to court but if you rent from a private owner then you are probably safe. It helps if you leave the place clean and in good order. |
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