[djbrae]

Hello every one....

I'm wanting to buy a house, but my apt. lease does not end until May. What's the worst case scenario if I just disappear, and do not pay the termination fee of $1000.00? I've heard different responses from friends...anyone know the specific laws for Nevada governing apt. lease contracts? Can I be sued? Will it damage my credit? Can creditors come after me? Do apt managers pursue lease violators, or is it just an empty threat?

I would appreciate the hardcore truth on this matter.

Thanks.

[redwhale]

I broke my lease to join the military and it haunted me until it finally fell off my credit report 5 years later. It will crush your credit score because they will not say you owe just the termination fee but the balance of your lease. Also, it will count as an eviction which may not seem like a big deal if you're planning on buying a house, but you never know what the future holds.

If you talk to the apt manager you may be able to work something out or attempt to sublease. Set your close date to 60 days, this way it buys you even more time. Remember, you owe the first mortgage payment 45 days after close so you have time to not skip out on the bill.

[olecapt]

Originally Posted by djbrae

Hello every one....

I'm wanting to buy a house, but my apt. lease does not end until May. What's the worst case scenario if I just disappear, and do not pay the termination fee of $1000.00? I've heard different responses from friends...anyone know the specific laws for Nevada governing apt. lease contracts? Can I be sued? Will it damage my credit? Can creditors come after me? Do apt managers pursue lease violators, or is it just an empty threat?

I would appreciate the hardcore truth on this matter.

Thanks.

As Redwhale suggests an apartment can whack your credit. They will not likely come after you in the courts unless there is more than the usual amount of money invovled. It is a small claims action but still a nuisance for $1000. And mostly they figure if they win they won't collect.

The credit whack however may very well interfere with your ability to buy a home. Particularly if you want to use any of the programs.

[Daddys///M3]

When I bought my first place I terminated my lease early (only by a couple of months) and they not only kept my security deposit but tried to hit me with $600 for renovations. It went to collections immediately. It got squared away and I did not have to come out of pocket for the carpet and paint, but that may be an isolated incident.

[von949]

Originally Posted by redwhale

I broke my lease to join the military and it haunted me until it finally fell off my credit report 5 years later. It will crush your credit score because they will not say you owe just the termination fee but the balance of your lease. Also, it will count as an eviction which may not seem like a big deal if you're planning on buying a house, but you never know what the future holds.

If you talk to the apt manager you may be able to work something out or attempt to sublease. Set your close date to 60 days, this way it buys you even more time. Remember, you owe the first mortgage payment 45 days after close so you have time to not skip out on the bill.

I always break my apt leases because of the military. LOL

[VegasGrace]

If you buy a house, pay cash!

Skipping out on a contract (even rental) can ruin your credit. Nowadays they have sharks just competing for business from creditors hence collection agencies.

I'd pay $1000 just to get out of it! Or if there is any way to get a 'roommate' and then just move out.

Good luck!

[swagger]

Why not pay the $1000 termination fee? It's what you agreed to when you signed the contract, after all...

[RecentlyRetired]

If I were you, I would pay the $1000 termination fee. Do everything necessary to get back on your entire security deposit.

Insist on a walk-thru with the manager before you leave so that they don’t try to keep your security deposit for damages that don’t really exist.

Before you give them the $1000 termination fee, get them to sign a document stating that they will be returning your entire security deposit.