Breaking a Lease to buy a home

[md911]

Good info everyone... I will make sure I pass everyones opinions and ideas to her.

[JennayByrom]

My realator also told me we could get out of a lease to buy a home. What he ment by that was we could roll the remaining balance of our lease into the mortgage of our home.

[10 feet tall]

Originally Posted by JennayByrom

My realator also told me we could get out of a lease to buy a home. What he ment by that was we could roll the remaining balance of our lease into the mortgage of our home.

This is done all the time and perfectly legitimate. If you have a lease you are on the hook for the full balance unless the landlord will let you out (but why would they?). For instance, if your rent is $1,000 per month on a 12 month lease, then you owe the landlord $12,000 total. If you have been there 6 months and want to buy a house, then you need to pay the landlord $6,000. If you have the extra cash you can use that or you can roll the 6K into your mortgage, but you've got to pay one way or another.

[ATLTJL]

I've never heard of a lease that won't let you terminate with a termination fee and 1 or 2 months rent.

If you're really cash strapped, just break the darn thing and forget about it. What are they going to do? They might be able to ruin your credit a bit, but they can only do that for 7 years, and if you're buying a house you are probably ready to stay there for 7 years anyway. Otherwise, the only recourse they have is taking you to the local version of Judge Judy who will just yell at you and make you pay....but they probably would never go to the trouble of doing that.