Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I lost my job in 2009 and couldn't afford to pay the rent at all. I phoned the management office and tried to negotiate something, but they weren't hearing it. I left with a zero balance, but eventually they referred me to a collection agency/lawfirm and the charges are almost $6000. I worked out a payment plan w/them, but couldn't keep up...now, the person's credit who co-signed for the apartment is affected.
Is there something that I can do (other than paying off the debt, because I can't afford to right now) to have that person's name removed from the credit report?
I feel horrible, because it was a loan or mortgage...there is no tangible expense and who is to say that the management company made effort to rent the apartment in a timely manner?
This is the second time recently that I've seen someone use the term "imput" on City-Data. Do people really think that's the word, or is it just a typo? It's input. You know, like put something in.
OT, just curious.
Anyway, the co-signer agreed by co-signing to pay the debt if you couldn't. The fact that it's now on that person's credit report means that they didn't keep their contractual obligation and pay up when required. He or she freely and gladly accepted the risk that you might not pay your rent when s/he co-signed.
The co-signer can remedy the problem, and then you can arrange to pay the co-signer back.
It sounds to me as if you will always have financial problems. You made a CONTRACT to pay for the use of space, and now you are diverting with the idea that "there is no tangible expense" (Uh, LOSS OF REVENUE????) and whining that there's no proof that the management company tried to re-rent in a timely manner? What difference does that make? You and your co-signer agreed to a deal, signed a contract, and then didn't keep your end of the agreement. Period.
I lost my job in 2009 and couldn't afford to pay the rent at all. I phoned the management office and tried to negotiate something, but they weren't hearing it. I left with a zero balance, but eventually they referred me to a collection agency/lawfirm and the charges are almost $6000. I worked out a payment plan w/them, but couldn't keep up...now, the person's credit who co-signed for the apartment is affected.
In New Jersey if you break a lease, the landlord does have a duty to mitigate damages by attempting to re-rent the place. If they didn't do that, either you or your co-signer could go to court to get the debt amount reduced.
It would have been best if you'd given them written notice that you were vacating, though -- that would have definitively started the clock on their duty to mitigate.
It's usually in the terms of the lease that the penalty is if you break the lease. Me and my wife broke an apartment lease when to moved into the house we purchased. We had to cough up 3k to get out of the lease, but nothing more than and and it didn't affect our credit rating in the slightest. So your saying that you vacated the apartment without back rent owed and they still charged you 6k after you left. You need to really read the lease agreement and refuse to sign anything that penalties you for anything more than a few months rent for breaking it.
Also people really don't understand that Co-signing means. I made the mistake of co-signing for a friend so it could help him establish credit with a Circuit City credit card. He got approved a credit card and brought a pair of speakers for $500. The deal was he would pay off the speakers and establish his credit. Well the next week when I wasn't with him, he goes out and buys a TV and Playstation for another $1,500. It wasn't until several months later I found out he maxed out the card with all this other stuff. I tried to protect myself by cancelling the credit card and pressured him to pay it off. Anyway he moved without telling me where he moved to and stopped paying on the credit card. I had to cough up the $2,000 to pay off the credit card and protect my great credit rating. Never again.
Co-signing is the quickest way to turn your 800+ credit score into 500.
As for the friend, I saw a story in the press about homeless people living under the boardwalk several years later, the picture was too clear, but I swear it was him. I like to think that how he ended up. I used to work in the computer room at a casino and saw his name on a revoked license report. The Casino Control Commission revoked his Casino and Hotel licenses, and they usually only revoke both licenses when they catch someone stealing.
Last edited by TechGromit; 01-30-2012 at 09:41 AM..
It's usually in the terms of the lease that the penalty is if you break the lease. Me and my wife broke an apartment lease when to moved into the house we purchased. We had to cough up 3k to get out of the lease, but nothing more than and and it didn't affect our credit rating in the slightest. So your saying that you vacated the apartment without back rent owed and they still charged you 6k after you left. You need to really read the lease agreement and refuse to sign anything that penalties you for anything more than a few months rent for breaking it.
Also people really don't understand that Co-signing means. I made the mistake of co-signing for a friend so it could help him establish credit with a Circuit City credit card. He got approved a credit card and brought a pair of speakers for $500. The deal was he would pay off the speakers and establish his credit. Well the next week when I wasn't with him, he goes out and buys a TV and Playstation for another $1,500. It wasn't until several months later I found out he maxed out the card with all this other stuff. I tried to protect myself by cancelling the credit card and pressured him to pay it off. Anyway he moved without telling me where he moved to and stopped paying on the credit card. I had to cough up the $2,000 to pay off the credit card and protect my great credit rating. Never again.
Co-signing is the quickest way to turn your 800+ credit score into 500.
As for the friend, I saw a story in the press about homeless people living under the boardwalk several years later, the picture was too clear, but I swear it was him. I like to think that how he ended up. I used to work in the computer room at a casino and saw his name on a revoked license report. The Casino Control Commission revoked his Casino and Hotel licenses, and they usually only revoke both licenses when they catch someone stealing.
I feel really bad, people don't understand how losing a job can ruin a life. Yes you had an obligation, but if you lose your income, what else can you do.
I feel really bad, people don't understand how losing a job can ruin a life. Yes you had an obligation, but if you lose your income, what else can you do.
Yes, it happens. I think everyone understands that.
The problem is that the co-signer should have stepped up back then--now it will cost him more, as well as the OP when he pays the co-signer back.
I feel really bad, people don't understand how losing a job can ruin a life. Yes you had an obligation, but if you lose your income, what else can you do.
Certain people in this thread (who I see on other threads) are cold hearted, and just plain mean and ruthless. And apparently, the Central Jersey spelling bee champion of 1978. The guy lost his job, which has happened to millions, many due to no fault of their own. Apparently, it makes some people feel better about their miserable existence to make snarky comments to someone who is in dire straits. I hardly ever post here in NJ and part of the reason I can't wait to leave this state is because of these shining examples of typical NJ residents.
[quote=Union Federal;22781572]Certain people in this thread (who I see on other threads) are cold hearted, and just plain mean and ruthless. And apparently, the Central Jersey spelling bee champion of 1978. The guy lost his job, which has happened to millions, many due to no fault of their own. Apparently, it makes some people feel better about their miserable existence to make snarky comments to someone who is in dire straits. I hardly ever post here in NJ and part of the reason I can't wait to leave this state is because of these shining examples of typical NJ residents.
There but for the grace of God go I.[/Q
Don't forget everyone's favorite word: Personal Responsibility.
No one on here believes in fate,unforseen occurences.
However,I feel bad for the co signer.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
