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In 2009 I was only a couple months into a lease at a fancy newly built complex, well I ended up losing my job and had to break my lease. Now I cant rent an apartment. Because I was unable to give the 30 day notice I was charged the maximum amount that I believe is in all TX lease contracts. 20k.... I have no idea what to do. Maybe reach out to the management company (I found out recently that there is now a new management company in place so I am not sure they will or can do anything for me or negotiate with the collection company... I CANT afford to pay their initial offer of 5k in 5 payments... Any Ideas???
You haven't rented an apartment since 2009? It's not true that nobody will rent to you - many private landlords don't do the more extensive background checks common to complex management companies.
If the debt has already gone to collections it's out of the complex management's hands and you'll have to deal with the collection company. You may get good/better advice in the Personal Finance forum.
So you ignored the debt for 5 years because it didn't really affect you but now the bad credit IS affecting you and you want to know how to clear it up? It's a moot point but if you'd made arrangements to pay off the debt little by little over the past five years you'd be free and clear by now. Contact the collection agency and negotiate a lesser amount and payments to clear it as this is going to follow you for years to come.
In 2009 I was only a couple months into a lease at a fancy newly built complex, well I ended up losing my job and had to break my lease. Now I cant rent an apartment. Because I was unable to give the 30 day notice I was charged the maximum amount that I believe is in all TX lease contracts. 20k.... I have no idea what to do. Maybe reach out to the management company (I found out recently that there is now a new management company in place so I am not sure they will or can do anything for me or negotiate with the collection company... I CANT afford to pay their initial offer of 5k in 5 payments... Any Ideas???
Thx!
check Texas Landlord / Tenant Law on early lease termination charges
File personal bankruptcy.....This judgement can be discharged, as it appears to be an unsecured debt. Speak to a local bankruptcy attorney, try to find a free consult, immediately.
Bankruptcy is the only protection I know of for this type situation...they can eventually choose to garnish your wages as long as that judgement is active.
I am not an attorney, and this is not legal advice....however I did the paperwork for a bankruptcy attorney for many years....Bankruptcy is a viable option for your situation as you've stated it here, imo.
In 2009 I was only a couple months into a lease at a fancy newly built complex, well I ended up losing my job and had to break my lease. Now I cant rent an apartment. Because I was unable to give the 30 day notice I was charged the maximum amount that I believe is in all TX lease contracts. 20k.... I have no idea what to do. Maybe reach out to the management company (I found out recently that there is now a new management company in place so I am not sure they will or can do anything for me or negotiate with the collection company... I CANT afford to pay their initial offer of 5k in 5 payments... Any Ideas???
Thx!
They told you at the time you tried to break the lease that you would owe this much??
They told you at the time you tried to break the lease that you would owe this much??
Ended up as $5K according to the OP:
Quote:
Originally Posted by redheadditdfw
I CANT afford to pay their initial offer of 5k in 5 payments... Any Ideas???
I can only assume that the OP decided that since she couldn't meet that arrangement she just let it slide when she could easily have discharged the debt a long time ago with further negotiation.
Bankruptcy is the only protection I know of for this type situation...they can eventually choose to garnish your wages as long as that judgement is active.
I am not an attorney, and this is not legal advice....however I did the paperwork for a bankruptcy attorney for many years....Bankruptcy is a viable option for your situation as you've stated it here, imo.
Good suggestion. Bankruptcy shouldn't effect ability to rent. If she doesn't file, eventually they will attach wages.
A tough state, you never want to terminate early, landlords within Texas law with charges and not required to negotiate.
http://texastenant.org/termination.html Consequences for terminating without excuse
If a tenant does not have a legal excuse for terminating early, a tenant can be held responsible for the remaining rental payments under the lease. This is the maximum potential liability for premature termination. A tenant can still be liable for damages to the property and reasonable cleaning fees if authorized in the lease. If a tenant moves out early, and the tenant's deposit is too small to cover these charges, landlords sometimes pursue other actions to collect the funds, and usually make reports to credit agencies if collection efforts prove unsuccessful.
If you want to terminate early, you should try to work something out with your landlord. If you make a deal, get the agreement (referred to legally as a release) in writing to prove you are no longer responsible under the lease. A form agreement is provided in the forms section. You should at least give the landlord notice of your intentions, because you will receive credit for any rents they collect from a new tenant on your place after you move out. Giving notice may enable them to find another tenant before you actually move out. Texas law now requires landlords to attempt to locate another tenant to take over your lease (called a duty to mitigate). You can also find someone else to rent your place to reduce your liability as long as the landlord finds them acceptable.
First question:
How is this information being reported? is it on a credit report, some investigative report, some other consumer report?
Second question:
Who is reporting the debt, is it held by the management company, former landlord, collection agency?
Depending on who holds and where the information is coming from dictates your next steps.
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