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Housing Help (Trying to not rape my credit)

MuragoMurago Registered User regular
edited August 2007 in Help / Advice Forum
Ok, so me and two friends signed a 1 year lease on a nice house. Its under all three names. We are two months into it and are realizing that the three of us alone CANNOT afford this house. Well, i can afford my share, but these other guys just can't. What sort of options do i have?

This house is privately owned and we are renting it from leasing agency. Would it be a good idea to call them up and just be honest and say we need a 4th? Like, i'm at the point where i'll just fucking leave and say the hell with it and find someplace i can afford myself, regardless of the hit to my credit, but that is obviously not the best.

any advice is appreciated.

Check out www.myspace.com/scarborough -- tell me what you think!
Murago on

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    witch_iewitch_ie Registered User regular
    edited August 2007
    First of all, read your lease. See whether it says anything about adding or changing tenants. If it doesn't call your leasing company and ask them if it's okay with them if you add an additional tenant and what impact that would have on your lease and the amount of rent. In some places, with more tenants, landlords will raise the rent. Don't explain your troubles regarding money right away.

    If the lease or your leasing company explicitly says that you can't add or change tenants, then explain the situation to your leasing company, and ask them about your options. They should be willing to work with you to some extent.

    If the above don't work, you might consider loaning these guys (with a signed contract) the money they need to temporarily meet the rent if you can afford it. You should be cautious here though, because loaning money to friends can be a bad thing if they don't pay and you need them to.

    If all the above don't work, you may have your credit impacted if you move out or are otherwise delinquent with the rent. You will also most likely loose any deposit you put in for the house.

    witch_ie on
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    nexuscrawlernexuscrawler Registered User regular
    edited August 2007
    You may also be able to sublet an additional roomate. The person wouldn't be on the lease but would sign an agreement with you to live there and pay you rent. Might be easier than amending the actual lease. If you're allowed to do this or not is determined by your lease.

    Also the leasing agency probably doesn't want the legal hassle and annoyance of evicting you either. It's a giant pain in the ass. If you really can't keep up with the rent contact them and see if they would release you from the contract. Shouldn't take any credit hit there.

    nexuscrawler on
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    Kerbob97Kerbob97 Registered User regular
    edited August 2007
    Do not just walk!

    I am hearing more and more people do that and it ruins your credit, and can cause all sorts of other problems.

    Talk to the leasing agency. With all of the foreclosures and mortgage issues, they are much more willing to deal than normal. I spoke with one mortgage company where they were basically letting people stay for free, and maintain the yard and house, while they attempted to sell the house. For like six months.

    Kerbob97 on
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