|
|
| *Ostroff, Fair and Company>>>Credit |
Taking your name off of a lease? |
I know that if you break a lease in the middle of a term it ruins your credit. How bout if you have one name taken off instead of both breaking it? Does it still have the same consequences for the person leaving? Most creditors or landlords will not just take one name off of a lease at first request. Having multiple names on the lease gives them better control of the situation in case the parties listed on the lease default on the lease. Also, if the lease was made based on 2 people and both incomes, etc... then the creditor or landlor may want proof that the person left on the lease can qualify for the lease on their own before releasing one of the individuals from the lease. From the sounds of things it sounds like this could pose a problem for you. It never hurts to try though. You may end up pleasantly surprised. Best of luck and I hope everything works out. Make sure you get it in writing from the landlord releasing you from liability and it won't. As long as the landlord has no problem removing your name, it should have no effect on your credit. Finance Manager for over 7-years. it may differ from location to location...however if the party staying on the lease is willing to release you of any and all liability involved then you should be ok, however if they are not ok with you removing your name you will be held responsible for your half of the obligation as far as i know ...if they are releasing you from liability make sure the leasing office is aware of it all and that everything is in writing and very clear!!!!!! you may want to talk to your landlord, see if they have a policy around getting out of your lease, they may want you to find an alternate tenant to take over the lease, see if you are allowed to sub-let the apartment to another candidate, ask the person you are leaving in the apartment to find someone to move in with them. check out your local landlord/tenant rights, see what options you have... whatever you do, remember to make sure you have copies and documentation of all of the process till you leave whatever happens. good luck If the landlord agrees to take you off the lease there will be no problem. If they don't agree then you would still be equally responsible for the place until the end of the lease term. At which time you can just leave and not sign the new lease. However, the only way they will usually take someone off the lease if by seeing if the person(s) who will remain on the lease qualify on their own. That is do they have enough income and is their credit good enough. If all of that checks out they will usually, but not always, cancel the current lease and create a new lease with just the people who will remain on it. If they don't qualify on their own your only options would be to do an early move out(which usually involves a penalty) or just tough it out to the end of the lease. |
| Tags |
| Investing Insurance Credit Corporations Other - Careers & Employment Technology |
Finance Categories--Copyright/IP Policy--Contact Webmaster |