Disclaimer: I am not a lawyer. I am
only publishing my interpretation of my situation. You should seek your
own legal representation for your own particular
situation. Do not rely on my
opinions or statements for your own purposes as state
and local law varies as do individual circumstances.
The lease on my rental condo is up for renewal at the
end of March. I am scared to renew it as there is currently no
layoff clause in the lease agreement. Considering that my
employer just announced that they will layoff about 5,000
employees this year, I think I need to carefully consider my
options before I lock myself into a 12-month lease that does not
allow me to break the lease even for a layoff.
Currently, my lease
agreement states that I am responsible for twelve months of rent
payments regardless of anything else. I cannot vacate the
property without still being responsible for the remainder of
the monthly rent payments. The lease agreement does state that
the owner will not hold me responsible for rent payments after I
vacate the property if the owner finds another renter who moves
in and takes over payments. The lease agreement does state,
however, that the owner is under no obligation to find a new
renter (what kind of incentive is that for the owner to find a
new tenant?).
As such, I am looking for
what my other options for housing are. My first option is to
move into my other condo. Unfortunately, that condo will go into
foreclosure soon. I do not know how soon, but it will be surely
some time this year. Still, that will give me some time and it
will save me some money as I am not making mortgage payments on
that condo. Once that condo goes back in foreclosure, I will
have to move again. At that point, my options will be to move
back home and into my grandmother's house (my grandmother passed
away last September and left the house to my mother) or move
into another rental property. I dread the idea of moving back to
my home town so I am leaning more towards renting a place. That
means that I will have to apply for a rental place and they will
pull my credit report again. I risk not having a good enough
credit report so I might be stuck with the other option of
moving into my grandmother's house. I hope this is not the case.
So many problems...
Back to the immediate
problem at hand, should I renew my lease even though it does not
have a layoff clause (a clause that will let me break my lease
if I lose my job). I have decided not to renew the lease as it
is. I have, however, asked my leasing office if a layoff clause
might be added. They have not gotten back to me about this
although they did not immediately just say 'no'. Unless they
change the lease agreement though to include a way for me to get
out of the lease if I am laid off, I will not be renewing.
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