When a tenant breaks their lease in Georgia they not only lose their security deposit but remain responsible for the rent until the property is re-rented.
How is this accomplished? It depends on a lot of things. You should have some information regarding where they work and bank from their lease application, checks and pay stubs. When I can I try to collect post dated checks from the inception of the lease, no one wants to be charged with passing bad checks. I always get a parent to co-sign for a student because most of these kids are clueless and self-serving, the written agreement means nothing to them.
So, if you have banking info and know where they or their co-signer works you can take them to small claims court and if you win you will be able to freeze their bank account, garnish their wages etc.
It's a process that can take time. The best advice is to keep the security deposit, move on and get that thing re-rented. Sometimes it's just not worth the time & effort to legally pursue a breach of contract suit.
To each their own.
Friday, January 28, 2011
Monday, January 3, 2011
Foreclosure and Bankruptcy is Looming
Unable to sustain the payments on my little 2 bedroom bungalow, I couldn't sell it for what I owed, couldn't rent it for what I was paying and then my short sale was cut short, that was 3 months ago.
Still waiting to see my name in the foreclosure section of my local newspaper. I can't figure out what the lender is waiting for. The house is vacant and they are maintaining the yards but other than that nothing is happening. The last communication was an email detailing short sale terms that neither I or my buyer could meet, since then my contract expired and my buyer has moved on. I am left waiting for the other shoe to fall.
Bankruptcy seems inevitable, I just don't have the money for attorney fees yet. Meantime, I've moved into one of my rental apartments and have had to stop paying on my credit cards in order to maintain. No one is hiring people in my age group so, I will have to rely on my wits to get through this.
Still waiting to see my name in the foreclosure section of my local newspaper. I can't figure out what the lender is waiting for. The house is vacant and they are maintaining the yards but other than that nothing is happening. The last communication was an email detailing short sale terms that neither I or my buyer could meet, since then my contract expired and my buyer has moved on. I am left waiting for the other shoe to fall.
Bankruptcy seems inevitable, I just don't have the money for attorney fees yet. Meantime, I've moved into one of my rental apartments and have had to stop paying on my credit cards in order to maintain. No one is hiring people in my age group so, I will have to rely on my wits to get through this.
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