It really depends on the landlord. Where I live, I can break a lease, but then I have to pay a fee ($100) and would probably lose most or all of my security deposit. Basically, the landload would make me pay for whatever time the apartment is empty (while they are prepping it for the next tenant). But they would not have a problem finding a new tenant.

But I know someone who would up paying more. Since the lease was broken, the landlord claimed they could raise the rent $200 per month, which was like a 20% market-based increase (this was in NYC in the early 90s). But no one was willing to pay that much, so the apartment remained vacant, and my friend got charged the original rent until the lease ran out.

Just walk on it. I’m not an expert on Illinois RE, but most states require that landlords first attempt to mitigate their losses due to broken leases before going after the offending tenant for compensation or damages.

With just three months left on your lease, I doubt any landlord would bother coming at you for anything more.

Good luck to you…sorry to hear about your bad news.

Bond Demand Put Risky Subprime Borrowers Into Homes

Demand for bonds, and investors’ complacency toward risk, can be blamed for the record early delinquencies and defaults on subprime home loans, speakers at an industry conference in Miami said.

The poor performance of subprime home loans made last year stems from an average drop of at least 0.50 percentage point in the yield premiums for credit risk on all types of fixed-income assets since 2000, Mortgage Bankers Association Chief Economist Doug Duncan said, citing research by other economists.

“That allowed another cohort of borrowers to get into homes that wouldn’t have if credit spreads were wider,” Duncan said yesterday, citing cheaper loans and looser underwriting.

Investors, seeing “clear signs” that subprime home loans had gotten too risky, didn’t pull back from the securities because of the “increased global liquidity and increased quest for yield,” according to Stefaan DeDoncker, head of asset- and mortgaged-backed securities in the structured credit group of Fortis Bank SA in Brussels.

“Deals would get oversubscribed from the moment they were announced, even before you could get a look at the collateral characteristics,” said DeDoncker. Fortis’s 35 billion euro investment portfolio is about 60 percent in U.S. assets.

(Emphasis added)

Sounds alot like the dot com IPO market..

jb

It wasn’t that cold. No more excuses. This lamb market may be finally turning to the bears.

SAS

Soon as the weather clears, the party will start again…. in about 3 to 5 years.

Buy now before you miss the bottom!

“…a new business entity which will launch in the third quarter of 2007 and which is expected to be transformational for both consumers and real estate professionals.”

Is NAR planning to open direct sales channel to consumers through realtor.com? Skip agents, flat fee, less overhead and finally more profit.

U.S. Office Vacancy Rates Rise
>>
CR on why commercial RE investments may see a decline.

http://www.marketwatch.com/news/story/technical-evidence-emerges-rally-may/story.aspx?guid=%7B2C4B6F0C%2D83AF%2D4C01%2D9EF0%2DAB74B88A80BF%7D

Evidence is mounting that stocks are being sold by more sophisticated investors and acquired by less sophisticated ones

Middle of next month is rather quick. What’s happening?

A lurker for a few months. Moved to Chicago. I have 3 months left on my lease. Is there any way to get out of the lease.

Earlier, I could get out of the rental lease, when I lost my job due to cuts.

Bob, chicagofinance, clotpoll, any ideas.

Thanks
Lurker01