Property management group lets newly-unemployed tenants out of leases - WMC Action News 5 - Memphis, Tennessee

Property management group lets newly-unemployed tenants out of leases

By Anna Marie Hartman - bio | email | Follow us on Twitter

Fogelman Property managers all over Memphis and Shelby County are trying to the ease the burden of owing your landlord if you suddenly find yourself out of a job.

Fogelman Marketing Director Tammy Yeargen says the economic crisis has brought an unsettling trend. "Many of our current residents and prospects are having that concern of 'I don't want to sign a 12-month lease because...what if something should happen?'"
 
With so many people losing their jobs, Fogelman is offering an employment interruption program.

Yeargan says it's a peace-of-mind plan for any tenant due to resign a lease. "At any time during that lease, should they lose their job, then they will be let out of their lease with no additional penalties."
 
Residents must give 30-days notice and produce proof of unemployment - either an official termination notice or documents from an unemployment office.
 
The employment interruption program is a cheaper plan than breaking a traditional lease, which usually requires a 60-day notice and two month's rent.
 
There's no enrollment fee for the program, which is available at all 15 Fogelman properties, covering about 5,000 units in the city and county.

"It's bad enough to lose your job and have that worry. You shouldn't have to worry about another impact to your credit, or to lose your home or 'What are we going to do?'" said Yeargen. "We just want to ease that burden a little bit."

    

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