Answer
If a tenant defaults on the lease, most landlords will request payment from the co-signer even if it means taking him/her to court. The co-signer can be held accountable for the rent whether they live on/in property or not. Evictions CAN be placed on your rental history & Negative Items (non-payment/default) CAN be placed on your credit history causing serious long terms problems when it comes to credit.
Co-signing a lease is a serious responsibility that should not be taken lightly. Do not underestimate the risk someone is to assume upon agreeing to co-sign.
Furthermore, a co-signer must know whether he/she is responsible for only the first year of the lease or for renewals thereafter-- as is usually the case. If tenants have been paying their rent on time during the first year, and their incomes improve enough to have the lease on their own, then before their current leases renew, they should seek to have non-co-signed leases for the future. If the tenants are unwilling to do this, and the co-signer wants to be relieved of future liability, then the co-signer should send a written notice to the landlord, before the lease renews, requesting he/she to be removed from the agreement as a co-signer.
First answer by Cristelize. Last edit by Lwdc6241952. Contributor trust: 0 [recommend contributor]. Question popularity: 92 [recommend question]
Answers.com > Wiki Answers > Categories > Home and Garden > Renting > What happens if you are the co-signer for an apartment and the other person defaults on the agreement?
Our contributors said this page should be displayed for the questions below. (Where do these come from ) |
| If any of these are not a genuine rephrasing of the question, please help out and edit these alternates. |
