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reminds me of all those who never heeded the words on the investments in their 401k " may contain risk and past performance is no inicator of the future."
then in 2008 they did the wrong thing, bailed and ran , lost 1/2 their money and couldnt believe the risk they took on.
heck i only co-signed that i would be responsible, i didnt think i would really be responsible if the first party didnt pay....
I cosigned for someone and they are now being threatened with eviction. there are 2 months left on the lease. I am looking for a new rental for MYSELF and am worried that (a) Iwill be billed for the 2 months and /or (b) my rental record will be damaged. Can either of these happen to me?
I agree about co-signing, you are responsible. If you can come up w/ the monies, you could avoid this. But, perhaps it hasn't yet been reported to a credit agency, so your new credit check may not reflect any problems yet. Your new lease may or may not be effected. However, if your having co-signed does show up, it may make the new lease company nervous because you may look over-extended, and that depends on your income. I suspect since you were allowed to co-sign, which is usually based on a credit check, you may not have any problems if you are on a new lease prior to the credit report reflecting this non-payment. Takes a bit to get this on a credit report.
I cosigned for someone and they are now being threatened with eviction. there are 2 months left on the lease. I am looking for a new rental for MYSELF and am worried that (a) Iwill be billed for the 2 months and /or (b) my rental record will be damaged. Can either of these happen to me?
Yes and yes, in short.
Quote:
Originally Posted by Dollydo
Yes...so, why don't u move into their apartment and thus finish the lease off?
This is a good idea if you are looking to move anyway, why not work out a deal with the LL and try and move into a unit they have for rent, and pay a bit more monthly to work off the debt so to speak. Then take your loser friend to court and sue then for the amount you will be billed.
i never co sighn for no one. nope nope nope. it's your credit and rental history. would you buy a 17 year old a audi r8?? not being rude thats one of the dumbest things anyone can do!! i would have told this person to goto a bank and take out a secured loan and pay it back on time and get a secured credit card. but never cosighn for no one. it's your ass mr.
Not only your rental record will be damaged. If they actually make it to court for the eviction, you will probably be named in that too, that goes on your public record that you were named as a plaintiff. And if they go for a garnishment of wages, they will go after you on that too, which will go on your credit report.
If the person you cosigned for doesn't pay, and you don't want to mess up your credit for the next 7 years, you'll need to cough up what they owe.
However, here is the problem. If you cough up the 2 months they currently owe, that doesn't end their obligation under the lease. There is nothing to stop them from continuing to live there and continuing to not pay, and you continuing to be liable for their rent. Plus, when they move out, you are also liable for their damages.
Is your friend/family member willing to move out if you pay off what they owe? If so, talk to the landlord and see if he will release them from the remainder (if any) on their lease if they vacate willingly, and you pay what is owed. That is the best you can hope for at this point. Then if you want to sue your friend in small claims for what they owe you, you can.
If your (ex) friend is not willing to move out, you have yourself a problem, and a moocher friend. You'll have to see if you can negotiate with the landlord to evict them in court without naming you, and then pay the landlord everything due (which will include rent, damages, court costs, possibly attorney fees, and possibly sheriff fees for the eviction). On a rental at $800/month, it could be as high as $6000, not counting damages. Sheriff fees are usually $1000+, it could take as long as 3 months to get them out, depending on your state and how long the waiting list for the sheriff is, sot that is 3 more months of rent, in addition to the 2 they already owe, plus the other costs and any damages.
Occasionally I have allowed co-signers... usually a parent will co-sign for a child starting out...
Close family are the only co-signers we accept because of the responsibility.
Chalk it up to a life lesson...
I wouldn't co-sign for my own child for an iPhone. Children will be the first to stab you in the as....er...back. "Oh, Dad's rich. He can afford 200 thousand dollars for my college bill he co-signed for that I plan to default on."
I assume you have some relationship with the person you cosigned for. Get in their face, and explain to them that they're screwing YOU over, not the LL. Get them to move out, and pay off the LL, BEFORE he files against them.
I assume you have some relationship with the person you cosigned for. Get in their face, and explain to them that they're screwing YOU over, not the LL. Get them to move out, and pay off the LL, BEFORE he files against them.
It was 5.5 years ago, so I hope it was long since settled one way or another.
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"Oh, Dad's rich. He can afford 200 thousand dollars for my college bill he co-signed for that I plan to default on." 
