Just need information on a Co signing things. What part do the play in the roll is there anyway to get out of it. I co sign for and apartment for a friend and she has left the apartment.
2006-10-20 19:24:05 · 3 answers · asked by ICUNVME 1 in Business & Finance ➔ Renting & Real Estate
Both these answers are correct. As a co-signor you promised that you would be finacially liable for your friend's debts if he/she did not pay them.
Since you co-signed on an apartment and your friend moved out, you are now liable for any financial damages (rent, cleaning charges...) due on this place until the end of the tenancy.
Your best bet now is to do one of the following (depending on the contract/lease that you signed):
1 - If this is a lease, see what the penalties are for early termination. Can you sub-let? Depending on thte answer you may opt to pay the penalties to cancel the lease or find someone else to rent until the end of the original lease period.
2 - If this is a monthly rental agreement, give a 30-day notice in writing and just pay the rent for one month. Use that time to make sure the place is rent ready so as to get as much back as possible from the deposits.
In both cases, let the landlord know that your friend has moved, that you are assuming the financial responsibility and that any deposits coming back are due you not your friend. (In most states, within 30 days of the end of tenancy, you must receive a final accounting statement and any deposit refunds.)
NOTE: in any situation, if the landlord re-rents the place before the end of the lease/notice period, he/she must refund the pro-rated rent. Landlords are prohibitted by law from collecting rents from to seperate households for the same residence, for the same period of time.
Once you manage to get the lease/ rental agreement situation taken care of, contact your 'friend' and let him/her know what the costs are. If you can't reach a payment agreement, think about taking him/her to small claims court.
If you are unsure about how to do any of these things, contact a legal aid office or an attorney in your area; they should be able to help you out.
In the future, remember that if you co-sign for someone, you are saying that you will meet their financial obligations for them if they do not. Think very seriously before agreeing to co-sign for anyone.
2006-10-21 06:05:34 · answer #1 · answered by CMR2006 3 · 0⤊ 0⤋
"dantheman" is right. You are stuck with the apartment now and have to pay until "her" lease is up. The thing to remember is "NEVER CO SIGN" for anyone. I will never co-sign for my children even though it means that they have to go to jail. It's your credit that will be on the line if they don't pay, you will be the one the creditors will be after.
2006-10-21 02:43:12 · answer #2 · answered by nannygoat 5 · 0⤊ 0⤋
When you cosign for someone, you are a part of the legal agreement. You basically promise to pay if the other person can't or doesn't. You are on the hook for the apartment for your "friend" now.
2006-10-21 02:34:24 · answer #3 · answered by dantheman_028 4 · 0⤊ 0⤋