My friend is getting an apartemnt and im moving in w/ her. Im, only 17 and she is 18 w/ a one year old baby girl. The renters dont know im moving in also.. Im just gonna be 'staying there alot'. ((its only one bedroom)) But anyways, she needs a co-signer because she only makes minimum wage and is only 18. What exactly do they have to do? ((the co-signer)) Rent is only $625 a month so she can afford it..... =]
2007-08-05 12:05:51 · 9 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Not much of my stuff is gonna be there. And im only gonna be there like 4-5 days a week and the renter knows that. She can afford it, minimum wage here in WA is $7.94 and she gets $300 a month for her neice ((the baby was her sisters but she now has custody.))
2007-08-05 12:26:44 · update #1
the owner knows id be there most days of the week staying the night because she works nights. I dont even know for sure if im going. I am living in Cali right now so IDK if I want to move all the way to WA!
2007-08-05 12:33:02 · update #2
I know I cant co-sign! Her brother would be.
2007-08-05 12:39:28 · update #3
A co-signer is someone that signs an important document with that has good credit, almost like voguing for you, but only with their credit. Also it means that if you get a co-signer and you do not pay the payment, or do what is expected of you when it comes to the document or obligation than that person that co-signed is ultimately responsible for every thing that was signed for in the beginning .
2007-08-05 12:21:28 · answer #1 · answered by jason f 1 · 1⤊ 0⤋
This would be the WORST mistake you could make, even if you could co-sign (which you can't b/c you have to be 18 to sign a contract), a co-signer is a co-renter and you are JUST as responsible for the rent as she is.
If she is making minimum wage, she'll be scraping the bottom of the barrell to pay $625...that is EXTREMELY high rent for a minimum wage worker.
If she could afford the apartment, she wouldn't need a co-signer.
She can't afford the apartment, and you need to be staying at home with SINGLE friends without children...that girl has baggage in her life that she is trying to pawn off on you and you need no part of that sweetie.
2007-08-05 12:14:49 · answer #2 · answered by Expert8675309 7 · 0⤊ 1⤋
A co-signer is someone who will also take responsibility for the apartment, if in the case that she were to stop paying her rent or if she does not have enough credit to get the apartment. You may want to be very careful about staying in the apartment, and read over her lease very well, because they may permit her from having unauthorized tenants in the home. If that's the case and they find out that you are living there she can be evicted. If that were to happen she would have a hard time finding another apartment to live in for a long time.
2007-08-05 12:13:09 · answer #3 · answered by Olivia 3 · 2⤊ 0⤋
A co-signer is someone else on the lease, but not an occupant, that will be LEGALLY responsible for the rent if the lessee doesn't make the monthly payments. A co-signer also has to be an adult, have decent credit, and have the means to make the payments in case the lessee can't. They also have to be willing to enter into a legal and binding contract for the apartment.
A co-signer is someone that has to have a lot of faith in you to make your monthly rent payments. Usually, a co-signer is a parent or a family member. A co-signer is willing to put their good name and money on the line for you; it's a HUGE risk for them. Asking someone to be a co-signer is not a matter that should be taken lightly.
2007-08-05 12:17:05 · answer #4 · answered by Anonymous · 1⤊ 0⤋
This is not a good idea. The people she is renting the apartment from are not stupid. They will figure out that you are living there and not just "staying there a lot" Have a person living in the apartment that is not on the lease is grounds for eviction. You say that rent is only $625 a month but what about utilities? Are any of those included? I really don't think she can afford the apartment.
2007-08-05 12:16:55 · answer #5 · answered by Anonymous · 0⤊ 1⤋
A co-signer is basically a back up just in case the main person fails to pay. So, if she fails to pay the rent then you will be responsible to pay for it. If she runs away without paying then you will be responsible for it. Things like that. Another thing is, you have to be at least 18 years old to sign anything like that. 17 is still under age and you are a minor. You don't have any right to sign it. Your friend needs somebody who is at least 18 years old to be a co-signer. How long have you known her? If you haven't known her for long then you need to be really careful.
2007-08-05 12:29:21 · answer #6 · answered by Caitlyn 4 · 1⤊ 0⤋
Co signer is some one with good credit who agrees to take on the financial responsibility of the debit if the person contracting defaults. Almost always has to be a relative. Allowed is up to the person who wants to rent.
2016-04-01 00:36:54 · answer #7 · answered by Anonymous · 0⤊ 0⤋
A cosigner is a person who guarantees in writing that if the person on the loan or in this case the lease doesn't make the payments, the cosigner will.
Other issue - depending on what her lease says, you might not be allowed to move in with her (or "stay there a lot") and could not only get yourself thrown out, but her and her baby also if the landlord notices - and they probably will.
2007-08-05 12:20:45 · answer #8 · answered by Judy 7 · 0⤊ 0⤋
l guess its like a guarantor, where they will take on the debt if you are unable to pay
2007-08-05 12:09:26 · answer #9 · answered by t.s 5 · 1⤊ 0⤋