I am the co-signer for my nephews apartment...now he's getting evicted. Is my credit going to be screwed now?

Question

His mother begged me to co-sign and promised me that she will take care of it if he doesn't pay his rent. He's now 3 months overdue and is being evicted. I have tried to call him and his mother and they won't answer my calls. Since I'm the co-signer, I went into his apartment to get some of his music equipment to sell. I figured I could maybe sell his stuff and get the money together so this won't effect my credit. Will I get in trouble for taking his stuff? Anyone have any suggestions on what I should do? He owe's a little over $3k just to get caught up with his rent and to buy out his lease...a little over $5k. I don't have that kind of money to dish out to protect my credit. I'm so stuck and I don't know what to do. Any suggestions welcome. I knew I shouldn't have done it but he had just gotten a new job with a great company and he was trying to better himself and get out on his own. I knew what it was like just starting out. But now I'm going to pay for it.

Answer 1

If you cosigned for the lease, then you are on the hook for the payments. There would be no benefit to the landlord of having a cosigner if you weren't obligated, right? If the landlord reports this to the credit bureaus it will effect your score. This will cause you problems taking out a loan, opening a new credit account, or buying insurance.

Answer 2

in all probability, yet you would be extra useful off paying off all your pupil loans and credit enjoying cards till now you start up procuring assets for an investment. what's going to take place in case you don't get any tenants or ones who won't pay or trash the placement? It happens for all time. Do you have the money for maintenance? in spite of purely one relatives in a house, the maintenance are persistent. What if the two of you loses your activity? despite you agree directly to purchase, get an staggering inspection and somebody to tell you if the placement is very priced. Get finished coverage. My brother began with a double that had to be fastened up. once you pay each thing off and have some earnings, then you definately can start up with a smaller investment like that.

Answer 3

Yes, your credit will be affected and it will state on there you were subject to eviction (even if you were not the one renting the apartment). It will show up when you try to rent an apartment yourself or buy a house.

No - you can not let yourself in to someones aparmtent, remove their belongings and sell them because they owe you money. This is called robbery.

Best bet - put all of his stuff back NOW and don't ever co-sign for ANYONE.

Answer 4

if you co-signed, they will come after you. Sell his stuff, they obviously screwed you. Take anything of value, If they *****, tell him you're holding on to it as security and they can pay what they owe you plus any extra costs you incur. IF they actually pay you after you sell the stuff, just keep the difference you need to break even, plus $100, and give the rest back. They don't seem like the type that would be able to do anything to you legally

Answer 5

Since you are the cosigner then yes you are responsible for it too.Try talking to the rental company and see if you can make payments to them.. Or ask about whether you can lease it out to someone else so that you won't be totally liable for the rent...

Answer 6

sorry to say, it will show on your credit report. PLUS the landlord can demand payment from you and sue you and even have your wages garnished for it.

Try to sell as much of his stuff as possible to recoup whatever you can - even though he is not going to be happy about it, but too bad.

family things like this OFTEN go bad. sorry - it's a tough lesson to learn

good luck to you

Answer 7

Yes

Answer 8

your right.......your screwed..........