Posted by Mike H on April 22, 1999 at 21:25:17:
In Reply to: Re: Should I sign a lease for a friend? posted by Nick on April 22, 1999 at 20:14:33:
: : A friend who has a good job, but a marginal credit history asked me to act as a co-renter and sign a lease with her. I am aware of the "risk" involved, but I am certain my friend can easily meet the financial requirements. She will then move in a make all of the montly payments. In a few months, I will be looking to rent my own apartment. Will there be a record of my first lease, and if so, can it impair my ability to rent?
: I'd be real leery of doing this. What if your friend gets laid off? Even if he's a great worker, his employer might downsize to boost its stock price and the executives options. Also, he could get seriously injured and become incapacitated. Are you sure he has sufficient insurance to pay his medical bills AND his rent? What if he gets hit with a big tax bill and falls behind on his rent? If he needs a cosigner, he should go to his family first. And when you go looking for your own apartment, your prospective landlord may ask you list not only your debts, but also those of any other person which you have guaranteed. Guaranteeing the debts of another is a VERY serious matter. I'd think real hard about it.
These are very good points. Is the friendship worth the risk? Not just your friendship, but the cost you may be held accountable for?
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