Ask Experts Questions for FREE Help !
Ask
    grancitelli's Avatar
    grancitelli Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Nov 15, 2006, 04:51 PM
    Co signing for an apartment
    I have been asked to co sign for an apartment for my brother and uncle to move into. My uncle has bad credit and now they need me to co sign for the 1year lease. Im wondering if could I make up a contract for my brother and uncle to sign to pay me back if they break the lease. Would that hold up in a court of law.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #2

    Nov 15, 2006, 06:03 PM
    Of course you can but you would have the same luck getting your money as the landlord was having,

    Do the what if's. If they move out in 6 months, do 2000 in damage moving out, are you ready to pay them 3 or 4 thousand dollars?
    If they can't afford to rent, let them find somewhere they can get into on their own. Do not co-sign for them.
    It is only going to hurt your credit. When they get evicted and you get sued, ( without notice they are getting evicted) that judgement will be on your credit record, just like it was yours.
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
    Ultra Member
    		  
    #3

    Nov 16, 2006, 09:41 PM
    I agree 100% with Fr Chuck.

    Do NOT co-sign.

    If they can't afford this place, let them find another place they CAN afford.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Co-signing [ 7 Answers ]

A friend aked if I would Co-sign for him on a six hundred thousand dollar home because his credit score is below seven hundred. If I did this, what would my legal obligations be. Can I go back a revoke at any time.

Smoking after signing would not do so in rental [ 1 Answers ]

I just inherited my Mother's home. Both my parents died from effects of smoking or the smoking environment and I have some sort of allergy that acts up when I am in her home and cannot breathe properly so I required my tenants not to smoke in the house. They agreed and initialed two paragraphs...

Fire Damage to Apartment - Landlord using to upgrade apartment [ 8 Answers ]

Earlier this year my apartment was minimally damaged by a fire. The exact cause of the fire is unknown, however it is believed that my cat knocked something onto the stove which then turned on and burned the basket. Fire damage to the apartment was restricted to the kitchen stove area. Smoke...

Contract signing [ 3 Answers ]

Hello everyone, Can some one give me some advice on contract signing. If you have signed a contract, what can exempt you from signing is mental health one.:confused:

Co signing on a loan [ 2 Answers ]

I'm not sure to do about this one so seeking some advice. My brother called me and asked if I would co sign on a loan for his girlfriend, who is buying a new horse. It is about $9,500. They have been going out for about a year now and have had some problems, but she is really nice, though I...

View more questions Search