My wife has co-signed for a friend of 15+ years and just had a falling out. What can WE do to get my wife off the rental agreement. Oh, BTW, her friend would not have been able to get this apartment had it not been for my wife co-signing for her. Please help.

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Originally Posted by bigdaddy65

My wife has co-signed for a friend of 15+ years and just had a falling out. What can WE do to get my wife off of the rental agreement. Oh, BTW, her friend would not have been able to get this apartment had it not been for my wife co-signing for her. Please help.

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Read the contract about early termination. Both are responsible for the full amount unless there are other clauses in the agreement..

If the person can't qualify... is this a good situation for either of you to be in??

Basically - only co-sign for family... you will find the two kinds of relationships have a lot in common.

OH - BTW - depending on your state and the terms of the contract - YOU could also be responsible for the debt... Don't make this your wife's problem..

The only way she can get out is if the lease is terminated. Until then she is stuck.

TA, this IS my wife's problem. I am not using her as a scape goat, I am just looking for information to, MAYBE, get her out of this. I had told her that it wasn't a good idea to begin with, but that was the only way she could get her out of the house she was in and into the apartment.
So I am not bringing my wife into this, she has brought me into this.

Agreeing with Scottgem (it won't let me rate the answer) she is stuck, if she is still on speaking terms with the friend ask her to find another co-signer and maybe the landlord will re-do the lease.

One point. When the lease expires, she needs to inform the landlord she is not renewing otherwise, the landlord will continue to hold her responsible.

Thank you for all your responses. I was hoping that there would be an easier way out of this. I guess WE will have to hope for the best and her friend keeps paying the rent.