A few years ago I helped a friend out by co signing for him to lease his apartment. He has recently come into some financial hardships and may have to move out of the apartment. We are concerned since I co signed for him in the original lease that I might face some repercussions. I have heard that I am only liable for the terms of the original lease which was a one year lease and since he has since renewed his lease I am no longer liable for his financial obligations to the property. Is that true? Or do I have something to worry about should he have to move out?

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Originally Posted by stells82

A few years ago I helped a friend out by co signing for him to lease his apartment. He has recently come into some financial hardships and may have to move out of the apartment. We are concerned since I co signed for him in the original lease that I might face some repercussions. I have heard that I am only liable for the terms of the original lease which was a one year lease and since he has since renewed his lease I am no longer liable for his financial obligations to the property. Is that true? Or do I have something to worry about should he have to move out?

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You are only liable on the initial lease (which is a contract). You are not responsible for any leases that followed - unless there was an automatic renewal and not a new lease, which he signed.