 co-signed by parents (by alicewonder [TX]) Aug 17, 2018 4:41 PM
 co-signed by parents (by NE [PA]) Aug 17, 2018 4:43 PM
co-signed by parents (by AllyM [NJ]) Aug 17, 2018 6:27 PM
co-signed by parents (by Jeff [CO]) Aug 17, 2018 6:55 PM
co-signed by parents (by Vee [OH]) Aug 17, 2018 7:20 PM
co-signed by parents (by fred [CA]) Aug 17, 2018 8:20 PM
co-signed by parents (by Robert J [CA]) Aug 18, 2018 5:32 AM
co-signed by parents (by J [FL]) Aug 18, 2018 12:46 PM
co-signed by parents (by John2 [MI]) Aug 18, 2018 2:07 PM
co-signed by parents (by FabricGal [CA]) Aug 19, 2018 12:57 AM
co-signed by parents (by alicewonder [TX]) Posted on: Aug 17, 2018 4:41 PM
Message:
The potential tenants knew they have lower credit score, below 600. and wanted to ask her parents to co-signed the lease.
What is the co-signed liability/responsibility?
Should I require the same documents as I checked the tenants:
1. rental application
2.credit report
3. tax return 2017
4. bank statements
5. employment
6. anything else?
The adult kids make a decent income, but again, they spent the all.
Thanks.
--136.62.xx.xx |
co-signed by parents (by NE [PA]) Posted on: Aug 17, 2018 4:43 PM
Message:
Just get different applicants. --50.32.xxx.xxx |
co-signed by parents (by AllyM [NJ]) Posted on: Aug 17, 2018 6:27 PM
Message:
When this happens I get a credit check on the cosigner. If they don't have good income and credit they are not going to pay if the young couple can't pay. Some people say to put them right on the lease. The credit score is not as important as whether they pay or not. You need to see an actual credit report that lists all of their accounts and how late they have been. The credit report will tell you if they have been months late and whether or not something went to collection by a collection agency. Did you get a copy of their pay stubs to see exactly how much they make? You must do that. If this couple has been living with the parents and the parents can't stand them anymore, they will lie and do anything to push them onto you. Make sure you get an actual credit report and pay stubs. --73.178.xxx.xx |
co-signed by parents (by Jeff [CO]) Posted on: Aug 17, 2018 6:55 PM
Message:
I avoid those. If you have to bring legal action, can you find them? --98.245.xx.xx |
co-signed by parents (by Vee [OH]) Posted on: Aug 17, 2018 7:20 PM
Message:
Only way this is good is when they have nearly paid off the home n your court jurisdiction, remember you can't garnish wages in TX so you have to lien real property or take 8-10 months prepaid. --76.188.xxx.xx |
co-signed by parents (by fred [CA]) Posted on: Aug 17, 2018 8:20 PM
Message:
Parents as co-signers? They will bolt out and hide at the first sign of non payment of rent.
If you have nobody else in line to rent, ask the young people to double the S.D. and go sleep well at night.
When the rent is late, send them P or Q notice immediately, don't waste a moment. --99.59.x.xxx |
co-signed by parents (by Robert J [CA]) Posted on: Aug 18, 2018 5:32 AM
Message:
A co-signer only has to pay after the landlord proves rent hasn't been paid, and not before. So after you win you eviction case in court, you then can sue the co-singer in small claims court. If the parents live faraway, you may be out of luck.
So instead I put the parents on the lease. I write a short letter that from what I understand the parents often visit their child and will stay overnight a few days a month. That's why they are on the lease, because they will be a tenant too, just won't live there everyday.
Now when rent isn't paid, the parents will also be evicted and this will destroy their credit -- so of course they will cover the rent, on time.... --47.156.xx.xx |
co-signed by parents (by J [FL]) Posted on: Aug 18, 2018 12:46 PM
Message:
I wouldn't do this. Although I've never done one, to me a cosigner is for situations like full time college students...not for irresponsible adults with bad credit. --72.188.xxx.xxx |
co-signed by parents (by John2 [MI]) Posted on: Aug 18, 2018 2:07 PM
Message:
Been there done that.... don’t do it if you don’t have too... for all the reasons above and you will also have to deal with people calling about issues that don’t even live there... example: my son called you and you said you wouldn’t fix XYZ until he gave you $100.00... --24.247.xxx.xxx |
co-signed by parents (by FabricGal [CA]) Posted on: Aug 19, 2018 12:57 AM
Message:
Robert J, I love your idea! Awesome! --68.8.xxx.xxx |
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