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You have been asked to co-sign an apartment rental for a friend The apartment is rented on a monthly basis with no lease Only requirement is a 30 day notice If your friend defaults would you be respon?
Wiki User
∙ 16y ago
yes, by signing a contract as co-signer, you are agreeing to act in their place if they do not honor the contract. So, if your friend doesn't pay the rent, you can be held liable for it.
Wiki User
∙ 16y ago
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Cosign lease extension?
To cosign a lease extension means to become legally responsible for the lease agreement alongside the primary tenant. This includes agreeing to uphold all terms and obligations of the extended lease period as a form of guarantee for the landlord in case the primary tenant is unable to fulfill their responsibilities. It's important to understand the implications and commitments involved before agreeing to cosign a lease extension.
If you cosign for a car loan can you be sued successfully?
Yes. If the signer defaults on the loan, then you, as the cosigner, would be liable.
Can a parent cosign on getting an apartment for their 17-year-old?
Yes
Does your credit go bad if you cosign on a car?
if the principal loanholder defaults you will be stuck with the payments.Miss them and your credit can go VERY BAD!
Will a cosigner's credit be affected if they cosign for someone who has a bad credit score because of a Chapter 7 bankruptcy?
The cosigner's credit will only be affected if the person that they cosign for defaults on the loan. The bankruptcy will not affect the cosigners credit.
If I were to Cosign for someone so they could get a car what happends What is my obligation then?
You could be held liable for the payments if the other party defaults. Your signing the contract is "insurance" for the lender that payments will be made, and they will consider you responsible if the primary party defaults.
Can you cosign if you are on unemployment?
You can co-sign, but no creditor will ask you to nor accept you as such because you can't gaurantee you'll cover the debt if the other party defaults.
Can your husband cosign on someone's home without your knowledge?
Yes. And if he does he will become equally responsible for paying the mortgage if the primary mortgagor defaults on their mortgage payments. The bank will go after him for 100% of the debt.
If you cosign an auto loan for your child why does the dealership say that the car has to go under your insurance?
Only the dealership can tell you why they have made this requirement.
Can a credit provider report a guarantor to credit reporting agencies based on the defaults committed by the principal?
If you're talking about a cosigner, then yes. The cosigner's credit gets dinged also. Be careful about who you cosign for.
If you Co-sign auto loan and the person defaults on the loan- can the finance company take your house?
No. If you cosign on a car loan and the person defaults, the finance company can not take your house in this state. After the finance company seizes the car, both you and the other person would still owe the unpaid balance of the loan.
Is there a minimum age requirement to cosign a loan?
Yes, only an adult can sign a loan. In most places that means you must be at least 18.
