Yes, because you co-signed you signed a contract stating that you will guarantee that funds are paid if he cannot. The apartment complex can actually sue both of you because of the legal and binding contract that you both signed. We have to be very careful when we put our names and credit at risk for those we love.
You are legally bound to the lease and the obligations of the original contract as if it were your lease. You can take the person that you co-signed for to court for reimbursement.
if it says in your lease that they can - did you read it before you signed it ??
when I moved into my first apartment one of our roommates was 17 and we were told we could do 1 of 2 things... Have someone else co-sign until she turned 18 then have her take their place on the lease, or have her parents legally sign over guardianship of her to us and she would be a dependent living with us until she turned 18 and we would then put her on the lease. in the end, her mom co-signed and she took her place 3 months later when she turned 18.
Move out of the apartment, let them keep your deposit. Or you can, with the landlord's permission, assign the lease to someone else to take over.
a cosigner is a person who is responsible for the rest of the rent that you don't pay if u get evicted the person who signed as a cosigner will have to go to court
Yes. If you signed the loan, you are still legally responsible for it.
A "Cosigner" is a "Co-owner." Cobuyers and buyers are equally responsible for the note they signed.
No. Once a cosigner has signed the contract the only way they can be removed from the responsibility is a new agreement being made without the assistance of the original cosigner.
No, you signed, you are equally responsible for the payments, you are also equally responsible for what happens with regard to default. This is why the lender permitted you to sign as a co-securer of the original loan.
No not unless you have an agreement that you had to pay the rent.
Yes. You signed the loan agreement, so you are liable.
The best and the easiest way to get out of a loan is to PAY IT OFF ! You signed that you would be responsible for the debt !!!!!!
No. Once you have signed you are responsible for making sure the loan is paid. (An exception would be contracts signed at your home which have a right of rescission built in.)
Unless your name is on the vehicle or you reside in the apartment in which you co-signed, you have no rights in the state of California. If your name is on the car or home, then you can take possession and pay the note.
The primary borrower is always responsible for the debt if he or she has signed a valid lending agreement. It would seem logical that if the lender required the primary to have a cosigner and the named person refused to take on that responsibility then the transaction would not occur.