How many of you have had your own apartments before? A few? Perfect.
If you haven’t before, let me just give you a brief overview of what goes on.
First, you find your perfect apartment.
Next, you send in an application. If you’re a student or someone with a part-time job, the leasing company will ask for a co-signers application. In other words, your parents will most likely co-sign another piece of paper, taking MORE responsibility for you and your debt. Like my mom (Hi!) who has co-signed two leases and four loans for me to go to school.
Third, if the application is approved, then you’ll be able to sign your lease and get your new apartment!
But in some cases, your parents won’t want to co-sign or have some doubts after co-signing. This is totally understandable! Who wants to be responsible for someone else’s rent? (Hint: Nobody). Right now, N and I are going through this with his mom. She agreed to co-sign a few weeks ago, but this morning started voicing her concerns to him. A lot of them are scenarios that WILL NEVER occur: like the state taking her house if N doesn’t pay his rent. (Another hint: That won’t happen).
Because of this who situation, I decided to outline what the responsibilities of a lease co-signer actually are, with myths and facts.
MYTH: The co-signer will have to pay the tenants rent.
FACT: The co-signer will only have to pay rent, if and only if, the tenant does not pay it on time. (And if your co-signer is like my mom, you’d be getting one pissed off phone call telling you to cut the shit and pay your rent on time, you lazy piece of shit.)
MYTH: The co-signer’s credit will get ruined just by co-signing.
FACT: The co-signer’s credit will only take a hit if a payment is late and the co-signer is contacted to make up for the payment.
MYTH: You should never co-sign for anybody you know.
FACT: You should be wary about co-signing in general. But, if your child (or whoever the tenant is going to be) has been responsible in paying rent for an apartment in the past, pays their bills on time and is overall a responsible, capable person, then go ahead. Sign away!
If worst comes to worst and your co-signer doesn’t find this blog entry helpful, then a simple Google search, “responsibilities of a lease co-signer” brings up 145,000 results or you could just find a new co-signer.
I know that this will all blow over, with no issues. But, I have to admit, it’s pretty stressful to hear N’s mom’s concerns. We’re moving in 23 days and I still haven’t packed up my own apartment or changed my address to forward my mail and I really don’t want this on my plate right now.
I hope that others have found this entry helpful! I’d love to hear comments about how others have dealt with this in the past.