What are the legal obligations of co-signing for an apartment?Will it affect my credit rating?

you are legally responsible as if you signed and lived in the unit personally, so if the person fails to pay rent, or damages the place during the tenancy, you are legally obligated to pay the bills, failure to do so can result in judgment issued against you and collections proceedings

What are the legal obligations of co-signing for an apartment?Will it affect my credit rating?

When you co-sign for anything, be it an apartment or a loan, you are guaranteeing the contract out of your own pocket. It%26#039;s almost as if the other person (the one you are co-signing for) isn%26#039;t there. If that person fails to live up to the contract, they come down on you.

So, yeah, it can affect your credit rating.

What are the legal obligations of co-signing for an apartment?Will it affect my credit rating?

Basically your obligations are the same as if you physically live there.

By co-signing you are accepting all obligations the people that actually live there have.

Yes, it will affect your credit (good or bad).

What are the legal obligations of co-signing for an apartment?Will it affect my credit rating?

If your co-signee is not going to pay every month and also always late, you will pay for him or her. If he suddenly disappear your name is at stake. If this is not your son or daughter that you love so dearly, DO NOT CO-SIGN FOR ANYBODY. You can lend some money but don%26#039;t do it permanently. Co-signing in a lease is permanent until you renew it into a new lease.

What are the legal obligations of co-signing for an apartment?Will it affect my credit rating?

You must make the payments if the person you co-signed for does not. If you don%26#039;t, it will go against your credit. You have to be darned careful who you trust this much.

What are the legal obligations of co-signing for an apartment?Will it affect my credit rating?

If the person living in the apartment doesn%26#039;t pay, legally YOU are obligated to do so. If the apartment%26#039;s management company reports to the credit agencies, it will show up negatively on your credit report.

DO NOT co-sign for anyone - friend OR family....doesn%26#039;t matter. You%26#039;ll wind up with a bad relationship and less money.

You have to understand, the reason they NEED a co-signer is because they have a bad habit of NOT PAYING THEIR BILLS.

Unless you%26#039;re prepared to let this person mooch off of you until the lease is up, DON%26#039;T DO IT!

What are the legal obligations of co-signing for an apartment?Will it affect my credit rating?

Co-signing makes you legally obligated, however unless you get behind in rent and it is turned over to a collection agency it will probably never show up (good or bad) on your credit.

http://www.alabama-mortgage-specialists....

What are the legal obligations of co-signing for an apartment?Will it affect my credit rating?

As a co-signer you have the same obligations as the person you co-signed for. If you or the other person defaults, it could indeed affect your credit rating.

What are the legal obligations of co-signing for an apartment?Will it affect my credit rating?

if the original person living in the apartment doesn%26#039;t pay for some reason, then the complex can go to the cosigner for the money. That%26#039;s your legal obligation when you cosign.