Should I co-sign my sister’s first apartment lease if she doesn’t qualify?

[Anonymous]

Should I co-sign for my sister ( age 25) and her two kids to get her first apartment. She doesn’t make three times the rent, that’s the only reason she doesn’t qualify. I’m not sure if I should help her or not

[AviatorTom]

This is a tough one. I know you want to help, but it puts you at potential risk, which you are correctly concerned about.

Ask yourself these questions...

1 Does she have enough reliable income to cover the rent, utilities and provide for her kids?

2 If she did not pay rent for 3 months, could you pay it for her without draining your bank account and still pay your own expenses?

3 Are there no other apartments that she can qualify for?

If you answer No to any question, you would be justified in not cosigning.

[Static_In_The_Attic]

Friends are friends & family is family but when it comes to co-signing documents that is a different story & it’s totally up to the individual co-signing. Just like when friends ask me for money I always tell them the same thing. As for me I’m a friend when I’m a friend but when it comes to money we are not friends & I’m not a bank either. As for co-signing that is something I don’t do regardless if the person is family or not & a long time ago someone asked me to co-sign for a car loan & I said absolutely not.

As for your sister I know she is family however the second she doesn’t pay the rent you become the responsible party & her credit will reflect that & so will yours. One day you might want to buy a house or a new vehicle that requires a loan if you need one & messed up credit can mess up your future plans.

[Mariogirl09]

Does she have a job? If only you can foot forth the bill when she can't... id have her sign up for public housing ( shorter wait list) or section 8 (long wait list) if she can't afford her own place

[Asker]

Yes she does

[Mariogirl09]

I wouldn't do it

[Kelley1]

Never co-sign. If you do co-sign, write on the lease, "In the event of non-payment, my liability is limited to $1,000. That will probably be rejected.

[msc545]

Excellent idea that I've never heard before.

[Kelley1]

@msc545 Typically, if the apartment is undamaged, it is not difficult or very expensive to get out of a lease. The lessor must mitigate damages; that is, lease the apartment again. That is something they can do quickly. I suggest offering to pay the clean-up fee and an extra month of rent. That is enough time to rent the apartment. Since they are not losing money, they don't want to sue, pay for a lawyer, and spend time in court. Collecting judgments takes time and money. That doesn't apply to business leases or other places that are difficult to rent.

[Anonymous]

Are you prepared to potentially help her pay rent if need be later? I'm not saying whether you should or shouldn't. But LIFE happens. I'm sure your sister has every intention of making good. But that doesn't mean that's the way the cards would fall. My sister helped me locate my first apartment. She even re-assured me that she wouldn't let me end up homeless. But that was the extent of it. I can't say what would have happened if I'd been denied my first apartment. But I can tell you I did have a backup plan. I planned to stay at an extended stay hotel until I either found a place that would take me, or until I ran out of money. Fortunately it never came to that.

My advice to her would be to talk to "home inc" (i think it's called). Or the "United Way". These are entities that are designed to help people find housing given their financial situations.

I'll wish her luck and pray for her.👍💯

[DryGermanGuy]

https://youtu.be/ta9I7IJb7Yg?si=gobIzc34q1Ke7Bi-

[darkcloud1945]

If she fails to make on-time payments, it is your credit rating that takes the hit, screwing up your credit rating. I know it is your sister, but it is your credit rating that takes the hit, and you are responsible for the payments, too.

[slatyb]

Absolutely not unless you are prepared to pay the entire cost of the lease when she cannot.

[LiamJHayden]

Just remember that co-signer mean "just as responsible for the charges as the one who takes possession."

[msc545]

No, because when she doesn't pay the rent or she's late on it, you're going to be held legally responsible for it. Signing a lease is like co-signing a note for a loan.

[msc545]

The reason that they want somebody who makes three times the rent, particularly if that person has two kids, is that the landlord believes that unless the person makes that much money, they probably can't afford the rent. The landlord is not wrong about this.

[Anonymous]

If you even have to ask this question it's going to end up costing you at least $5,000, probably more.

[LiamS95]

How likely are you going to be on the hook for paying the rent if she defaults?

[Staximus]

Is she going to be able to pay the rent? Is she responsible?

[Ariesman81Nshiiit]

Nah... fuck that bitch