Can you cosign a lease and not live there?
If a potential renter has a low income, zero rental history or bad credit, the landlord might require them to have a co-signer on the apartment lease. As a co-signer, you don’t have to live in the apartment but your name will be on the lease and you’ll be legally obligated to follow the terms of the lease.
Does a co-signer have to be present to sign a lease?
With a cosigner, you will still live in the apartment alone. You simply need a cosigner to take responsibility for the rent should you default on paying it. All legal parties should sign a lease All adults living in the rental unit need to sign the lease.
Does a cosigner have to live in the same city?
Your cosigner on a car loan doesn’t have to live in the same state as you. Some lenders may ask your cosigner to sign the loan contract in person, but as long as they qualify to be a cosigner, it doesn’t matter where they live.
Why would a landlord not want a cosigner?
Conversely, some landlords don’t like using cosigners because it can suggest that the renter presents greater risk in terms of past behavior or with their financial profile. If a landlord does move forward with a consigner, then SmartMove recommends to make sure to conduct rental screening for the consigner as well.
Why is cosigning a loan a bad idea?
Cosigning a loan can do damage to your credit if things go seriously bad and the borrower defaults. To be 100% clear, the account is going to appear on your credit report as well as the borrower’s. And so should the evolving payment history. As long as everything goes along well, that’s not an issue.
Why would a landlord want a cosigner?
A cosigner could help you protect your rental income while allowing you to be more flexible with your renting criteria. For instance, college students or younger renters may not have had enough time to build their credit history.
How do I get my name off as a cosigner?
Your best option to get your name off a large cosigned loan is to have the person who’s using the money refinance the loan without your name on the new loan. Another option is to help the borrower improve their credit history. You can ask the person using the money to make extra payments to pay off the loan faster.
Do co signers have any rights?
Cosigners don’t have any rights to your vehicle, so they can’t take possession of your car – even if they’re making the payments. What a cosigner does is “lend” you their credit in order to help you get approved for an auto loan. A cosigner must have good credit and agree to make any payments in case you’re unable to.
Can you remove a cosigner from a lease?
Landlords and property managers are not legally obligated to remove cosigners from leases. Removing a cosigner from an apartment lease is difficult to do because the landlord or property manager may take on more business risk if he consents, but it is possible.