Cosigning for multiple residents?

[tcdo6666]

Hi All,

I use to be a college student so the idea of a cosigner isn't new to me. However, my sister called me the other day and she said that she needed a cosigner for a house she was going to rent at school. The funny part is she said that the landlord wants a single lease for everyone (5 people in total) and one cosigner for everyone. I am willing to cosigner for my sister but I do not know if I can trust her friends. I do not want them to ditch/drop out and then i'm stuck with paying the rent.

Is there any way I can just cosign for my sister? Can I cosign for everyone and then have personal written cosigner agreements with all her friends' parents/cosigners? What are my other options?

Thanks in advance,
Toan

 

[Michael Wechsler]

This is a difficult situation. That is because your sister, as a cosinger on the lease, would likely be liable for the entire rent if all her friends didn't pay. The same goes for each of her friends. Unless stated otherwise (and I'd be surprised), it's not like she is only required to pay her 1/5 portion of the rent and that ends her responsibility.

Personally... I would only offer to guarantee her 1/5 if you can. The rest of her friends should get their own cosigners... and the landlord will need to find renters as well so see what you can negotiate... Good luck to you and your sister.

Hi All,

I use to be a college student so the idea of a cosigner isn't new to me. However, my sister called me the other day and she said that she needed a cosigner for a house she was going to rent at school. The funny part is she said that the landlord wants a single lease for everyone (5 people in total) and one cosigner for everyone. I am willing to cosigner for my sister but I do not know if I can trust her friends. I do not want them to ditch/drop out and then i'm stuck with paying the rent.

Is there any way I can just cosign for my sister? Can I cosign for everyone and then have personal written cosigner agreements with all her friends' parents/cosigners? What are my other options?

Thanks in advance,
Toan