Release of Guarantor

[Guarantor woes]

Jurisdiction

New York

I have signed up as a guarantor for my son in NYC two years ago. The plan was that after a year he would have established his credit and I would be removed as guarantor, he has two other roommates and their parents/grandparents also signed as guarantors. Before the second lease came due I contacted the realtor to try and find out what the procedure was for being legally removed. She directed me to the property management company. I contacted them multiple times but never got a resolution or written confirmation of removal. The new lease did not include my son, however my understanding was that I was liable for the property, not those listed on the lease. What is the procedure for making sure that you have been legally removed as a guarantor? Thanks!

 

[army judge]

What is the procedure for making sure that you have been legally removed as a guarantor?

Once you become a guarantor for the benefit of another person, the only sure fire way to get off the hook is to instruct the party NOT to renew the lease.

However, that rarely happens.

Bottom line, the entity to whom you've issued the guarantee is often reluctant to allow the big fish off the hook.

You can start by writing a letter to the firm announcing to them you want off of their hook.

That rarely achieves anything, but that is the first shot in what is often a long battle.

The lesson here is never guarantee anything for anyone.

Why?

The other party has a fat fish to grill, not an unsatisfying minnow.

My standard answer to anyone's request for anything is, "No can do, sorry."

 

[adjusterjack]

my understanding was that I was liable for the property, not those listed on the lease.

I'm confused. I don't know what you mean by that but, contractually, when you signed as a guarantor, you should have only been guaranteeing your son's performance under the terms of the contract.

Is it possible that you and the other parents signed a contract guaranteeing the performance of all three tenants jointly and severally?

That brings me to my next point.

The new lease did not include my son,

How did that come about that your son is still living there without being "on the lease"?

What is the procedure for making sure that you have been legally removed as a guarantor?

You might not need a procedure.

If you signed a one year lease that expired and didn't sign the new lease, you are likely no longer a guarantor of anything.

To be certain of that, though, you need to have a copy of the first lease and the second lease for examination.

 

[Guarantor woes]

Once you become a guarantor for the benefit of another person, the only sure fire way to get off the hook is to instruct the party NOT to renew the lease.

However, that rarely happens.

Bottom line, the entity to whom you've issued the guarantee is often reluctant to allow the big fish off the hook.

You can start by writing a letter to the firm announcing to them you want off of their hook.

That rarely achieves anything, but that is the first shot in what is often a long battle.

The lesson here is never guarantee anything for anyone.

Why?

The other party has a fat fish to grill, not an unsatisfying minnow.

My standard answer to anyone's request for anything is, "No can do, sorry."

I agree. No is usually my standard reply as well but my son, while responsible, had no established credit and a desire to live in NYC. Helped him to get into the apartment with the two other roommates. The upside is I bought his truck when he left and kept the money in an account in my name until I have written proof of being released as guarantor. He is going back to school and would like to use those funds and I have told him the conditions, just thought I would ask around for opinions as to how to be released as a guarantor. Thanks for your help!