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cosigning for my mom....

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  • cosigning for my mom....

    My mom has lived in an apartment for the past four years and wants to leave. We found a house for rent for roughly the same price as the apartment. However, the landlord requires that you make 3 times the amount of the asking rent, she does not. With my income included we would make the required amount and that would be a done deal and I would be on the lease as a cosigner BUT I am 22 and would like to move out some time in the near future.

    So my question is:
    If I cosign for my mom and then try to move out on MY OWN, will I be denied because of my contract on my mothers house?

  • #2
    Re: cosigning for my mom....

    I wish to inform you that you may co-sign the rental lease with your mom. It is a big responsibility. In case of default by your mom, you will be responsible for any damages and costs which may be sought by the landlord. Your credit score could also go down. You will not be able to get out of the lease agreement with out the approval of the landlord.

    AFF

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    • #3
      Re: cosigning for my mom....

      thanks for the information but that wasn't really what I was looking for. I know what the responsibility of the cosigning is.

      I wouldn't ask to be "released" from the lease. My mom can make the payments, she has a steady job. If she cant, I will still step in and help her till whatever happens gets worked out. However, my question is would I be able to get a lease on MY OWN and still be on my moms lease?

      Comment


      • #4
        Re: cosigning for my mom....

        No, you will not be released from the lease, when you move. You will continue to be responsible for all rent and damages that occur during the period mom is there. That is why the landlord requires a minimum income from a tenant. So the default is collectable.
        Due to a recent promotion, I should now be referred to as Major Obvious.

        I would not be trying to provide information and knowledge if I did not sympathize.

        Some days it is just not worth chewing through the restraints to face life.

        Comment


        • #5
          Re: cosigning for my mom....

          Im NOT asking if I will be released from the lease. I KNOW I wont be.
          I am just wondering if I could still get my own place when Im still on her lease.

          Example: If I make 35k a year and I cosigned for my mom on her lease. When I go to a NEW apartment for MYSELF, will the NEW apartment say " Im sorry but we cant approve you to lease here" BECAUSE I cosigned on my mothers lease?

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          • #6
            Re: cosigning for my mom....

            Possible, however, unlikely. Where you might get hung up, is when your new landlord asks about a reference from your previous landlord and discovers you are still under contract. They may decide to apply that liability to your outstanding debt, when factoring disposable income.
            Due to a recent promotion, I should now be referred to as Major Obvious.

            I would not be trying to provide information and knowledge if I did not sympathize.

            Some days it is just not worth chewing through the restraints to face life.

            Comment


            • #7
              Re: cosigning for my mom....

              Originally posted by mopar9012 View Post
              My mom has lived in an apartment for the past four years and wants to leave. We found a house for rent for roughly the same price as the apartment. However, the landlord requires that you make 3 times the amount of the asking rent, she does not. With my income included we would make the required amount and that would be a done deal and I would be on the lease as a cosigner BUT I am 22 and would like to move out some time in the near future.

              So my question is:
              If I cosign for my mom and then try to move out on MY OWN, will I be denied because of my contract on my mothers house?
              If you are on the lease AND if you are the cosigner, you are bound by the terms of the lease.

              If you try to move out on your own AFTER your lease term is up and things move to a month-to-month, and IF you clear the future landlord's screening process, you might be able to move out on your own, even with being a cosigner.

              Lots of cosigners also have their own rent to pay...think of parents who rent and they also have students who rent on campus and parents have to cosign.

              Comment


              • #8
                Re: cosigning for my mom....

                Originally posted by mopar9012 View Post
                My mom has lived in an apartment for the past four years and wants to leave. We found a house for rent for roughly the same price as the apartment. However, the landlord requires that you make 3 times the amount of the asking rent, she does not. With my income included we would make the required amount and that would be a done deal and I would be on the lease as a cosigner BUT I am 22 and would like to move out some time in the near future.

                So my question is:
                If I cosign for my mom and then try to move out on MY OWN, will I be denied because of my contract on my mothers house?
                You may not be denied another place to rent because of having co-signed a rental agreement with your mother -- these agreements are not a matter of public record.\

                However, should you move out, how will your mother be able to pay the rent? Will she be able to increase her income if you move out? Does the rental agreement allow for another party to move in? Is it a lease? If a lease, you will be bound to the term of the lease as she is.

                Since you say you plan to move in the near future and the rent is more than your mother can afford on her own, you two need to make plans to pick up the slack if and when you move. A co-tenant is an option she might want to consider. With the landlord's approval, of course.

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