Cosigning for Roommate

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darkguy2
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Cosigning for Roommate

Postby darkguy2 » Fri Apr 25, 2014 1:08 pm

I am currently in the process of trying to rent a really nice townhouse with two other roommates. It is way better than anything else in the area and a lot of people are interested in it. We went to a showing and we all loved it and got the application. They want each of us to fill one out. I already submitted mine since I did not need a cosigner but the other two do since they have no credit.

The problem is that one of them will not be able to get their parents to cosign till this Sunday or Monday. The broker is somewhat holding it for us to get our applications in but there is another group that wants to get a showing this weekend. She needs to get the applications today or else she will have to show it the other group and they may apply for it at the same time. My question is it possible for me to cosign for the roommate? Is it a good idea? Since we will all sign the lease together would it even matter? Wouldn't we all be equally responsible for the rent?
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djrez4
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Postby djrez4 » Fri Apr 25, 2014 1:16 pm

If I was the apartment manager, I wouldn't let you co-sign on a roommate's application. It sort of defeats the purpose of a co-signer.

If the lease application says you'll be jointly and severally liable for all of the rent (and it usually does) you're responsible for the whole thing anyway. If the application hooks you for 1/3 of the rent (unlikely), you may be increasing your liability. You also may be the lucky recipient of two credit checks instead of one.

On the bright side - congratulations on not needing a co-signer!
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daniel2304
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Postby daniel2304 » Fri Apr 25, 2014 4:21 pm

I always think that co-signing is a bad idea for whomever is not your family. And yes, family here does not include relatives.
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linuxmachine
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Postby linuxmachine » Fri Apr 25, 2014 5:56 pm

I would rather not cosign friends, but how bad do you want it?

trumpet-205
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Postby trumpet-205 » Fri Apr 25, 2014 8:33 pm

I wouldn't do it. Never cosign unless it is for a family member.
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darkguy2
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Postby darkguy2 » Fri Apr 25, 2014 10:32 pm

Crisis adverted. He got his mom to cosign.
Discover IT - $5,700
Chase Freedom - $5,700
Costco Citi - $13,000
Sallie Mae - $4,000
Chase Sapphire Preferred - $6,000
Chase Sapphire Reserve - $19,500
Citi Double Cash - $6,500
Amex BCE - $13,000

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