Anonymous
Anonymous asked in Business & FinanceRenting & Real Estate · 4 weeks ago

How would it disadvantage a mother to co-sign an apartment lease for her son?

If a mother Co signed a one year lease for her adult son , in what ways would this hurt her credit ?

Or in what other ways would this hinder her?

Update:

The son is employed but the income does not exceed  requirements for being approved for an apartment. earnings are less than the ( 3 times over the monthly rent ) wages you must earn to qualify.

26 Answers

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  • 4 weeks ago

    if he does not pay the rent and is evicted, it may her credit.

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  • If your housing costs are more than 1/3 your take home pay, you have made a seriously bad decision.  With that being said, I would only co-sign if I had sufficient funds to make the payments in case of default.  

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  • Anonymous
    4 weeks ago

    STOP trying to help your son leave above his means, there are reasons for limits.  He can destroy your credit if he turns into a dead beat son.  Please do not make a fool of yourself by saying that would never happen, it can and does!

    Boomerful or whatever Why bullsh it someone about the truth, it is time an adult son lives on his own at what HE/SHE can afford and anything else is teaching a child to live above what they can afford on their own and that is why we have Bankruptcy Attys.

    RUDE?  How rude is it that you feel you must respond to every response anyone gives on this or any other query?

    Hey boomerful take a gander and we see this all the time and thus my reply

    https://answers.yahoo.com/question/index?qid=20191...

    • Boomerful4 weeks agoReport

      Look, Anonymous, you don't have to be so rude and insensitive about it. If you can't play nice, stop playing. ALL Mothers have the perfect son. ALL of them!

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  • 4 weeks ago

    Her credit could be destroyed if she doesn't pay the rent for her son if he doesn't pay for it. It also can prevent her from getting credit cards & loans because this will be used against her when they decide if she qualifies.

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  • 4 weeks ago

    It would only be an issue if her son failed to pay (as she would be liable for the full rent / any debt accrued)

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  • 4 weeks ago

    It's ILLEGAL first of all. She could be sued and made to pay a bunch of money for signing and instead of moving in, authorizing someone else to move in, in her place, which she has NO authority to do. There are other repercussions. I'm not going to go into all of them here.

    Source(s): Certified Paralegal, with 25+ years' experience & with Landlord & Tenant law experience.
    • Boomerful4 weeks agoReport

      Wait, what?  Do you mean to say it is illegal for a parent to co-sign on a lease? When all parties know that the parent is not going to live there?  Now, morally, there are a lot of problems with doing what the mother is asking.

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  • 4 weeks ago

    The reason landlords require a tenant to make 3 times the monthly rent to qualify as a renter is because it reduces the risk to the landlord that the tenant won't default on the lease.  Anyone who cosigns a lease is disadvantaged by assuming the same risk the landlord refused to accept.  By accepting the liability of the rent, even if Mom never pays a dime of it, Mom also suffers in her lessened ability to borrow because the lease is legally just as much her responsibility to pay, in full, as it is yours. 

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    • Boomerful4 weeks agoReport

      There's no doubt in my mind that if mom signs that lease - it will show up somewhere on one or all three of those credit data reports. Experian, etc. So yes, mom would have lessened ability to borrow; like a lien on her earnings.

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  • Judy
    Lv 7
    4 weeks ago

    If she wanted to get credit herself, the lease payment would be looked at as something she owes which might affect her ability to get a loan. And of course, if he didn't pay, she'd be responsible for the rent.

    • Never
      Lv 7
      4 weeks agoReport

      If the lease payment was not paid and it went into collections, it would indeed show on both credit reports.

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  • Anonymous
    4 weeks ago

    It would be a disadvantage if her son quit paying the rent, didn't tell her, and she found out when a process server arrives on her doorstep with a court summons, and then she is stuck with not only the rent, but the late fees, interest, attorney/court costs and now has a legal judgment on her record which will remain for the rest of her life.   

    • Boomerful4 weeks agoReport

      Anonymous has clearly had a bad experience such as this. The bitterness still remains.

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  • David
    Lv 7
    4 weeks ago

    Cosigning is a tremendous financial responsibility.  Say the rent is $750.00 per month and the son never pays a single month, she's out $9000.

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    • David
      Lv 7
      4 weeks agoReport

      Thanks.  That's the accountant in me.  Plus, I made the mistake of co-signing college loans.  One son paid his off completely, but we're still paying on the other son's loans.

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