, , , , , , , , , , , Posted by on

How to be Careful as a Rental Cosigner

I’ve heard the rental market of Boston described as a sort of modern-day wild west. One day, it’s peaceful, the day after it becomes a stampede of U-Hauls on Allston Christmas, more commonly known as moving day on August 31st and September 1st.

In addition to the hazards of moving, there’s the question of co-signing. Usually, if you are renting as a young adult or without much credit history, you will need to get a cosigner. This is usually a parent or someone else with established credit history.

Now, most people never run into situations where cosigners become involved. However, in the event of property damage, this is where things could get tricky. In one such scenario, cosigners were dragged into a roommate dispute, even after years had passed and the original tenants had changed.

Now in such a drastic case, it may be necessary to seek professional help, but most disputes can be handled with the landlord. It is important to keep in mind what being a cosigner entails before committing to it. Essentially, you are taking on the rent if the tenant fails to keep up with it. This has been a common problem found by parents of ill-financed college students.

Be careful what you sign and always review the fine print.

Leave a Reply

Your email address will not be published. Required fields are marked *