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Husban and Wife Have bad credit and can get Wife's Father as co-signer
started a topic
about 9 years ago
How would this work? Husband and Wife plus to young children were affected by the recession, husband lost job, wife got sick and was out of work for 3 months. They are having to move because they are loosing their house. They both are back working but have bad credit and they are filing for bankruptcy. They both make enough to cover the rent, Wife's father is willing to be a co-signer on the lease to make sure the rent will always be covered. How does one set this up legally? Should the Wife and Husband default and Wife's father is made to kick in the rent how does this get enforced?
almost 9 years ago
As you write in the lease add a co-signer agreement. The co-signer would both sign the lease along with the tenants. And you must have them sign a separate co-signer agreement. If these are all on paper it will be much easier to collect the monies from all responsible parties. The co-signer acts exactly as a tenant in payment default or eviction. These forms are needed to make sure that the landlord and property are protected to the fullest.
almost 9 years ago
I am planning to rent to them and the property is in Rhode Island and father lives in Connecticut will this still work if he lives in another state? Thank you so far for your advice
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