alecia,

We screen the co-signor as if they will live there. Our criteria includes GARNISHABLE, They can own their own home yet are on Social Security or pension they are not garnishable, which means you cannot get your money.

I want them to have a stable, long term job.

Very important: I just have them sign the lease along with the resident. Simple and no arguments if I have to approach them for the money.

What you want is a GUARANTOR - someone who guarantees the rent.

Brad, I don't usually care if the person with assets and income is a co-signer or a guarantor. To me, it makes little difference if his liability is as a co-signer under a joint and several clause or as a guarantor.

Sometimes, it is preferable to have him personally liable on the lease as a co-tenant, and that is less paperwork.

Mike45, Good clarification.

I have them sign the lease as an occupant as you wrote.

Nwever heard of a separate co-signer form. I'vealways had co-signers sign the lease as if they were co-occupants, and they are always joint and several!

My feeling is "Joint and several" - One Judge, one ruling.

This way you also have another target for damage, the fact that they did or didn't choose to live there is their problem. Two targets are better than one.

I have collected on several co-signers over the years. And yes, a good job and or net worth in property (real or otherwise) are critical. (If Junior's parents are not willing to back him, I'm sure not going to!)

I can garnish wages but it has to be a good enough job to make it worth doing. If the job is fairly low paying, the person can just move on to another job once the wage attachment goes through.

One of my "Good old Boy" sayings just before starting to take an application is "If times get tight for you and you ask your religious leader,friends,relatives,bank,credit card company,and parents for money and they cant or won't let you have it, what in the #@#%&* (your choice) makes you think that I will.

This is after my no nonsense phone qualification. This scares off most of the non candidates. Another thing I do is to meet them where they currently live for a few final questions before signing the lease. Even with this, some will get under the radar.

I DO NOT put co-signers on the lease, that gives them all the rights of occupants. If things come to an eviction you have the extra expense of adding them to the service and filing fees. I just want them responsible for any and all moneys the resident may end up owing me. I will paste a copy of the form I use. This has stood the court test with a judge directing a co-signer to pay all costs resulting from a residents eviction.

Co-Signer Agreement

This agreement is between __________________________________________, resident(s), ______________________________________________________, owner(s) and __________________________________, cosigner(s).

This agreement is entered into on the following date , and forms part of the rental agreement between resident and owner listed above for the leased premises at the following address _________________________________________________________________.

The cosigner has completed a separate rental application for the purpose of permitting the Owner to check the cosigners creditworthiness, including running a credit report.

Though the cosigner has no intention of occupying the leased premises, which would be a violation of the rental agreement; the cosigner agrees to be liable (if resident does not pay in a timely manner) for any of the resident's financial obligations of the rental agreement. Those obligations include, but are not limited to; unpaid rent, property damage, cleaning and repair charges, and legal fees that exceed the resident's security deposit.

Though the owner has no legal obligation to report to the cosigner any non payment of financial obligation by the resident, both the resident and the cosigner understand that the owner reserves to right to send notices to the cosigner of residents failure to meet any financial obligations of the rental agreement. Prompt payment by the cosigner who receive notice of pending legal action may help to avoid additional legal or court costs.

If any legal proceedings arise out of the rental agreement, the prevailing party shall recover reasonable attorney fees, court costs and reasonable fees necessary to collect a judgment. Hopefully with the assistance of the cosigner, these added expenses will not be necessary.

Resident's signature______________________________________Date______________

Resident's signature______________________________________Date______________

Cosigner's signature______________________________________Date______________

Cosigner's signature______________________________________Date______________

Owner's signature________________________________________Date_____________