 Out state co-signer (by John2 [MI]) Nov 18, 2017 9:08 AM
 Out state co-signer (by Robert J [CA]) Nov 18, 2017 9:43 AM
Out state co-signer (by Richard [MI]) Nov 18, 2017 10:02 AM
Out state co-signer (by Ed [PA]) Nov 18, 2017 12:12 PM
Out state co-signer (by Oregon Woodsmoke [ID]) Nov 18, 2017 2:11 PM
Out state co-signer (by Vee [OH]) Nov 18, 2017 5:04 PM
Out state co-signer (by BRAD 20,000 [IN]) Nov 19, 2017 10:48 PM
Out state co-signer (by myob [GA]) Nov 20, 2017 10:21 AM
Out state co-signer (by John2 [MI]) Posted on: Nov 18, 2017 9:08 AM
Message:
Hi everyone,
We had a prospective tenant fill out application With poor credit and wants to add his mother to lease as co-signer. His mother lives out of state. If you can believe it... this is a first for us.... Has anyone allowed this? Thank you in advance!
--174.230.xxx.xxx |
Out state co-signer (by Robert J [CA]) Posted on: Nov 18, 2017 9:43 AM
Message:
Never! Because in my State, the only way a co-signer becomes responsible (legally) is after you obtained a judgement from your tenant! This means you return to court again, this time small claims court where you prove your tenant was in default. Then you get a second judgment, now against your co-signer. Sometimes judges will say you already have one judgement, I won't issue a second on for the same debt!
Because when you call the parent and say, you child failed to pay the rent, the parent calls up their child and the receives a story,"Oh I put the check in the mail or the landlord is lying".
One way around this is to have the "parent" fill out an application and get added to the lease as a "parent who visits more than 15 days a year". Another occupant. --47.156.xx.xx |
Out state co-signer (by Richard [MI]) Posted on: Nov 18, 2017 10:02 AM
Message:
A guarantee, no matter who from, be it a company, a co signer or anyone is no better than your ability to collect on it. Let's consider this one. Co signer out of state. Any money? Collectibility? On a type of income that is not garnishable, like social security or disability? Are you even allowed to collect in their state? What would be the cost to collect?
Why not just have cosigner pay the entire years payment into escrow and you draw on it. The tenant can pay the cosigner back.
What's that you say? They won't agree to that?
Maybe it's time to consider a different tenant. --23.121.xx.xxx |
Out state co-signer (by Ed [PA]) Posted on: Nov 18, 2017 12:12 PM
Message:
Extremely difficult to collect out of state, tried it unsuccessfully. Accepted an out of state co-signor years ago. Excellent credit, great job - executive in Trump organization, even on the Apprentice show. Kid damaged the place and left. I went after the co-signor. In PA got the judgement. Found I needed a lawyer in New York to get a judge to accept it there and then would have needed a lawyer to follow New York collection process. Couldn't get a New York lawyer that wanted to deal with a few thousand dollar out of state judgement, too small amount for the hassle. --72.95.xxx.xx |
Out state co-signer (by Oregon Woodsmoke [ID]) Posted on: Nov 18, 2017 2:11 PM
Message:
I've done it once. The cosigner had credit over 800, owned expensive real estate, and had a high paying government job.
She cosigned for her daughter and son in law, both of whom had credit scores over 800 and both had jobs. They needed a cosigner because they had been out of the country for five years and didn't have landlord references.
Other than that, no. I want a cosigner to be located where I can get my hands on them.
The kids above, incidentily, bought their rental house from me, paying all cash from a trust fund. --174.216.xx.xxx |
Out state co-signer (by Vee [OH]) Posted on: Nov 18, 2017 5:04 PM
Message:
Smells like trouble all the way, lousy credit - keep shopping, co-signer must own local real estate you can attach a lien onto or it is just like a kleenex in a street drain - lost for ever. --76.188.xxx.xx |
Out state co-signer (by BRAD 20,000 [IN]) Posted on: Nov 19, 2017 10:48 PM
Message:
#2,
Bad credit usually comes with bad habits like poor housekeeping, not following rules, unauthorized animals...
Market like a crazy person and get more apps to choose from.
BRAD --68.51.xx.xxx |
Out state co-signer (by myob [GA]) Posted on: Nov 20, 2017 10:21 AM
Message:
never? unless you want to pay for out of state attorneys to go after them. You've heard the nut doesn't fall far from the tree? Where do you think the kids picked up these no pay habits? --99.103.xxx.xxx |
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