Co-signer needed

Discussion in 'Parent Emeritus' started by KFld, May 12, 2011.

  1. KFld

    KFld New Member

    So I posted in my mothers day post how my son and his girlfriend want to move out of their hotel that they have been in for 3 months now. He asked me if I would be willing to put up the security and I said no, I don't have that kind of money.

    He found somebody who he says is willing to work with him on finding a place and she knows he has no money for security and terrible credit, but will help him as long as he has a co-signer with good credit.

    Now my sons past history is that he had his own apartment for around 5 years, was clean for a long time and for the most part did very well. His first one was with his last girlfriend and they both worked, paid their bills and rent and did fine. She moved out and him and his current girlfriend did good for awhile, until he relapsed and you know how that goes.

    He since then has gotten himself back into treatment, has a decent solid full time job and his girlfriend is pretty much working full time also. They have been paying around $1000.00 a month between the two of them to stay in the hotel since he lost his last apartment, but they have been paying it faithfully and haven't asked me to pay for it at all. Guess they are tired of living in one room and feel they are ready to get back into a rent and are swearing up and down that if they have to they will give me their money every week when they get paid to pay their rent.

    I know his credit is shot and unless somebody co-signs he will have to stay in the hotel forever. My gut is telling me they can do this. Should I co-sign and give them the chance????
  2. rejectedmom

    rejectedmom New Member

    Ask yourself what will your liabilities b eshould they fail? Will you be forced to pay the rent for the remainder of the lease? Can you afford to do that that? If you can't your credit score will take a hit. Can you sublet it? If so get it in writing signed by all parties including landlord and have it notarized that son and girlfriend will move out if they can't maintain the rent so you can rent it out. Even with this in place I see alot of difficulties with getting them evicted should they balk when the time comes etc. Remember if they fail you are ultimately responsible for the duration of their lease.
    go into this with your eyes open. Do not let yourself feel guilty if you decide against it. They are adults reaping the consequences of their own actions.
    Personally I have never and won't ever co-sign anything for any of my children (or anyone else for that matter) even if they are doing well. That said I do realize that sometimes it is a little boost up that gets people to suceed. -RM
  3. DammitJanet

    DammitJanet Well-Known Member Staff Member

    I wouldnt have co-signed for Cory but I did give him the money so we are in the backwards position. So...feel your pain.
  4. KFld

    KFld New Member

    I luckily didn't have to give him any money, or should I say only $150 towards the pro-rated first month. The rest was his income tax return that he didn't even know he got back because it was forwarded to my address and I held onto it until he actually needed it for something :)
    I'm praying this all goes through smoothly. His girlfriend is getting nervous. Granted she hasn't seen the place because she was working yesterday when we looked at it, but I would never have handed over the check unless I knew it was a safe place for them to live. She has people telling her it's a bad unsafe area, but it is so not true. My boyfriend lives 5 minutes away from where they are moving and knows the area is very safe. It's also farther for her to get to work, but they can work that out and she will have to get her license sooner than later. She already has the car, just needs her license to drive it.
    The alternative is to stay in the hotel because nobody else is going to give them this deal.
    I told him to make sure she is going to put her name on the lease before he signs anything because he can't afford this himself. he's supposed to take her for a ride by before he goes to work this afternoon, so hopefully she will feel a little better about it.

    They'll figure it out.