Viewing a single comment thread. View all comments

Rave-Unicorn-Votive t1_ja7tl25 wrote

>Worry is that in 4 mo I may be moving

Cosigning an apartment lease isn't quite the same as cosigning a mortgage, it won't be reported as debt on your credit report. However, if your future living situation requires you to fill out an application attesting to "having no other active leases", are you planning on lying on the application? As it's unlikely your income is enough to support two concurrent leases.

And to echo what everyone else is saying, no, your sibling will not be completely on the hook. BOTH of you are completely on the hook. If your sibling starts dating a sketchy character who then moves in and destroys the apartment, that's you paying for the repairs and being sued by management if you can't.

2

Financial-Boot3317 OP t1_ja7u230 wrote

Not trying to be dumb, is that something they include in applications now? No, not trying to lie or anything, just trying to thing of all of these things before putting my name on a lease :)

3

Rave-Unicorn-Votive t1_ja7v0bs wrote

I have seen language to that effect on leases. That's why guarantors usually need 5-10x income instead of 3x income for apartments, they assume you have other financial obligations related to your own housing.

1