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Can a Cosigner Be Removed From a Lease?

Using a cosigner to help you qualify for a lease doesn't mean that this person will always remain on the contract. Some landlords require cosigners if a potential tenant has credit problems. The cosigner agrees to cover rental payments if the tenant falls on hard economic times or breaks the lease early. But as time passes, tenants can approach landlords about possibly removing a cosigner's name.

New Rental Lease

    Getting a cosigner off your existing rental lease may involve more than your landlord writing-out the cosigner's name. Signed lease agreements are legally binding contracts, and changing this agreement may necessitate completing an entirely new lease agreement. Depending on your landlord, you may have to postpone removing a cosigner's name until the conclusion of your lease period. At this time, you can submit a new rental lease applicant for your landlord to review and approve.

Credit Requirements

    Prior to submitting a new lease agreement in your name only, check your credit to make sure you qualify for a lease. Landlords factor in several habits when deciding if you need a cosigner on a lease. A low credit score, late payments and judgments from broken contracts can hurt your chances of removing a cosigner. Annual Credit Reports gives access to personal credit reports. Order your free reports and check the report for derogatory information. Dispute errors to get the information off your report, and fix your payment record and pay judgments to show your landlord that you're capable of timely payments.

Income Criteria

    Cosigners are required to provide their personal employment and income records when applying for leases -- even though they may not live in the unit. When applying for a rental without a cosigner, the lender will solely use your income to determine if you can afford the rent payment. The more you earn and the less debts you carry, the better your chances. Plan ahead and have copies of your paycheck stubs or w-2's ready to submit with your application.

Considerations

    In the event that your landlord decides not to remove the cosigner from your lease agreement, you could always check with other apartments or private house landlords in your area to see if someone will approve you. Another option involves re-signing your current lease with the co-signer, and then asking about a month-to-month agreement. These agreements involve slightly higher rent payments, but you're not locked into a 12-month agreement. If your situation improves to the point where you can qualify without a cosigner, you don't have to wait until your 12-month agreement expires.


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