Can I Cancel As a Cosigner on a Lease Without Penalty?
Not everyone meets the qualifications for an apartment lease. Landlords check income and credit to determine eligibility, and if there are issues with an applicant's income or credit history, the landlord may require a cosigner on the lease agreement. Cosigning is a serious decision, and if you decide to sign another person's rental lease, make sure you know how the process works.
Role of a Cosigner
Cosigners are usually individuals with a good credit history who agree to sign another person's lease or contract. Landlords may ask for a cosigner on a rental agreement if an applicant has an eviction in his past, walked away from a prior lease agreement or if the applicant has a history of bad credit. The cosigner essentially agrees to make the rent payment if the applicant can't, regardless of whether he plans on living in the apartment with the applicant.
Qualifying as a Cosigner
Landlords determine if a cosigner is eligible to sign a rental lease, and cosigners go through the same application process as the primary applicant. The landlord will ask for background information on the cosigner, such as most recent paycheck stubs. This way, landlords can assess whether the cosigner can financially afford the apartment if the primary applicant stops paying. Landlords also run a credit check on cosigners to assess their credit and payment habits.
Canceling as a Cosigner
Signing your name to a rental agreement as a cosigner makes you equally responsible for the rent payment. Lease agreements are legally binding contracts, and once you sign your name on the dotted line, you can't cancel the agreement. If the primary applicant stops paying the rent and the landlord begins seeking payment from you, you must pay the rent or risk a civil lawsuit in court and a possible judgment or collection account on your credit report.
Considerations
The only way to remove your name as a cosigner on the rental agreement is for the primary applicant to re-submit an application with the landlord to see if he's eligible to be approved for the apartment on his own. Situations change, and if the primary applicant improves his credit score or increases his personal income, the landlord may conclude that he no longer needs a cosigner on the lease agreement. If approved, the landlord can void the original lease agreement and have the applicant sign a new contract without the cosigner.
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