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Posted by Theresa on May 02, 1998 at 13:41:15:

In Reply to: co-signer/guarantor responsibilities posted by elvine topac on April 08, 1998 at 20:32:58:

: Help! I am desperate. I have to make a decision by end of day tomorrow.
: I am late on my rent for the last 2 months. I tried to make a partial
: payment and it was refused. I was told that I either pay $2500 (2 months)
: by April 9th, or I will be taken to Housing Court. I have my reasons
: for being late on the rent and I am not afraid of being sued by these
: people. It is however a management company, therefore, they are very
: aggressive & pushy. However, my problem is this: I have a cosigner on the
: lease. They wouldn't accept me as the sole person, because it was my first
: apartment in New York City. I need an answer ASAP, in order to make a decision
: so I can choose which path I should take. I do not want my cosigner to be
: disturbed, hassled, basically contacted or be aware of the situation for
: personal reasons that are extremely important & delicate. On that note, my questions are:

: 1.Can they make my guarantor/cosigner responsible for payment?
: 2.If they sue me, for eviction, does this mean he is getting sued as well?
: 3. Can they contact him independently?
: 4. Would this cause any legal problems for him?
: 5. Would this effect his credit and or standing?
: Please help as soon as possible. I cannot afford an attorney and any advice
: you may give would be immensely appreciated. Thanks very much.

1) Yes

2) Yes

3) Yes. In fact what will most likely happen is that he will be contacted before any legal action is taken. Landlord would prefer not to go to court for many reasons including that lawyers are expensive.

4) Once in housing court, you will probably sign a stipulation that you will make payments by certain times. If payments are not made and eventually you get evicted, any rent due would would probably be given to a collection agency and would be put on your co-signor's credit (maybe without him even knowing it). Once this is on his credit, even paying it will not make it disappear. It will appear as a bad debt paid off and I believe it stays on for 7 years. Failure to live up to a stipulation doesn't necessarily mean credit will be ruined immediately. The judge may update the stipulation.

5) Same as above.

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Comments:
: : Help!  I am desperate.  I have to make a decision by end of day tomorrow.
: : I am late on my rent for the last 2 months.  I tried to make a partial 
: : payment and it was refused.  I was told that I either pay $2500 (2 months)
: : by April 9th, or I will be taken to Housing Court.  I have my reasons
: : for being late on the rent and I am not afraid of being sued by these 
: : people.  It is however a management company, therefore, they are very
: : aggressive & pushy.  However, my problem is this:  I have a cosigner on the
: : lease.  They wouldn't accept me as the sole person, because it was my first
: : apartment in New York City.  I need an answer ASAP, in order to make a decision
: : so I can choose which path I should take.  I do not want my cosigner to be
: : disturbed, hassled, basically contacted or be aware of the situation for 
: : personal reasons that are extremely important & delicate.  On that note, my questions are:

: : 1.Can they make my guarantor/cosigner responsible for payment?
: : 2.If they sue me, for eviction, does this mean he is getting sued as well?
: : 3. Can they contact him independently?
: : 4. Would this cause any legal problems for him?
: : 5. Would this effect his credit and or standing?
: : Please help as soon as possible.  I cannot afford an attorney and any advice
: : you may give would be immensely appreciated.  Thanks very much.

: 1) Yes

: 2) Yes

: 3) Yes. In fact what will most likely happen is that he will be contacted before any legal action is taken.  Landlord would prefer not to go to court for many reasons including that lawyers are expensive. 

: 4) Once in housing court, you will probably sign a stipulation that you will make payments by certain times.  If payments are not made and eventually you get evicted, any rent due would would probably be given to a collection agency and would be put on your co-signor's credit (maybe without him even knowing it).  Once this is on his credit, even paying it will not make it disappear.  It will appear as a bad debt paid off and I believe it stays on for 7 years.  Failure to live up to a stipulation doesn't necessarily mean credit will be ruined immediately.  The judge may update the stipulation.

: 5) Same as above.


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