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VTHokie2000

Joined: 01/01/2005 Posts: 33818
Likes: 12458


This might be a reason......


"Why Add a Lease Guarantor: Credit Problems

When a younger tenant has less than stellar credit, he or she may be in a position to rent a space, but may be rejected due to this technicality. This is a common time when a tenant might seek out a lease guarantor as a solution. Although a rental agreement is not the same as a personal loan, a lease guarantor is a lot like a co-signer for a car or home loan, in that the additional signature allows the borrower to establish a contract despite a lack of technical qualification.

Younger tenants may also have a lack of solid credit history which does not automatically make them a practical credit risk, but may present a technical credit risk that landlords do not want to take on. Here again, a lease guarantor can be useful.

Although many believe that tenants and rental agreements should “stand or fall on their own two feet,” the above ratcheting up of credit restrictions is driving some forms of lease guarantorships that may ultimately be successful if the tenant is a responsible one. Lease guarantors should note that they may be responsible for damages to the space as well as unpaid rent, and that such financial responsibilities are binding on their estate.

The bottom line is that those who have been asked to act as lease guarantors should think carefully before accepting such a role in a rental contract and evaluate the long term results of a situation before signing."

(In response to this post by 48zip)

Link: Click Here


Posted: 09/24/2018 at 3:06PM



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Current Thread:
 
  
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