How To Write Letter To Remove Cosigner From Lease Agreement

Posted by Robin Hensley

In some rare cases, the owner and manager allow a co-signer to break or withdraw a rental agreement. To do this, tenants must prove that the need for a co-signer no longer exists. It is sometimes difficult when you co-sign, because the tenants have had financial difficulties, because the financial situation for most people does not change very quickly. Most co-signers cannot terminate the leases they sign, as owners and managers are placed in a financially uncomfortable position if they exempt you from liability. If the owner or manager has a co-signer, he legally has at least two people to sue against payment. By being removed as a co-signer, the homeowner or home manager, even if the tenants have good credit, gives on a possible source of payment. From a business perspective, this only increases the risk. The cost of renting a 2-bedroom unit will average $US 1,175 per month from 2019. Because of the resulting costs and because not everyone has the credit history to qualify for leasing contracts, many tenants need to get a co-signer. As a general rule, you cannot break your part of a rental agreement as a co-signer, although in some situations this may be possible depending on the owner or manager.

Co-signatories are legally responsible for rents on the day they sign on the dot line. You cannot break the lease without suffering consequences. In general, most landlords don`t allow you to break a rental agreement or take a lease once you`ve co-signed. You should expect that, once the paperwork is complete, you will have to pay an unpaid portion of the rent and, in some cases, attorney`s fees. Since it`s so difficult to withdraw from a lease as a co-signer, if you co-sign, you need to do everything you can to make sure tenants pay in full and on time. Your landlord needed a co-signer for a particular reason. It will not release the co-signer unless you are able to prove abundantly that your credit and finances have improved significantly. Save time. This amendment can be used to remove one of the tenants from a lease. I need help writing a letter to my landlord to remove the co-signer from my lease. Can someone help with the formulation? Thank you. This article was written by legal beagle staff.

If you have any questions, please contact us on our contact page. There are risks associated with the co-signer, including the risk that the tenant will not pay the rent or break the lease prematurely and refuse to pay the lease termination fee. If the tenant refuses to pay, you could be on the hook for hundreds or thousands of dollars owed to the landlord. If you can`t pay, the landlord could follow you up with a collection office and your creditworthiness for non-payment. If you are a co-signer of a lease, you are legally responsible for any fees that the tenant does not pay. A lease is a legally binding contract….