They want a co-signor now?

They want a co-signor now?!?
I am a tenant at the end of my one year lease. I was not asked for a co-signor in the beginning of my lease. It is now time to renew and the property manager is asking for another year lease WITH a co-signor. I have recently submitted to them proof of rents paid on time each month, I have submitted proof of my 300% increase in income since the first lease, and I have submitted my recent credit report showing my 746 FICO score. According to my lease if they accept my rent payment for next month (June), it becomes month to month, however I am not sure what the procedure is on their part to terminate the lease at that point providing the rent is paid on time (as it always is). Do they have to give me 30 days or 60 days written notice by service? What happens if I don’t leave the premesis after the 30 or 60 days? When does an eviction apper on my credit reports or records?

One thought on “They want a co-signor now?

  1. Re: They want a co-signor now?!?
    I am very surprised that they are insisting that you have a co-signer for your new lease. Given the information you have provided, you would be the kind of tenant you would think they want to keep. Is there any other reason you can think of that they may wish to not renew your lease – problems with the manager, etc…

    As to your question of what happens – if you do not sign a new lease with them and they do not provide you with a notice to terminate your lease prior to the expiration of the lease (more below) then you do become a month-to-month tenant. If they really want you out at the end of the lease, they can give you a thirty day notice to terminate your tenancy exactly 30 days before your lease term expires. They would then expect you to be moved-out by the last day of your lease term. If they don’t give you that notice, then you are a month-to-month tenant, and because (by then) you have lived in the apartment more than 1 year, they would have to give you a sixty day notice to terminate your tenancy. If you get a notice, it is so much better for you to move than to let them file an eviction action – with a credit score of 746, you don’t want to mess that up with an eviction judgment. Additionally, many property management companies use an enhanced credit report which shows all evictions filed against you – even if it does not go to judgment. Eviction will appear on your credit report shortly after it is reduced to a judgment, and will appear on these enahanced “tenant reports” shortly after it is filed with the court. Have you had a conversation with them about why they want a co-signer? I’m still frankly surprised that they would even ask given your stats.

    *Due to the limitations of the LawGuru Forums, The Gibbs Law Firm, APC’s (the “Firm”) participation in responding to questions posted herein does not constitute legal advice, nor legal representation of the person or entity posting a question. No Attorney/Client relationship is or shall be construed to be created hereby. The information provided is general and requires that the poster obtain specific legal advice from an attorney. The poster shall not rely upon the information provided herein as legal advice nor as the basis for making any decisions of legal consequence.

    David Gibbs
    The Gibbs Law Firm, APC
    110 E Avenida Palizada, Ste 201
    San Clemente, CA 92672-3956

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