Legal Question in Credit and Debt Law in Illinois

co-signing lease-to-own house for a relative

My brother asked my to co-sign a 2yr lease, for a rent-to-own house because I have a good credit score. If he is late or default or cant pay, how much trouble will I be in? How does this affect my credit report? Will my spouse's credit be ruined also if I'm unable to pay and/or if my brother breaks the lease?


Asked on 5/03/09, 11:44 am

1 Answer from Attorneys
Lesley Hoenig Lesley A. Hoenig, Attorney at Law

Re: co-signing lease-to-own house for a relative

When you co-sign that means you are jointly liable for the debt. It will only ruin your credit score if he defaults and you are unable to pay. If you were able to pay and he defaulted, you should be able to prevent it having a negative impact on your credit score. It should have no impact at all on your spouse's credit.

Read more
Answered on 5/04/09, 6:59 pm


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in Illinois