What is a guarantor liable for?
You might need a ‘guarantor’ so you can rent a place to live.
A guarantor is someone who agrees to pay your rent if you don’t pay it, for example a parent or close relative.
Your landlord can take legal action to get any unpaid rent from your guarantor.
The agreement sets out the guarantor’s legal obligations.
Will landlord sue for damages?
If the damages exceed your security deposit, your landlord might have two options, depending on your state’s landlord and tenant laws. First, they could sue you. Second, they could send you an itemized bill for the repairs. If it’s a lawsuit, you won’t always get sued right away.
Can a guarantor stop being a guarantor?
Unfortunately, if you have signed the loan agreement and the loan has been successfully paid out, you cannot stop being someone’s guarantor. Nonetheless, once you are their guarantor, you cannot change this.
What happens if I am a guarantor?
Being a guarantor involves helping someone else get credit, such as a loan or mortgage. Acting as a guarantor, you “guarantee” someone else’s loan or mortgage by promising to repay the debt if they can’t afford to.