Not sure if my question belongs in personal finance or relationship advice, but here it is..
I am married, have a mortgage and a stable job. My husband is a part owner of a business and is currently not making much money as they are expanding the business. So we are living mostly off my income.
My friend is going through divorce/separation. She and her husband signed a new rental lease for the next 7 months (same place that they were renting before, just renewed the lease). She wants him out of the apartment so that he has a different address and can start paying child support. Her apartment manager said that if she finds a co-signer, they can remove her husband from rental agreement (is that even legal/possible without his agreement? It's in California). They need a co-signer because her income is $200 shy of 3 x rent requirement. Once she starts getting child support, she should have enough income to rent on her own.
I am sure everyone here will tell me not to co-sign. My gut is telling me not to co-sign. I know she is desperate and just trying to figure out the best solution for her child. I understand that I will be liable for any missed payments. So there is a potential it can ruin my credit score? Will this co-signment also affect my ability to take a car loan (I was planning to get a car this year)? Will I be removed automatically from her lease after 7 months or will I have to take some action to be removed (and not be a co-signer when she renews her lease again)?
Note that my friend and I are immigrants from the same small town. Both of us don't have any relatives here, so I understand her struggle.
original posted by Tired_Sun_Bird to r/personalfinance on Tue, 19 Mar 2024 11:32:34 GMT.