If a relative asked you to co-sign there lease, would you?

[vaiveatoish]

So here are the details:

My brother in law asked us if we could co-sign for him. He acts like it's not a big favor. He wants to live closer to his college, which is 45 mins away from where he's living (his mom's house.) My MIL can't sign because she doesn't make enough and recently filed bankruptcy. He needs a co-signer because he doesn't make as much as they would like. His rent is about 450+Utilities. He lives in Michigan.

We live in California. He is trying to get us to e-mail him the applications. My husband doesn't want to feel like he's not trusting his little brother. I don't want to do it because I feel like our credit and bills fall from his responsibilities.

Please give me your insight on what to do?

[aswynn81]

I had to learn the hard way. Relatives are more likely to be the ones that will stick it to you and go away laughing about it. I absolutely would not co-sign any lease for any of my relatives. I’ve been screwed too many times.

[charlot22]

Your brother-in-law wants you to co sign because his income and credit are not sufficient to satisfy a landlord. If his income and credit are not sufficient, why would YOU guarantee that they are sufficient ? Walk away from this request and REFUSE his desires.

[adare]

Your brother in law is basically asking you and your husband to cover a $6000 loan in the event that your brother in law defaults on making good on the monthly rent. [$450 x12 plus monthly utilities.] This isn't about trusting the younger brother. It is about whether or not you have $6000 in extra cash or you are prepared to inherit about $500 per month in extra payments if the guy defaults. The younger brother may be trustworthy but he cannot guarantee the loan nor does he have complete control over his source of income. That could change and leave you and your family hung out to dry.

If you co-sign and then things starting getting messed up financially for you and your husband, you are on the hook for the younger brother's rent and your own credit rating ends up being in jeopardy.

Either he tries to secure a student loan for accommodations or he makes the best of the commute. Business is business and finances are finances. You and your husband need to decide whether you can afford the $6000 if things go south for the younger brother.

Sometimes relatives are the last people we need to be lending money too. You would not think that would be the case but that is the reality. This is not an emergency and the biggest red flag is that your brother in law does not think co-signing for someone else is a big deal. That speaks volumes.