Can I remove myself as guarantor on a lease?
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Can I remove myself as guarantor on a lease?
Ive been guarantor on my granddaughter’s lease for 2 years. I am constantly paying her rent to keep it from affecting my credit. I can’t afford to do it any longer. How can I get out of it without her help?
Asked on July 11, 2012 under Real Estate Law, Ohio
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
There are only a few ways for you to be removed as a guarantor under your grand daughter's lease which are as follows:
1. have the landlord sign a written release of you as the gurarantor;
2. when the lease's term is up, contact the landlord and make it clear under no uncertain terms does your guaranty continue forward with any new term. When the lease is up, so is the guaranty.
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Did you sign a two year lease or a one year lease? If you keep on sogning as the guarantor then you continue to be liable and you have to wait until the lease ends to stop paying. If you only signed the lease for one year - and assuming it does not have an automatic renewal provision which if it did I would fight - then you are no longer liable. the lease is expired. I would have ana ttorney look at the lease. Please write back with more information if you need be. Good luck.
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