I wonder if a court has ever heard a guarantor say, “I never had a copy”? If a new contract is concluded, it is the guarantors who do it. A new contract must be terminated A surety is a person who signs the lease with a tenant and assumes his financial obligations under the lease. If a tenant does not pay their rent on time, a landlord can come after the deposit for the money. Often, a tenant`s parent acts as a guarantor, provided the parent is in a healthy financial situation and wants their children to live in housing that might otherwise be a little out of their reach. Family and friends are the closest choice when a parent is not able to be a guarantor. Hello Luis Sorry to be the bearer of bad news, but these warranty contracts are designed in such a way that we can not get out of it. As your friends have been paying their rent without problems for many years, I hope they will continue to do so. However, you can contact them and ask if they can find another guarantor. Otherwise, you will find legal advice.
If you have already signed the contract as your sister-in-law`s guarantor, know that you have a hard time getting out of it if circumstances change. If it`s not too late, you may want to think about it again. I wish you good luck. Elbee Otherwise, everyone would end up in jail and their families homeless” it doesn`t protect tenants from homelessness because he/she has a new roof, it protects the belongings of landlords who still have profits, even tenants don`t need to use their belongings. In this case, the owner will not terminate the contract forever in his own store and the guarantor will have to be brought to court. The same situations are when the tenant has had an accident and is in a coma in the hospital and he/she cannot do the termination for the landlord. In this case too, the payment for the rental can last forever, because it is a wonderful deal for the owner that the guarantor can not conclude this contract otherwise. Many people before me have noticed that this is a pathology and that the disease law gives too much power to the owners over people`s lives. Hello Erica, it depends on the wording of your contract, but the probability is that you are still the guarantor. I suggest that you get legal advice.
Good luck. Elbee Prenumbra, If the tenant goes to prison, he is protected by law against eviction, provided he pays the rent or the guarantor. The easiest way to get out as a guarantor of a person is for the primary borrower to repay their loan and essentially terminate the deal. Almost all guarantors allow you to repay a loan prematurely, so even if it lasts up to 5 years, there is no reason why it cannot be closed in a few months – although you may be charged additional interest for closing the account within a set period of time. A few years ago, a local lady became the guarantor of the single mother who was contracting housing allowances, so rent was not an issue. However, the single mother is now singing for very serious crimes and it is very unlikely that she will be released in the next decade or more. The guarantor gave the police keys, but then had to return them to the rental agency, as a relative was planning to take over the property and received the keys. However, the parent disappeared with the keys. Garante now very worried that she will lose her home.
Have you advised him to consult a lawyer, but will the contract expire if the agency has recovered the keys? It is so frustrating in the treatment of guarantors that they have to understand that the owner`s right to regain control of YOUR PROPERTY requires a district court order and is an absolute nightmare of a trial that lasts up to 5 months…