Q: Is there a contract I can create that removes my financial responsibility for repayment agreement that a co-signer owes?
I was a “roommate” co-signer on an apartment with a couple who weren’t able to qualify in their own. I have not lived at the apartment and was never given a pair of keys to the premises. 4+ years later the couple has not been able to pay rent and the property management is considering eviction and collections unless they are able to move out 10 days from now. Is there a contract I can have the couple sign that would relinquish my financial liability to pay any money owed to the property management?
A: You are likely on the hook; however, if you can show that the current agreement amongst the landlord and the tenants is a new one (and one that you are not involved in), you may be able to claim that there was a contract novation.
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