Can a co-signer on a lease terminate the agreement?
Unfortunately you can’t arbitrarily turn back time and decide you want out. That’s the problem with cosigning — you’re pretty much married to the person you cosigned for. You can try giving a move-out (lease break) notice, but there is not much you can do if the tenant refuses to vacate. Depending on your state laws, you might be able to evict the tenant if you can convince a judge that the tenant is subletting from you and has failed to pay rent. You need to be actively involved with the tenant and the landlord. You’re entitled to access the unit, so ask the landlord for keys and find out what the tenant is doing with the place. Also, notify the landlord, in writing, that you want copies of all tenant notices. You need to demonstrate to the landlord that you are willing to be an active participant and not just someone who will bail the tenant out. The landlord may even cooperate with you in getting evicting the tenant.
Yes – you are fully responsible for your sister’s non-payment of rent. If you want to save your credit and forestall legal consequences, you may as well bite the bullet and pay the landlord through the end of the lease or rental period including any back rent owed. Don’t forget to give proper notice (by certified/return receipt requested mail) that you do not intend to renew the rental/lease agreement. You would not be responsible for utilities (unless you have your name on the account as well) Sister or not – tell her to MOVE OUT and find other accomodations. You may be able to recoup some of your monies by subletting if there is no restriction against that in your lease. Even though you may feel sorry for your sister, she needs to learn to be responsible for her own debts or suffer the consequences. You should make her sign a note for the monies you have expended on her behalf if for no other reason than to have an account of where your money went.
