<p>Sorry for spending all my time asking questions :o</p>
<p>If anybody remembers my thread about my stepson, this is regarding him. He and his estranged wife have totally blown their credit. Repossesed car, stuff sent to collections, etc. </p>
<p>So, now he’s pretty sure nobody will rent to him. Frankly, I wouldn’t either if I were a landlord. DH suggested that maybe if he could get a job as an apartment maintenance guy, they would likely let him live there. He already does have a job, but I think he’d be willing to adjust his hours or schedule to help his living situation. He will also have two small children living with him so he can’t just move in with any old roommate. Although if he found another single parent who already has a lease, that may work. And he’ll probably keep an eye out for that too. </p>
<p>Someone with better credit can cosign the lease with him. Most places will “average” the two credit reports in order to get decent credit score. The problem with this is the cosigner will be responsible for any rent ot late payments if your stepson doesn’t make them. Also, that person’s credit could go down the tubes if they are not careful.</p>
<p>I cosigned for my brother as he would not be able to rent or buy on his own. Every month I have to make sure he is paying his rent on time and that he has enough money to pay it! I am lucky that he has a very understanding landlord that will call me if he is late. I am not going to let my credit get screw because of him!</p>
<p>Drewsmom, I have been thinking of you and wondering how it was going with your situation. From this post now, it appears as if a solution to have your stepson move into his own place is now on the table. Bravo!! I think if that is what is done, then the other pitfalls and dilemmas can be worked out somehow. Perhaps you could cosign with certain “conditions” in place for your stepson to meet with you guys. If he doesn’t do his end of it, you won’t be helping to bail out. But this is way better than them all moving in with you guys.</p>
<p>Remember, though, that a cosigner is typically fully responsible for the rent and any damages on the apartment in the event that the renter doesn’t live up to his or her obligations. </p>
<p>Also, most apartment buildings will do a background check on any potential superintendant/handyman, and will require them to become bonded. I fear that having poor credit would be an obstacle here.</p>
<p>I do think a “private” rental would be a better option – someone with a garage apartment to rent, for example. I don’t know if Craigslist might have some options. But an individual is likely to have fewer restrictions than a commercial apartment building.</p>
<p>I have been thinking about you too. I just want to wish you luck in whatever you all decide is best. I hope that you and your MIL are holding up well during this stressful time. If you were able to financially risk cosigning, I think that you would show that you are very supportive of him, if that means anything.</p>
<p>thanks for the ideas. BTW, I wouldn’t say his decision had anything to do with me! I think my FIL told stepson that he needed to start looking for somewhere else to live. I think MIL just does everything for stepson (including babysitting the kids even when stepson should be) and it is really wearing her out. She is in her late 60s and while in theory she should only be watching them 2-3 days per week, it’s ending up to be more like 5 days per week. When the kids come to our house on the weekends I’m totally exhausted and I am much younger than MIL!! But FIL is more like me and I think he is finally putting his foot down because he sees how hard this is on MIL. </p>
<p>Anyway, back OT. Stepson’s estranged wife lives in eastern Oregon. We have been encouraging stepson to move there so they could at least share duties and help each other out in taking care of the kids. So he is going to try to find a place to live there. </p>
<p>And I agree about finding a private rental. Or even another single parent who needs a roommate. I remember when DH and I were looking for our first place and one apartment would not rent to us just because we didn’t have any established credit…never mind bad credit!</p>
<p>Oh yeah, and thanks ADad; I printed out the link to give to SS.</p>
<p>Yes, a private renter would be more understanding and willing to work with you than a large apartment complex. The reason I moved my brother is that his large apartment complex was going to evict him. I was able to find a garage apartment with utilities included that was cheaper than his apartment rent alone! He now has a better chance of having enough money to pay his rent each month without family help. Plus, this garage apartment is so much nicer and safer than where he was living.</p>
<p>Do NOT cosign, you will end up on the hook for unpaid rent or with a “ding” on your credit. With three other kids, one in college and two more coming, I cannot imagine your budget would be happy to pick up the remainder of an unpaid lease.</p>
<p>Help them, in other ways, to become independently successful, but cosigning can be a scary trap.</p>
<p>Another thought - while making a decision where to live long term, perhaps he could look for a sub-lease. It would be more temporary, and the person will (if his contract allows) probably be less picky (ie more desperate.) My son sub-let his apartment in NYC over the summer. He had the guy write all the checks (4 months) up front, and post date them. At the end of the summer, we (since it’s our name on the lease) were asked by the sub-letter to write a reference for his next apartment. This seems like a way to build up some credit for your stepson, too.</p>