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URL:  https://boards.fool.com/guarantor-issue-31388748.aspx

Subject:  Guarantor Issue Date:  8/29/2014  9:12 AM
Author:  kunder25 Number:  308548 of 312988

Hello All-

Have not been around this board in awhile, however I figured this would be a good place to get some advice-

In March I agreed to be guarantor for my niece who was planning on attending college this fall. She signed a lease with University House in Fla and planned on moving in this August. Needless to say the plans fell through and she was unable to attend. She is currently living with her mother (my sister) in VA. The issue now is UH is looking for August rent money (577.00/mo) and in a couple days September. (rent is due the 1st). They really have no policies regarding students who cancel or are unable to attend. The only thing they can do is offer it as a "relet" to walkins, or my niece can post it herself online. If there are no takers she (and myself as guarantor) will be on the hook for twelve months of rent. (6924.00). What affect will this have on my credit (which is excellent at the moment) if UH decides to send this to collections? I suggested my sister try for a home equity loan/line of credit to make payments to UH but she wasn't sure is she would qualify. I have considered taking out a personal loan and having my sister and niece pay me back, but am a bit hesitatnt at the moment and realize that would impact my cerdit score as well. Any suggestions would be greatly appreciated.

Thanks in advance
Kevin
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