No. of Recommendations: 0
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
Print the post  

Announcements

UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.