Last year, against my better judgement, I cosigned a lease on a rental apartment for my daughter. She broke the lease a month before it ended becasue she found out they would not renew her lease. She said it was because she was late several times, however, she did pay the late fee. She is often not truthful with me. The complex then contacted me and told me that she paid the rent 6-8 times late and now she bounced a check for the month prior to moving out plus did not pay the last month's rent. Total amoung owed is $3,000. She did not put a security deposit down, but purchased an insurance bond?? Now, they say I am liable to pay for the back rent and damages. It has gone to a credit agency. My daughter said she can't pay, and this has made our relationship dissolve. I had perfect credit until now. My daughter is irresponsible, so I know she will not pay. I have creditors calling, sending letters to me, etc. I do not have copies of the lease, I lost them. The papers I signed were faxed to me and then I faxed them back. Any help would be appreciated.

I am so sorry, but since you co signed, they can go after you for this money. I do not know what an insurance bond is, as far as renting goes. If your daughter was under 18, then they can not even go after her. It is a shame that this happened. You must pay this, so sorry!

Last year, against my better judgement, I cosigned a lease on a rental apartment for my daughter. She broke the lease a month before it ended becasue she found out they would not renew her lease. She said it was because she was late several times, however, she did pay the late fee. She is often not truthful with me. The complex then contacted me and told me that she paid the rent 6-8 times late and now she bounced a check for the month prior to moving out plus did not pay the last month's rent. Total amoung owed is $3,000. She did not put a security deposit down, but purchased an insurance bond?? Now, they say I am liable to pay for the back rent and damages. It has gone to a credit agency. My daughter said she can't pay, and this has made our relationship dissolve. I had perfect credit until now. My daughter is irresponsible, so I know she will not pay. I have creditors calling, sending letters to me, etc. I do not have copies of the lease, I lost them. The papers I signed were faxed to me and then I faxed them back. Any help would be appreciated.

I haven't heard of an insurance bond either. What place allows you to rent without any security deposit?? Contact them (the owner of the rental property) and ask for a detailed report of what is owed and the damages. Did your daughter confirm that she bounced the check? Do they have a copy of that check as proof? They should have a copy of the lease on file as well. Tell the creditors that you need to verify this debt and will only speak with the owner of the rental property and they should not call you again.

I haven't heard of an insurance bond either. What place allows you to rent without any security deposit?? Contact them (the owner of the rental property) and ask for a detailed report of what is owed and the damages. Did your daughter confirm that she bounced the check? Do they have a copy of that check as proof? They should have a copy of the lease on file as well. Tell the creditors that you need to verify this debt and will only speak with the owner of the rental property and they should not call you again.

Did you find out about all of this, by the creditors, or did the landlord try to get the money from you first before sending it to collections?

It's not uncommon to post a bond in place of a security deposit.

http://realtytimes.com/rtcpages/20010316_deposit.htm

The above article goes over the pros and cons.

It's been my experience that bonds are more commonly used with low-income residents or subsized housing arrangements.

Generally a security deposit is returned to the leasee at the end of the lease. A bond is returned to bond insurer, not the leasee.

It's not uncommon to post a bond in place of a security deposit.

http://realtytimes.com/rtcpages/20010316_deposit.htm

The above article goes over the pros and cons.

It's been my experience that bonds are more commonly used with low-income residents or subsized housing arrangements.

Generally a security deposit is returned to the leasee at the end of the lease. A bond is returned to bond insurer, not the leasee.

So it looks like the security bond should cover the landlord, for the owed rent, and the damages, and then they go after the tenant, not the landlord? I wonder if this credit agency, is really the bond place?

So it looks like the security bond should cover the landlord, for the owed rent, and the damages, and then they go after the tenant, not the landlord? I wonder if this credit agency, is really the bond place?

Cool idea... I have to see if that is available in this state. It does look like the Apartment Complex would get everything from the Bond company and then the Bond company would go after the tenant.

Maybe the Mom should point that out first, just to get things off of the creditor track and at least buy a little time.

Cool idea... I have to see if that is available in this state. It does look like the Apartment Complex would get everything from the Bond company and then the Bond company would go after the tenant.

Maybe the Mom should point that out first, just to get things off of the creditor track and at least buy a little time.

Unless the creditor, is the bondsman (bonds provider), themselves. Do you know if this is who is going after you for the reimbursment? More information will come later, when a friend checks on this for you, on how it works. I, or this friend, will let you know what is found out. Sounds like a job for the dog lol (just kidding, he deals with criminals, not rental issues tee hee).

Cool idea... I have to see if that is available in this state. It does look like the Apartment Complex would get everything from the Bond company and then the Bond company would go after the tenant.

Maybe the Mom should point that out first, just to get things off of the creditor track and at least buy a little time.

It does sound like a good idea, but I could see people screwing the bondsman, with a deposit, they know they can't get all that money back, so it can be good and bad. I would not break the lease, for me it would be good, no first, last, and deposit, etc.

It does sound like a good idea, but I could see people screwing the bondsman, with a deposit, they know they can't get all that money back, so it can be good and bad. I would not break the lease, for me it would be good, no first, last, and deposit, etc.

For people in bad situations that have to get their family to a safe place to live, it sounds like a good option. I don't think it is available in my state though, I am looking into it.

Thanks to everyone who replied. I appreciate the time and knowledge all of you took and you gave me some really great ideas!
I attemped to ask the collection agency if they are the bondsman or insurance company, and he just skirted around the whole issue, so maybe they are. What I don't understand is that if she paid the insurance bond, that should have covered her?? She purchased the insurance???
The apartment complex did send me a letter stating the amount owed and a date that it had to be paid. I did not see any record of bounced checks. I was really upset that they did not tell me she was paying her rent late for quite some time...being the cosigner, I think they should have let me know.
The apartment complex is not low income housing, the rent was $1200 a month and in a very elite area.
I know I will probably end up paying...my daughters credit is shot, so she has nothing to loose. If anyone can think of anything else, I appreciate any advice.

Thanks to everyone who replied. I appreciate the time and knowledge all of you took and you gave me some really great ideas!
I attemped to ask the collection agency if they are the bondsman or insurance company, and he just skirted around the whole issue, so maybe they are. What I don't understand is that if she paid the insurance bond, that should have covered her?? She purchased the insurance???
The apartment complex did send me a letter stating the amount owed and a date that it had to be paid. I did not see any record of bounced checks. I was really upset that they did not tell me she was paying her rent late for quite some time...being the cosigner, I think they should have let me know.
The apartment complex is not low income housing, the rent was $1200 a month and in a very elite area.
I know I will probably end up paying...my daughters credit is shot, so she has nothing to loose. If anyone can think of anything else, I appreciate any advice.

Yes, call a bonds place, and ask if you were to get one (like your daughter did), how it would work, and if any damages were incured (by accident), or rent was not paid, how would that bond help you, what would they pay, and what would you have to pay back. Use the answers, to see if this bondsman is trying to collect on something, that is legally covered by the bond, and they can not legally collect back for. If you have to pay back everything, and it was just to keep her from having to pay any deposit, then you must pay, but you can take your daughter to small claims court, and get at least half of that money back, because you were just the co signer, so she should have to pay at least half of that. I know it sounds harsh, but at least this way, if she ever works, or is working now, they will garnish her wages, and you won't be out all of the money. She deserves this mom, she knew what she was doing to you, not just her credit. Good luck to you!!

Thanks to everyone who replied. I appreciate the time and knowledge all of you took and you gave me some really great ideas!
I attemped to ask the collection agency if they are the bondsman or insurance company, and he just skirted around the whole issue, so maybe they are. What I don't understand is that if she paid the insurance bond, that should have covered her?? She purchased the insurance???
The apartment complex did send me a letter stating the amount owed and a date that it had to be paid. I did not see any record of bounced checks. I was really upset that they did not tell me she was paying her rent late for quite some time...being the cosigner, I think they should have let me know.
The apartment complex is not low income housing, the rent was $1200 a month and in a very elite area.
I know I will probably end up paying...my daughters credit is shot, so she has nothing to loose. If anyone can think of anything else, I appreciate any advice.

Call the apartment complex directly and ask for proof of the debts. Make sure to get a copy of the lease that you co-signed so you can see if these charges are allowed in the first place.

Call the apartment complex directly and ask for proof of the debts. Make sure to get a copy of the lease that you co-signed so you can see if these charges are allowed in the first place.

See the pictures that they took of the damage, if they have none, it could be here say, I imagine, that when they take you or her to court (if they were forced), then they would have the picture proof of the damage for the courts to see. What damages were there, were they itemized? Demand an itemization, of dates of checks bouncing, dates of late rent, reciepts, that show the rent plus the late fees, to prove they are being truthful about it being late, and an itemization of all damages. Did you and your daughter do a walk through, when she moved in, to see the damage that was there before she moved in, so they could not charge you for a previous tenants damages?