Should Chicago landlords want a guarantor?

guarantorTo co-sign or not to co-sign?

The intrepid Kay Cleaves over at StrawStickStone.com contacted me a few weeks ago with a blog idea on the topic of accepting lease guarantors and co-signers.  With students who have little or no credit history in the rental market right now, Chicago landlords may be considering the worth of adding a guarantor to a lease.  First, the basics: a guarantor is a person who voluntarily agrees to be responsible to pay for another person’s obligations if that other person defaults on those obligations.  In a sense, the guarantor “vouches” for the tenant.  So, if mom signs a lease as a guarantor for little Johnny and Johnny fails to pay the rent, in theory, mom is responsible for the rent.

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