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Tenant/Wage Verification Form

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ebe



Joined: 25 Jul 2008
ebe's page
Posts: 3



324 Magic Points
Subject: Tenant/Wage Verification Form
 
 Posted on Thu Aug 07, 2008 4:03 am  
When they ask for a co-applicant, to guarantee payment, how do they determine the worth of the Co-App? Credit reports do not state wages. Tax forms are private. Banks cannot disclose account information. How do they determine whether the person could absorb the lease if the Applicant defaulted?
erb1953



Joined: 31 Dec 2007
erb1953's page
Posts: 573



-53 Magic Points
 
 Posted on Thu Aug 07, 2008 11:17 pm  
I think they just run the credit report, if they want wage information, they simply request pay stubs. you can not have a co signer with bad credit.
fireyone



Joined: 26 Feb 2008
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Posts: 4285



127 Magic Points
 
 Posted on Fri Aug 08, 2008 12:44 am  
That is probaly good in a lot of cases. Paystubs and the credit report are the biggest factors in getting a lease.
Lorri



Joined: 15 Jul 2008
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Posts: 253



213 Magic Points
 
 Posted on Fri Aug 08, 2008 3:06 am  
I was a co-signer on my daughter and son-in-laws apartment lease. I have a bankruptcy on my credit and they still approved them. They did want to know my place of employment but not wages. I guess to just make sure that I was definitely working.
erb1953



Joined: 31 Dec 2007
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-53 Magic Points
 
 Posted on Fri Aug 08, 2008 3:14 am  
probably, sometimes I think it is just a technicality (sp). They just need to have someone else responsible if the tenants don't pay.
goodnatured



Joined: 03 Nov 2007
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Posts: 3927



10 Magic Points
 
 Posted on Fri Aug 08, 2008 3:39 am  
co signing is risky for the co borrower too, you risk losing your money or assetts because somebody did not pay there rent and then you pay the price. I would have to be really sure about someone before I did that.
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Lorri



Joined: 15 Jul 2008
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Posts: 253



213 Magic Points
 
 Posted on Fri Aug 08, 2008 4:33 am  
I was lucky---my daughter and son-in-law did not rent that apartment. They went to another and didn't have to have a co-signer. Before that the lived with ME.
CMBV22

CMBV22

Joined: 08 May 2008
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Posts: 364



4810 Magic Points
 
 Posted on Fri Aug 08, 2008 5:03 am  
Once, before I began my credit repair I wanted to get this really nice apartment in North HAven. I told them that I had bad credit and asked if I should even try to get an apartment there. The woman told me sure, just bring a co-signer. I bring my dad and once we are there they tell us that he would have to make 10x our rent to qualify so they know that he can afford his bills and our rent if we default! Needless to say we didnt move there.
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anthony

anthony

Joined: 31 Jul 2006
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Posts: 516



13571 Magic Points
 
 Posted on Fri Aug 08, 2008 7:32 am  
What I feel is that, co-applicants usually conforms that he personally knows the borrower and that the borrower is responsible enough to pay back the debt, else he will pay it. The co-applicant also has to provide his details and the creditor may check his credit report before offering the loan.
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fireyone



Joined: 26 Feb 2008
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127 Magic Points
 
 Posted on Sat Aug 09, 2008 1:36 am  
Wow cmbv that is quite a bit 10 times. I myself would not trust co-signing these days. It seems times are rough for everyone and it would be aking an awful big chance. Not only that it seems alot of family members screw the other persons crdit these days. I could not spend years or for some a lifetime establishing a good credit rating only to have someone lese ruin it.
Lorri



Joined: 15 Jul 2008
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Posts: 253



213 Magic Points
 
 Posted on Sat Aug 09, 2008 7:00 am  
TEN TIMES!!! OMG---I guess that right there is a deterrent to only get tenants who are financially secure. Geez! I have heard of three times the rent, but not TEN. Maybe (probably!) the apartment complex had been "ripped off" before.
CMBV22

CMBV22

Joined: 08 May 2008
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4810 Magic Points
 
 Posted on Sat Aug 09, 2008 7:39 am  
Yeah, must have been! I almost choked when I read the figures
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goodnatured



Joined: 03 Nov 2007
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Posts: 3927



10 Magic Points
 
 Posted on Sat Aug 09, 2008 9:45 am  
Well, they must have thought they seen a fool coming? Good for you that you walked a way from it.
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fireyone



Joined: 26 Feb 2008
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127 Magic Points
 
 Posted on Sun Aug 10, 2008 1:44 am  
I would have walked away myself. This is really unreasonable.
goodnatured



Joined: 03 Nov 2007
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Posts: 3927



10 Magic Points
 
 Posted on Sun Aug 10, 2008 3:28 am  
I know we have to pay for our mistakes, but I think at some point it is very discriminating, this is a perfect example of labeling, profiling and discrimination.
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