What are the legal/financial ramifications of signing on as a roomate for a friend?

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What are the legal/financial ramifications of signing on as a roomate for a friend?

I have a friend who can’t stay in her apartment unless someone signs on as a roommate. I own a house and am worried, if I do so, about the ramifications are for my taxes, employment, and mortgage.

Asked on April 24, 2012 under Real Estate Law, California

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Do you mean as an actual occupant of the apaprtment or as a co signor or guarantor on the apartment?  Either way you would be liable for the rent should she default in her payments each month.  That surely can impact your credit rating and finances.  Friendship only goes so far.  Good luck. 


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