Rent Guarantee

[[email protected]]

My husband & I [stupidly] signed a rent guarantee for our son and his wife when they rented a house in CA. Since that time, due to retirement looming and a major disease--we
no longer want this 'hanging over our heads.'
Can this be rescinded in some way so we are no longer responsible for the rent if our kids fail to pay it??
Thank you.

 

[peter]

Sure it can be recinded at any time by YOU, but then since you will no longer guarantee the rent, the lease is voided and your son and wife will be served with a 30 day eviction notice.

Unless he and his wife qualify on their own finacial merits for a lease.

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<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by [email protected]:
My husband & I [stupidly] signed a rent guarantee for our son and his wife when they rented a house in CA. Since that time, due to retirement looming and a major disease--we
no longer want this 'hanging over our heads.'
Can this be rescinded in some way so we are no longer responsible for the rent if our kids fail to pay it??
Thank you.<HR></BLOCKQUOTE>

 

[HomeGuru]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by [email protected]:
My husband & I [stupidly] signed a rent guarantee for our son and his wife when they rented a house in CA. Since that time, due to retirement looming and a major disease--we
no longer want this 'hanging over our heads.'
Can this be rescinded in some way so we are no longer responsible for the rent if our kids fail to pay it??
Thank you.<HR></BLOCKQUOTE>

What is the fixed term of the lease? You can give the Landlord notice that you rescind the guaranty upon expiration of the fixed lease term. L can agree to continue to rent to the tenants without your guaranty, can require T to update their credit application or tell T to move out.

 

[peter]

Remember I am talking about New York City, so here you can terminate a guarantee immediately, and then the landlord will serve a 30 day notice to be out by Sept 30th,

Because he can ALAWYS fix up the apt. and rent it at a Higher price, so there is NO INCENTIVE to hold the parents liable till the end of the lease.

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<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by HomeGuru:
What is the fixed term of the lease? You can give the Landlord notice that you rescind the guaranty upon expiration of the fixed lease term. L can agree to continue to rent to the tenants without your guaranty, can require T to update their credit application or tell T to move out.<HR></BLOCKQUOTE>