Co-Signer Credit Application

CO-SIGNER LETTER

Applicant has applied to rent a property from Touchstone Property Services LLC.  The attached Co-Signer Credit Application and Guarantor forms are required to be completed by you and returned within 7 days of receipt of Tenant Application.   A nonrefundable fee of $45.00 is required for each application and must be paid before processing can begin. A household's monthly income/employment must be stable (i.e. employed at current job at least three months) and sufficient to pay required rent (rent-to-income ratio cannot exceed 35%);

Please:

1.  Complete the Co-Signer Guarantor form, sign the form and have it NOTARIZED.

2.  Complete the Co-Signer Credit Application form with your information.

3.  Fax completed documents to Touchstone Property Services LLC: (970)-223-5282.

4.  Mail the original forms to Touchstone Property Services LLC at the above address.

5.  If your credit is frozen, please ensure that it is unfrozen so that Touchstone may obtain a full credit report, or the application will be denied and/or another

     $45 charge to run the credit again once account is unfrozen.

Satisfactory rental or mortgage history for a minimum of three consecutive years or three consecutive landlords. Satisfactory credit history and credit rating (i.e., NO unpaid collection accounts, accounts 60-90 days past due or bankruptcies in past three years). At any point during the verification process, if a negative report is received, the Application to Rent may be rejected and the applicant will be notified in writing of the rejection.  Statement of Non-Discrimination:  Touchstone Property Services LLC, owners, agents, employees and contractors will not discriminate based on race, color, religion, sex, national origin, age, handicap, disability, marital or familial status in leasing, rental or other disposition of housing or related facilities and will comply with all Federal, State, and Local fair housing and civil rights laws and with all equal opportunity requirements.

Some common questions we are asked regarding the Guarantor Form are: 

         1.  Why do I have to co-sign or guaranty the Applicant?  We require each applicant to meet certain qualifying/selection criteria in areas of rental history, income and credit. The applicant did not meet said criteria

2.         Who else must provide a guaranty form?  Anyone who is rooming with the applicant and does not meet our qualifying criteria.

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   3.         Will I be notified if there are any problems with the rental property?  Yes, however it is the responsibility of the applicant to keep you informed.  We will notify you if the problem becomes more serious.

    

   4.         What are my financial responsibilities?  By signing the Co-Signer Guarantor form, you are agreeing to be financially responsible for the lease and all obligations and liabilities should Tenant(s) fail to comply. The lease states each applicant is jointly and severally liable for the lease terms, therefore, you are also jointly and severally liable for all financial obligations. In other words, you are responsible for payment of any unpaid rent, late charges and damages incurred by the tenants.

    

   5.         Do you check my credit and verify my employment?  Yes, your credit report is reviewed and your employment is verified.  You will also be expected to pay the $50.00 fee to process the verifications.

    

   If you have any questions, please don't hesitate to call our residential leasing department.  Thank you.