How does eviction affect your credit
I've been a landlord before and I would want the rent money for the place. Renting properties is a business. as a landlord if you let everyone stay for free that you felt sorry for then you would go broke. Some people have legitimate problems and too many other peolpe will take advantage of you with sob stories and lies. I know your friend is going through a tough time, but put yourself in the landlord's position also when you think about this. Is it a large complex or a small one? This can make a big difference when dealing with management or the owner. The owner can and might sue you for lost rent. That's what you did when you cosigned. you agreed to pay the rent if the tenant couldn't.
How good is the rental market in that area? Find a renter. Even if you rent it for less than what the lease is it will make up for the bulk of the rent. And how much time does she have left on the lease? You will probably only have to make up the difference for a few months at most since most leases are for 1 year. Has she already gone through her security deposit?
I would advise you to take out an ad on Craigs List and other places advertising the apartment for rent. If you can find a new tenant that will make the landlord very happy. If she owes back rent, which she probably does since she's already being evicted, then maybe you can work out a payment plan with the landlord.
How soon did she let
you know she was having problems? She didn't lose the job and get an eviction notice all at the same time. In most states eviction is a legal process and it takes time. Did she hide it from you? This eviction could have been avoided if she would have let you know sooner. she could have moved out and you could have found another tenant and maybe only had to pay a months rent. And why can't she find a job? How about delivering pizzas? It's better than nothing.
And as I and many other people have said on this forum before. NEVER, EVER cosign for anyone. EVER. They may be your best friend, but when things go bad they'll be too embarrassed to tell you. until it's too late that is. People that need a cosigner need a cosigner for a reason. they have bad or no credit and/or a history of not paying their bills. Now not only is she being evicted. but you have to deal with the legal and credit problems associated with it.
To me the fact that she is actually having to be evicted shows that she has no concern for you or the fact that you cosigned for her. She should have moved out voluntarily before it came to this.
And if I walked into that apartment and there was a lot of furniture I would be very upset. She should be selling everything but the mattress in order to pay her rent.
Oh, to answer your question I have no idea how an eviction will affect the cosigners credit. but I would imagine it's not good.Source: ficoforums.myfico.com