Give the letter-writing date, your name and address, the name and address of the landlord or mortgage lender, the name of the person renting or buying the property and the address of the property, advises SFGate. Mention personal information, such as your income and assets, that qualifies you as a guarantor.Continue Reading
Before writing a guarantor’s letter, determine if you qualify by reviewing the guarantor requirements. Landlords typically require good credit, ownership of a house and a yearly salary that is 70 times the monthly rent. Prepare your tax returns, credit score and details about your assets and liabilities, says SFGate.
Mention financial information and other personal details proving you are capable of paying the owed amount should the tenant or borrower fail to make payments. You may write the name of your accountant and other character references who can attest to your financial capability, explains SFGate.
Explain concisely the extent of your responsibility according to the lease or mortgage contract, notes SFGate. Specify if you are willing to pay for other potential expenses if the tenant or borrower defaults on the required payments. Declare your acceptance of the responsibility, and put your name and signature at the bottom of the letter. Finally, print multiple copies of the letter to distribute to your financial advisor, lawyer and tenant or borrower.Learn more about Law