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dealerdave

Fiador or guarantor

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Has anyone became a “fiador” or guarantor on behalf of someone wanting to rent a property here?  Any thoughts, insights, advice or shared experiences would be helpful, thanks.

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It depends……

If it someone you care about and are willing to assume their financial responsibilities in the event of default, go for it,  otherwise what would be your reason for doing so.  A parent, sibling, child, or grandchild and maybe even a close friend, would be understandable.

Never loan money or in this case guarantee it unless you are willing to accept it, and be prepared for it, as a loss, from the get go.

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1 hour ago, slainte39 said:

It depends……

If it someone you care about and are willing to assume their financial responsibilities in the event of default, go for it,  otherwise what would be your reason for doing so.  A parent, sibling, child, or grandchild and maybe even a close friend, would be understandable.

Never loan money or in this case guarantee it unless you are willing to accept it, and be prepared for it, as a loss, from the get go.

In the case of parent, sibling or grandchild...Doubly don't! God gave you common sense for a reason. That's my opinion but I don't think it's morally superior.

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1 hour ago, pappysmarket said:

In the case of parent, sibling or grandchild...Doubly don't! God gave you common sense for a reason. That's my opinion but I don't think it's morally superior.

:D:D:D

 

I was thinking about it in reverse.....in other words have someone be my fijador, after all I am a parent and grandparent.  LOL

They might do it as some of them weren´t given common sense, and I´m hoping that´s the reason.

Most people would think that anyone who would give them something for nothing is morally superior or at least pretend so.

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My husband has been my fijador for my restaurant rent and I have done it for the guys renting the apartment above it. The first time I insisted on having his car note as colateral,but they pay their rent and the next time they signed their rent contract I wasn't asked....sure I could have wound up in a jam,but in this anything-can-happen world I continue to take a chance on people and for the most part they have proven me right.

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There are companies which do this as a business.  Find some Guadalajara facebook pages like MexPatGuadalajara and ask there.  It would be a topic at this time of year as the medical students come in and leave.  It is not usual in the Lake Chapala area to have to provide this but is regular business elsewhere.

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15 hours ago, dealerdave said:

Has anyone became a “fiador” or guarantor on behalf of someone wanting to rent a property here?  Any thoughts, insights, advice or shared experiences would be helpful, thanks.

Please be aware that a fiador (also known as aval) will be held legally responsible for whatever balance of payment is outstanding on the renter's lease should he or she default.  In order to act as fiador for you, he/she must own his or her property without mortgage or lien and must provide a copy of his/her property's title to the property owner.  This is taken much more seriously in Mexico than it is in countries north of the border.  Unless you know the potential renter and his/her sense of financial responsibility really, really well, I would not act as fiador.

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Thank you all for your insights and advice, it’s been great and It’s helped me to come to a decision and I won’t proceed with it in this particular case.  I sure appreciate this forum and this community where we can help and support one another.

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