Questions and Answers
Q. Who’s eligible for J&L?
A. All tenants who meet the landlord’s qualifications.
Q. What are the lease requirements?
A. Landlords determine the lease requirements, lease rates, and security deposit amounts as usual.
Q. How much does J&L cost?
A. Sixty five percent (65%) of the first month's rent amount paid over 12 months.
Ex. Rent - $1000
Guarantee Price - $650 ($1000 x .65)
Monthly cost = $54.17
Q. Who pays the cost and premiums?
A. Tenant pays the cost and premium added in their monthly rent. Tenants are informed by the landlord of the guarantee cost in the landlord's lease addendum.
Q. How does J&L get paid?
A. J&L contracts with the landlord and gets paid either from the landlord or tenant. Landlords can choose to have tenants subscribe with Jack and Landlords to have monthly guarantee payments drafted directly from the tenant's checking.
Q. Are payments refunded at the end of the lease if there are no loss rents or damages to the unit?
A. No, just like private mortgage insurance, no refund is given. Funds are kept to insure payments to landlords for damages.
Q. What if a tenant defaults on rent before the 6 month payout period?
A. To avoid the risk of becoming insolvent due to a large volume of tenants defaulting after a few months, only after six months of payments will Jack and Landlords pay for tenant default on rent payments. Guarantor does pay for any property damages up to the amount thats been received by the landlord in premiums.
For More, See Terms