If i co-signed for someone to buy a house, and he is late on payments, what will happen

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to my property? My wife and I co-signed for my brother in law to buy a house. This happened about 6 months ago. During the last two months he hasn't paid for his mortgage. I own a couple of properties. If my brother in-law doesn't pay next month, the current lender will consider a foreclosure on the house. Since my wife and I co-signed, can the bank also take my properties or will my brother in-law just lose his house or will the three of us have bad credit for 7 years? What most likely will happen?
 
The lender will approach you with a demand to make the loan current, if it hasn't already. Are you prepared to?
 
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