Legal Question in Real Estate Law in California

Re: Cosigner for a home

Your question has an element of confusion. Cosigning does not make you an owner so you are not on title unless there was a separate transaction in which the owner transferred part of his interests to you. As a cosigner, you are telling the lender that you agree to be liable for the loan.

By using a judicial foreclosure method, the lender has or will give up on collecting on the loan. Foreclosure settled the debt, so the lender will not come after you. Since you are not an owner, I do not think it will effect your credit rating but you should contact one of the credit raters or an organization that handles credit matters to find out if there is an effect on your own credit rating.

Re: Cosigner for a home

Unfortunately for you, I think you are in deeper trouble than Mr. Shers' answer suggests. As a surety, you are likely to be pursued for any shortfall in the foreclosure sale.