Cosigner question...

You will never be able to purchase again until the home is sold by the bank and title is transferred.From that day, you have to wait 3 years.

You have a situation that YOU need to be very proactive by calling the bank and work out a short sale or your credit, your credit score, your tax situation, and other issues may be impacted.

If he walks away from the home, then you are equally responsible.. if the home defaults, it will show on your credit and you wont be able to qualify for a new loan until the home forecloses or sells AND you have meet the mandatory waiting period.. It's also possible that your other credit accounts could either cut you off or charge you a higher interest rate..*(Universal Default)... additionally, it's possible your state has specific rules that require you to pay the deficit if the lender suffers a loss as a result of a foreclosure.. the absolute best thing to do if neither of you or your son can afford the home is to contact a local real estate agent and put it up for sale.. if the home is not worth the amount owned, then have your agent help you with communicating with the lender and request a short sale.. This would be the most responsible thing to do.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893