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

The lender will approach you with a demand to make the loan current, if it hasn't already. Are you prepared to?

The bank can not take your properties. In most states you are protected because this was a "purchase-money" mortgage. It was not used to refinance and put $50,000 in your pocket. It was used for a home. They can take the house but that is all.

There is one exception. The bank will be damaged if brother-in-law trashes the house. Broken windows and holes in the wall are not an acceptable situation. See if you can arrange with the lender to drop off keys to the house and show proof that it is clean. SOme will pay you $500 "Cash for Keys" because they want it clean with no need for a locksmith.

Your credit will drop 100 points.

While they can't go after your property it will greatly affect your credit if you have a forclosure on it, will make you interest rate if you buy another house go way up, or even if you just want to refinance, get a credit card. You would be best taking over the payments if you can afford it.

And not to be mean, but I hope you have learned your lesson never to cosign for someone if you are not prepared to pay it yourself, even if they are family.

It will mess up your credit - badly- but they can't take your property. The home your brother in law has is the only security for the loan.