You did not mention if you are living in the home. I f you are you can stay there through the eviction process which will happen after the forcloses. It is possible the bank will offer keys for cash. Meaning you leave the home in a reasonable amount of time in decent condition they will give you maybe $5000. Once again if you are not on the loan you have no financial or credit concerns.
my sense is that since you are not on loan, your credit will not be effected.
my sense is that foreclosure will be reported on the other person's credit.
since you had nothing to do with loan, i doubt lender has your social security number.
if the loan was used to purchased the problem and the property is owner occupied: In CA no defeciency judgement meaning lender can not come after any of borrower's other assets. so if that is the case, then neither of you have any further concerns.
as always, you should consult with an attorney...
my sense is to do nothing with attroney until you hear from lender...
my sense is that you won't....
what's done is done, nothing can change that now....
meaning if lender is going to "come after" you now, nothing you can do to stop the lender from doing so.
if lender does, then get an attorney and follow his advice...
If the property is located in California and the lender forecloses by the Deed of Trust then the lender will not have legal liability to pursue you for the debt on the mortgage. There are two instruments there is a mortgage and there is the trust deed. In a non-judicial foreclosure the lender wants the trust deed back.
The Credit Repair Expert