What happens when you cosign on a house?

Answer 1

From what I know, when you co-sign on a house or anything for the matter, you are holding not in a sense owning it, but you are holding liability for it. For example, if the owner of the house does not have a good credit score, they need someone who does so that they can get a loan and that person is called a co-signer.

Very simply - a co-signer of a loan is responsible for absolutely everything as the "other" signer) who may be called primary signer). No difference.

EXCEPT that the cosigner frequently does NOT have possession or legal control of any property involved in the loan, so using it (say selling it) to pay for the loan can be much more difficult, if not impossible.

So whatever the responsibility, or recourse, (legal or financial) is for whatever action or lack of action required under the loan (and frequently under law too as many times you are considered the owner of any property connected with the loan), you are subject to also.