How does a foreclosure affect a co-signer?

Your responsibility is equal to the borrowers. They will try to seize your ets before they will foreclose. The foreclosure effects you exactly the same way as the borrower because you are also refusing to repay the money. When you co-signed you agreed to repay the loan if the borrower flaked. You can't "save yourself" as you already entered a contract agreeing to repay the loan.