Uncosign?

[Alexis Kennedy]

I have a question that I am afraid I know the answer to, but I am sure someone here on BiggerPockets may be able to enlighten me.

Over 4 years ago, a very close friend bought a rental property here in Reno. The rent does not come close to covering the costs of ownership, and she's due for an adjustment on the loan at 5 years. She seems to be paralyzed with fear on the next step, and here is another fly in the ointment. She co-signed on 2 of her kids homes about 5 years ago (I know--a big no no). Now she is afraid if the rental goes into foreclosure, that the bank will see her kid's homes as assets. Would you agree? Also, is there some way to "uncosign" on a property?

Thanks,
Alexis