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Good afternoon. I am Loren, a licensed attorney, and I look forward to assisting you. I am sorry to hear of your dilemma. I realize how frustrating this is for you and I hope to provide you information which is accurate and useful, even though it may not be the news you were hoping to get.
Unfortunately, since you cosigned then the lender has a legal right to pursue you for the deficiency.
However, if you and the other owner had an agreement that he would make payments and he stopped, you can sue him to repay you for any sums you are forced to pay due to his breach. If you get a judgment then you can garnish his wages and accounts and attach his property to pay the judgment.
You may wan to retain local counsel to help you obtain the judgment and satisfaction. Many collection attorneys will work on contingency so that you will not have to pay anything upfront.
If you need assistance finding local counsel try Martindale Hubble (site rules prohibit us from referring specific attorneys) . Many attorneys themselves use this site to locate attorneys outside their jurisdiction or expertise:
http://www.martindale.com/Find-Lawyers-and-Law-Firms.aspxIt is a huge worldwide database searchable by location and specialty. The attorneys are all peer rated. So, they represent the top of the profession.