Default mortgage lien

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We live in Texas. My husband signed a loan for his parents to get a mobile home about 8 years ago, his father died and his mother has recently become behind on payments. After trying to come to a solution with her and the mortgage company it has come to us either pay for her house wich we cannot afford or let it default. The mortgage company says that it 30 days they will put a lien on anything that is in my husbands name including our current home which is not paid for in full yet. My question is what does that mean for us and our home, and can they put a lien on the cars and boat in my name. I am not on the note for the mobile home and we were not together when he signed it for them....Thanks for any help!!