Whoa!! I guess you learned a lesson here, right? Don't tell me - it was a 'friend' with a sob story that you could not resist.
I would do my best to talk to the mortgager and see if they can take your name off the note, but that is not likely. If all fails and you end up in default, credit reporting agencies will accept and record explanations and comments on your report that may exonerate you.
Is there any likelihood of this person being able to pay at all? If not, you might want to start the process and come clean with the mortgager right now to show an act of good faith.
Remember this: No good deed goes unpunished!!!
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