As long as you remain on the mortgage, you’ll be liable for the payments that are due
Even if you quitclaim your interest to your spouse, before transferring your interest in the property, you must arrange with the bank to be removed from the mortgage. He could theoretically take on a second mortgage, which would encumber the property even further and drain out any equity that remains in it.
Do not allow yourself to be exposed to this potential, financial threat that could possibly arise long after the divorce papers are filed.
I strongly suggest that you retain an experienced lawyer- mediator in this matter to help you both work out a solution that will protect your interests as well as provide you both with a solution to your problem.
If you located in the New York City metropolitan area, please call late at 212-370-1660 to arrange to me to discuss this matter had greater length.
Leonard M. Weiner, Esq./Divorce Solutions