Filing for legal separation will not impact your obligation to continue to pay on the mortgage. The bank will not let you off the mortgage simply because you are now separated. If you or your wife fail to make the payments when due, the bank will foreclose on the property. If your wife continues to pay the mortgage without your participation to avoid default, and she subsequently files for divorce, she will ask the court to grant her a more substantial portion of the marital estate to cover the expense she extended on your behalf.
The best thing to do is to enter into a mediated Separation Agreement in which the payment of the mortgage will be provided for between both of you, and you will not be in default and lose your marital equity in the house.
If you are living in the New York City metropolitan area, please call me at 212-370-1660 to arrange for a meeting to discuss the matter at greater length.
Leonard M. Weiner, Esq./Divorce Solutions