The process is relatively simple. A refinance of the mortgage should take your name off of the property and thus remove any liability you have on the mortgage. Generally what I do is I include a provision in the separation agreement that requires the spouse -- who is taking full ownership of the property -- to refinance his/her mortgage on the property within 60 days after the divorce judgment.
Please let me know if you have any other questions.
Best Regards,
Alex Venakides
Answered on Oct 06th, 2014 at 8:20 PM