Yes, you need a lawyer. It is very high risk to purchase real estate (or anything of high value) with another person. If your name is on the Note and mortgage, the lender will look to you for payment if your fiance does not pay and, if you pay, you are merely building up equity in his name.
The only way to get your name off the loan documents is for the bank to release you (and the bank will almost certainly not do that) or for your fiance to refinance the loan in his name. He may not have the credit or the income ability to refinance even if he wants to.
Probably the only way to preserve your credit is for your ex-fiance to convey the property to you and for you to take over the debt servicing --- OR --- for the property to be sold and the loan be paid off from the sale proceeds. This would likely be the best option. Ohio "probably" has a law allowing for the forced sale of property where co-owners cannot agree to sell. Consult a good real estate attorney and ask about this procedure if your Ex refuses to sell without court intervention.
Answered on Jan 13th, 2012 at 2:30 PM