What amount of money would I have to pay to get my ex off of the mortgage? What are my legal options?
The most common method in transferring a mortgage to another's name only is through a refinance, although some lenders will permit another to be taken off of the mortgage if there is sufficient equity in the house. A couple will have to complete an assumption agreement. Basically, the partner who continues to live in the marital home will agree to assume any and all responsibility for any mortgage debt. The partner who leaves the marital home will then be released of any financial responsibility of the mortgage.