[LHarveyMadman]

windyCA, you really need to address your questions to a real estate lawyer. There's lots of smart and experienced people here, but this could be a real legal headache and you should seek expert advice and guidance.

You have the biggest headache by far in this separation, since you are going to have to assume responsibility for the loan. As long as your spouse remains on the mortgage to the home (even if is taken off the deed), then his credit standing is at stake, just like yours.

If you have signed some form indicating that you were going to take over the mortgage completely, then the burden is on you to either refinance to a loan in your name only or get his name removed from the mortgage note. Refinancing will be a problem for you, since your home's value is now below the mortgage amount. I don't know how easy it is to remove a name from an existing mortgage, if it possible at all.

If you default on the loan and your spouse's name is still on the loan, then his credit will take a huge hit too. If your separation agreement specified that you were supposed to terminate his financial obligation, then he could seek legal remedy against you in the future, especially if this credit hit affects his ability to obtain new credit or get a job. Yes, prospective employers can legally pull your credit report when deciding whether to hire you.

This is a serious problem that affects many people who have undergone divorce or separation. I hope some straightforward solution will be found for you. But you really need to get in contact with a real estate lawyer ASAP.