I Got The House In The Divorce. I Can't Afford It. My Ex Wife Wants It. I Just Want My Name Off The Deed And The Mortgage. Can This Be Done? I Heard Something About A Quit Deed.

This is called a Quit Claim deed.  You can simply quit claim all right to ownership in the property you have to your ex-wife.  Such a deed usually lists the cost as being "for a dollar and other valuable considerations."  This verbiage is merely used to say that property has been transferred for no cost at all.  I would think you would want your ex-wife to buy you out, so you at least come away with some cash.  

The loan, however, is still in your name.  The bank will expect you to pay the money you owe.

It is most desirable that you consult with a reputable attorney before moving forward.  If you don't have an attorney, seek out the advice of a real estate agent, at least.  They are likely going to tell you to get an attorney, but they can still give some insight on Quit Claim deeds.  So, too, can a town clerk.  Also, you might want to simply contact your lending institution just to know what your options are.  If you don't want your lender to know about it just yet, simply go to a local bank and talk over the situation with a knowledgable manager there.  Information should be free, so the more you get, the better.

Best wishes!

A Quit claim conveys any interest you may have in property, such as marital interest. It does not remove you from the mortgage if you signed the note. Even if the court orders that the other spouse is responsible for the mortgage it best for them to refinance the mortgage. If they cannot then they should sell the property. Even thought the court has ordered it is the other spouse's responsibility, if they default the mortgage company will look to you to pay it before they move to foreclose. Especially in the current climate. You could try to get the mortgage company to personally release you from the promissory note and I mean an actual signed release from them on paper that is official. I am currently in this boat myself and was in the RE title business for 30 years so I have seen it happen when the reponsible party defaults. Do not sign any type of conveyance until your e has refinanced or sold the property so the debt with you on it can be eliminated. Then you could be responsible for a mortgage on property you have no other interest in.

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You can do a quick claim deed. This gives all responsibility and ownership to your ex-wife and will free you up, except for the loan that is in your name. Maybe you and your ex-wife can sit down and work something out as to where she pays the bank what you owe, since a Quick Claim deed is dollar for dollar.