Unfortunately this is a COMMON MISCONCEPTION.

The divorce decree from a judge does not supersede previous agreements on joint accounts you have.

So for example credit card accounts and mortgages etc. if the judge says you pay and you default they WILL STILL come after your ex-wife.

Now the ex-wife can still go to court to try and enforce the decree but that will not save her credit. Getting her off title won't do anything either except make it to where you can sign off on the DIL or short sale on your own.

When 3 months of payments are missed you get a M-9 rating on your credit report which is almost as bad as a foreclosure.

So unless the ex-wife keeps making the payment her credit will get trashed for awhile.The bank will not let her off the hook on the note when they can extract money from her because she values her credit rating. After the DIL or the foreclosure it will be 2 years or more before you can even think of either of you getting a home loan.More than likely 4 years or so.

If she is thinking of buying something now car,house,etc. and can still qualify with your mortgage debt and the new mortgage she may want to go ahead and purchase before credit is trashed. I now many that do this. They are upside down on a home but want to get a deal with low interest rates in a down market. They make enough money to afford 2 homes. They buy the second home and then try to rent the underwater in value home until the market recovers. If they can't rent they let go to foreclosure but don't care because they are in the new home. This process is called a STRATEGIC DEFAULT.

Sorry for the bad news.No legal advice.