Legal Question in Real Estate Law in New York

Probably. However the new mortgage will be subordinate to the existing mortgage.

In examining this response, please note that we are not entering into an attorney/client relationship, that this is to be taken as informative, and not as legal advice, that it is always best to speak to a lawyer in your area and/or in the area where the transaction and/or events occurred, and that my answer is necessarily limited by the fact that I have not seen the documentation or had an opportunity to go over the matters with you in detail.

Check your mortgage docs they most likely do not permit you do transfer your interest w/o paying mortgage off first.

Further you will be responsible for 100% of the mortgage while retaining only a 25% interest.

And, you are not getting any money up front??

So when your significant other is no longer...and they stop paying you, then what?

Bad deal FOR YOU all around. Where's the benefit? If any, risks outweigh them.

Consult an attorney before doing this.