Can you deed someone off a part of land, if the land it is tied in with a mortgage?

Question Details:

Have 16 acres in TX that my partner and I purchased in 1993 (both of us are listed on land title and home). After property was paid off, we used 8 acres (collateral) to build a house. We are currently separated and have mutually decided he would keep the house and an acre, and I can keep the rest. However the house and acre appraised for only 18.5% over payoff and in order to refinance in his name only, we needed it to be 25% over. So we have to wait a year or so to try again. We are going to deed him off the 8 acres not tied into the mortgage loan for me to start living on. Can we deed him off all 15 acres even though 7 acres will be still tied in with the loan? That way if he refinances or decides to sell the house and acre, and the 7 acres is released from the current mortgage contract it will already be in my name only. I am aware that if he was to lose the house (foreclosure) that the additional 7 acres would be lost to me as well. The reason for needing the whole 15 acres sectioned out, is due to our timber exemption (have to have a min of ten acres to keep)

AttorneyPages.com Important Notice