This is a very sad but very common situation that any lawyer worth a hill of beans would have assurred was taken care of prior to the divorce being finalized.
The answer is NO the bank will not release you from the responsibility of paying for the mortgage, you are responsible for every cent you borrowed and own nothing to show for it.
If you need a new home loan and he has ruined your credit with the old mortgage by not paying you will have no choice but to try a qualify for a non-qualifying mortgage (they call them liar loans). Most mortgage specializing companies have liar loans, you will pay excessive point to get the loan and a really high interest rate but prior to the mortgage melt down in our economy almost anyone could get a liar loan.
Lesson for everyone, make sure your soon to be ex, if he is buying you out, has to refinance the mortgage and anything else that is financed so he can not still hold you captive by ruining your creidt and keeping your debt to income ratio incorrectly calculated against you.
Did you try bringing in your divorce order to the bank and asking that they file it in their head office to remove you from the mortgage?
Legally, you are not responsible for the mortgage on the date that the court order was granted....so the banks will recognize it when you take the order in. The bank should take a copy and make the necessary changes. I'm hoping your court order states that you bought him out...
A similar incident happened to me but it wasn't the mortgage...and I took the full court order in and got the banks to change things.