We have 3 folks on a mortgage. Totally investment as of today 300.000. Purchased price 267,000. On the market for 255,000. Payoff 230,000. I want to contract with a rental management company and hang on to the property. The other 2 folks want to sale. My portion of the payment is $950.00 a month. I just want off of the mortgage. It has been on the market for a year. please advise.
The bank won't simply remove a borrower from the obligation. To remove a borrower from a mortgage loan, the other two borrowers (or others) would have to re-apply and qualify with the bank for the new loan without you. This is a full refinance where the bank will look at Credit, Property LTV, and debt service/income.
Sounds like you need to lower the sales price... Selling seems like the easiest way to remove you from liability/obligation.
There is a difference between getting off the mortgage and getting off the title. To get off the mortgage, the other investors would have to refinance but that would not necessarily remove you from any debt obligation since your name is on the title.
If you want out from the property, you will need to transfer ownership and release your share. Typically this means that the other two investors would need to buy out your share of the property. This amount would then be placed on the mortgage and maybe (I emphasis maybe) the bank would release you from the mortgage.