Real Estate property owned by 3. These 3 people are on note. 2 partners decided they wanted me off the note., mother and daughter. There is no signed partnership agreement. This is a bayhouse that has been rented for cash. No one is claiming the income. Nor did we have rental insurance. I finally said this is wrong! I took the step to get rental insurance and sign up with VRBO so we could following the law. Of which I am big on! So now they are trying to get me off the mortgage. They have offered me nothing. I just don't see how they can do this. We are in a legally binding contract. I have meet all obligation. I am just making a legal income that is being shared by all three partners. Really just paying for insurance. i do not want to hire an attorney. I really want to just ignore it. Please advise.
I'd be asking an attorney these questions. Would think the initial consultation would be either free or minimal cost.
First, if there is a mortgage then there has to be insurance. They cannot have a mortgage on a property without showing proof of insurance.
Second, even if they take you off the mortgage through refinancing they cannot take you off the title without your consent. In fact, they cannot refinance without your written consent as well.
If they are trying to shove you out of the investment (and it sounds like you are not seeing any income here), then they will have to buy out your share. This will give you cash to invest in perhaps another property that you and your daughter can own together and manage it how you see fit.