Estate Law Questions? Ask an Estate Lawyer.
While you can transfer your interest in the property, you cannot transfer the other owners' interest in the property. Unfortunately, it is highly unlikely that anyone is going to want just a partial interest in the property. You may want to discuss with the other owners and your mortgage company about giving the bank a deed in lieu of foreclosure. This is where you give the property to the bank in return for the bank waiving its right to a deficiency judgment against you.
Please let me know if you need additional clarification.
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