Is it possible to transfer/refinance a mortgage under my wife's name to her parents?
My wife has a mortgage under her name for a property that her parents bought and have title to. My wife is only on the mortgage and doesn't make any payments, nor does she claim the property tax or mortgage interest on her taxes. Basically, my in laws bought the house using my wife's name on the mortgage and then transferred title to themselves a year later.
It's valued at $211k and the loan is at $242k. My wife signed off on all the documents, so there was no forgery or anything like that. Because my wife has this other mortgage under her name already it's making it very difficult for us to refinance OUR OWN MORTGAGE. I'm trying to find a way to either have the parents assume the mortgage, which is difficult since it's upside down right now, or some how refinance the loan to the parents name and get my wife off it completely.
I'm really pissed that her parents would do this to her and screw up my family's life. This was all done prior to me meeting my wife. I have no doubt that they lied on all the paperwork when obtaining the loan because she was probably making $20k/year when they financed the loan for $300k sometime around 2007-2008. It's also my wife's fault for agreeing to it, but as a father myself, I would NEVER do that to my kids so I can try to make a buck by flipping a house.
Read more: How to refinance a mortgage to someone else's name?
