my wife has a mortgage loan in her name but the house is in her parents name

You can be on the mortgage but not on the title... this is common for folks who don't have sufficient income or credit to purchase a home on their own, so they get a co-borrower... the co-borrower can be obligated for the loan, but not be on the title... So for your wife, she cannot just remove herself from the obligation... FHA allows for 97.75% loan to value (LTV).. so if your parents pay down their 2nd mortgage to that LTV, then they can refinance and remove your wife.. (Assuming her parents can now qualify on their own).. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Sadly, it is quite common for someone to have the loan in their name and no longer own the property. This almost always happens when the owner, after the loan is made, transfers ownership to someone else. An example is a husband and Wife own a home with a loan. During the divorce, the wife signs away ownership to the husband because he is keeping the house. The problem is, transferring title does not transfer the loan obligation. Instead of working with Chase, your wife should be talking to a Mortgage Professional that has access to many investors. You can find one at the National Association of Mortgage Professionals at: http://www.namb.org/assnfe/SearchBroker.asp?SnID=1921118381 . ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

It is possible to be a guarantor on a loan without owning the home (name on title). It sounds as if that is the case with your wife and her parents' home. My recommendation would be to talk to both lenders. Your options are limited, especially with the 2nd mortgage lender. They look at your wife as having made a promise to pay and will expect her to hold up her end of the bargain. You may want to consider paying off the 2nd to get out of the obligation. The lender may even accept a short payoff, considering they are not fully collateralized. Keep in mind a short payoff will affect her credit rating. If you have the funds to pay off the lien, you could work out a payment arrangement with your in-laws. Good luck.

Chris - I can help you out, but need a little more information. The previous comments were spot on. We are located in Dallas, and we are a direct lender, not a broker. Please give me a call so we can attempt to get this resolved. It may be tough, but do-able. I'm happy to help you though. James Terrell, Gold Star Mortgage Financial 214-501-0613. 17732 Preston Rd, Suite 200, Dallas, TX 75252jterrell@goldstarfinancial.com

can her parents real qualify for the mortgage? that is the first step to take, and if not , there might be another option.. what RATE is the current mortgages at ? linda yourloanparnerforliffe@live.com linda