Advice or thoughts?

What is the name of your state? SC

ok please try to follow this.....If possible

My Mother-in-law left my Father-in-law about 4years ago. One day he came home and the house was empty except his recliner a old TV and his bed and clothes. About 2 months before this she refinanced there house which was paid for at the time and consolidated all her doctor bills and car payment and got some cash out of it. She also took the car and the cash. My Father-in-law is a drinker and is illiterate(SP) and says he had now idea of what he was signing at the time of the financing of the home. He is now stuck with a 400 dollar payment and makes about 8 dollars an hour.....Now to the questions I hope that is enough background....The mother in law is established at another home now so... How can my father-in-law get her name off the loan? They have not filed for Divorce and my wife is his power of Attorney if that matters...Also can he refinance this on his own at a lower interest? or will she have to be involved? right now its at 11% very high....My wife has been making every payment for him the last 4 years can we help him refinace with maybe some of our bills and split payment with him? She wants to help him and they all want to keep mother-in-law out of the house if something happens to father-in-law....his parents gave him that land we dont want to move in but we dont want her to waltz right in.....also my wife is scared since he drinks alot that he will lose if he goes for divorce... Will he lose anymore if he files for divorce?

Sorry so long but if there is any advice anyone can give it would be great....

[JETX]

"How can my father-in-law get her name off the loan?"
*** The only ways to do that are:
- Refinance the property in his name only, or
- Get written permission from the lender to release her from liability. Needless to say, this is very unlikely.

"They have not filed for Divorce and my wife is his power of Attorney if that matters."
*** It doesn't.

"Also can he refinance this on his own at a lower interest?"
*** If he can qualify for a new loan on his own, he can pay off the current loan and thereby remove her from the mortgage. However, if her name is on the property title, it is likely that he would have to get her to quit claim the title to him first.

"or will she have to be involved?"
*** See above.

"My wife has been making every payment for him the last 4 years can we help him refinace with maybe some of our bills and split payment with him?"
*** You can certainly join him in the refinancing agreement.

"She wants to help him and they all want to keep mother-in-law out of the house if something happens to father-in-law"
*** Again, if her name is on the TITLE, removing it or refinancing will not remove her right to claim against the property.

[HomeGuru]

[quote]Originally posted by Dolphindan1
[b]What is the name of your state? SC

Sorry so long but if there is any advice anyone can give it would be great....

**A: and that was great advice.

Jetx I know we had our disagreement on another post but I do want to thank you for the advice on this post. It was much appreciated and I value your opinion and advice whether I agree or not. Thanks again.....

[JETX]

Yep, I don't hold a grudge..... too long!