Buying Short Sale from Wife

[Devan R.]

My wife purchased a townhome in 2006 at the height of the market. She paid $180k for the property. Today its worth $89k according to Zillow. We owe $147k on this property. We did some renovations 2 years ago totally redoing the kitchen and a bathroom. The last townhome in the neighborhood sold for $40k.

We are building a new home and expected to move in this summer (June). Our plan was to rent out the townhome for years until we could break even on the home. I was speaking with someone earlier today and they mentioned my wife could possibly short sale the property to me or a family member. My name is not on the property, can my wife short sale the home to me? If so, we would eagerly approach that idea.

Thanks in advance.