Looking to Refinance Property Mortgage in Mother In-law's name

[Daniel Lesage]

Hello,

Thanks in advance for helping with this question! So here's the situation. I just got married about 2 weeks ago.

My wife's mother took out a mortgage on condo for my wife to live in when she was in grad school.  Both she and my wife are on the title/deed.  My wife has been financially responsible for it the entire time, and the mother considers it and the equity the property of my wife.

There's about 30K left on the loan and the property is valued somewhere between $120-150K (it's near Miami, we live in Connecticut, for what it's worth), and it's being rented.  We'd like to refinance it, and use the equity to buy another rental property.

Given that the mortgage is in my Mother In-Law's name, is there anything we have to or can do to get it out of her name? Any advice on how to proceed would be appreciated, thanks again!