How do you transfer your house under another family member's name in order to refinance it?

My sister owns a house. (I helped her with the down payment, but my name's not on it). The house is in Arizona, but she lives in New York. She's stuck in a CRAPPY 'interest-only loan', and our mortgage is underwater. Now they said that she can't re-finance it because it's an investment... show more My sister owns a house. (I helped her with the down payment, but my name's not on it). The house is in Arizona, but she lives in New York. She's stuck in a CRAPPY 'interest-only loan', and our mortgage is underwater. Now they said that she can't re-finance it because it's an investment property, and the person must live in the house to refinance it).

Me and my fiance are looking for a place to live now. So we were thinking of moving into her house, and then refinancing it.

So would she have to 'sell us' the house? Gift it to us? can she just add one of our names to it?

thanks for your help guys!
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