You are right: if at all possible, try to avoid a foreclosure sale.
If your in-laws cannot afford the payments they will be much further ahead to sell part or all now at market price rather than to wait for a bank foreclose sale. The bank might accept the first offer above the amount owed them and your in-laws could lost much of the equity they have in the property.
Much of the confusion and frustration seems to be from the idea that you expect to buy the property for only the amount remaining on the mortgage rather than paying full market price. That's not going to happen without legal problems and family problems. Talk to a professional and have them spell out your options.
Good luck, it sounds like you want to help your in-laws.
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Today's Featured Article - Sunday Drives - by Cowboy. Summer was finally upon us here in Northern Maine. We have two types of industry up here, one being "Forestry" (Wood Products) and the other "Farming" (Potatoes). There is no shortage of farm tractors and equipment around here! I have been restoring old Farm Tractors for the past 6 years, and have found it easier and less expensive to hit all the auctions and purchase whole tractors for parts needed. My wife who works at a local school, and only has weekends and summers off, while on t
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