A friend's mom passed away. She had been in and out of the hospital and spent a short time in a nursing home. My friend's sister and her husband had done a lot of work to the house at their expense. The two brothers kicked in some money as well, but the sister and BIL kept all the receipts. The state had a lien on the house which was worth in the $100K range. The lien was for a little more than the value of the house. The sis produced the receipts for the work and said they did the labor (which they did). The state investigated and said if the daughter wanted the house she could buy it for $23K. She did. Her two brothers never asked for anything. They didn't even ask to be reimbursed for what they had contributed for materials when they fixed up their mom's house. They had given money as a gift to their mom to make her life easier. The siblings all got along great.
So not every situation is going to end up badly for someone trying to help a parent.
I wouldn't worry about the siblings wanting to cash in later. I'd be more worried about what will have to be spent on the house. The OP did say it's been in a perpetual state of remodeling.
If the siblings were to all chip in and buy the place I'd be worried about owning property with someone I don't want to be partners with.
The best option may be to let it go into foreclosure and buy it from the bank and lease it to the in-laws.
Talk to a lawyer!
This post was edited by Pops1532 at 17:44:16 01/18/14.
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