In Law's Upside Down Mortgage, What are my options?

[Amy Bellone]

Hey everyone-

This feels like a unique circumstance, but I'm sure SOMEONE out there has experienced something similar. Welcoming any advice or ideas on the matter. I'm pretty new to the real estate game and am very open minded to options here! Thanks for taking the time for me.

My in-laws are going through a very rough time with many health issues, family deaths, and my FIL was laid off not too long ago. They are struggling to keep up with their mortgage, but are up-side down on their loan (I apologize I don't have the numbers on this one). They're not able to sell at this point but clearly cannot afford the monthly cost to stay. Some significant work would need to be done to sell but could be rented for a reasonable amount of money (which I can afford to do for them). I'm looking into helping them rent it and find a simple quaint apartment in the meantime that would allow them to catch up on all past due bills while still making progress to get on top of their mortgage. I'm also looking for any ideas about transferring ownership to us, or selling (without an agent) to us down the road. I just closed on my home a couple months ago so wouldn't have a down payment to execute that sale now. I'm seeing a lot of info about Due on Sale clauses and am curious about others experience about the matter.

I apologize for the lack of specifics but welcome any advice and things to research into! Thanks in advance!