Buying Non Performing Note From Family

[Mark Payne]

I'll try and be brief.  Father in law sold an inherited property 12 years ago and carried the note for they buyers.  They stopped paying two years ago.  He's well into retirement, doesn't need the money, has previously paid the taxes to keep it out of a tax lien sale and just wants to be done with it.  He was going to give the "property" (he doesn't quite get that he only owns the note, not the house) to the realtor who helped him sell the house and record the lien.  I asked for it and he said "ok."  So, would I be correct in assuming the proper way to do this is to officially buy the note from him and have it recorded?  The goal here is to rehab the loan or foreclose on the property.  County Clerk's office shows only one other lien for a code violation and the taxes are past due again.  Thanks for your time.

Cheers!