According to the lawyers representing the debtor, the son has been asked to leave and not even his mom can convince him to leave.

If I had my way, they would be in debtor's prison!

Our Milwaukee County auctions are Monday mornings, so each Thursday this paper emails out an Excel spreadsheet listing each house going through the following Monday and the details on each one including the amount owed, the debtors name, address (obviously!)

Typically do they just offer to pay off there mortgage debt or is it plus some?

In regards to the working with non performing loan issues, we mean someone who can advise as to pricing on individual or bulk NPN purchases and who could advise as to strategies regarding working with the debtor to resolve the nonperformance, if possible, or pursue foreclosure if necessary.

I am assuming that you are going for vouchers not any other form of subsidy (debt or insurance)

Do I list my ownership at the valuation of $50,000 since none of the debt is actually my debt, or do I list my share as $45,000 since even though the debt is non-recourse, that's how much equity I truly have in the property?

Ask your lawyer and the bank about a hypothecation - it involves one party who is not the debtor on a promissory note (you and your wife) pledging property they own (your 1/2 interest in the property) as collateral for the debt of another (the parents).If you reach out to enough banks, you can probably find one willing to do a hypothecation.

A few other thing to note is that there are special rules when using debt or a mortgage with an IRA to buy real estate (loans must be non-recourse, and there may be UDFI income tax).

Then when the loan is repaid either through wire transfer, direct deposit, etc, Officially do a note cancellation by writing cancelled accross it and you can get it re-notarized and a copy goes to the debtor.