Assuming this is their natural child, they've managed to build excellent credit for the wife over a long period of time.

Which won't be a terrible idea since rates should be declining at the same time.

You can easily do this on a spreadsheet, and it will take less time to track than finding and learning new software.

How it goes from here is dependent on the market, how the deal is financed, the sponsor's plan to patch things up, and the skill/ability of the sponsor.If you have some time, check out this forum thread, it has 279 responses as of today:  https://www.biggerpockets.com/forums/960/topics/1185204-ashc...I think you'll find some useful input there. 

Our business real estate coach has also shared that the entire US is like that in almost all the markets.This is the first time this has happened to me.What are the recommendations?

Thanks for taking the time to respond.   

Would it be better to take a 401k loan that you could pay back over time?

Lawyers know just by looking you up, that it's not worth their time or effort to take the case on.

I was still playing football of the Bison at the time asn was given the opportunity to work at a local bank in the mortgage division.

You may just want to give it some time.