Your parents should find a lawyer that deals in “short sales” The bank, however, may not cooperate with you. THe local bar association can point them in the right direction.
Good Luck
Your parents should find a lawyer that deals in “short sales”
They might advise whether a corporation owned by the parents could take title to the property, circumventing the family relationship concerns.
Also, to those who suggest that many mortgages are invalid because of some paperwork deficiency, be advised that in virtually every case, the bank can fix the deficiency. They will and they do, and it’s not worth the bother to try this gambit.