You are right: if at all possible, try to avoid a foreclosure sale.
If your in-laws cannot afford the payments they will be much further ahead to sell part or all now at market price rather than to wait for a bank foreclose sale. The bank might accept the first offer above the amount owed them and your in-laws could lost much of the equity they have in the property.
Much of the confusion and frustration seems to be from the idea that you expect to buy the property for only the amount remaining on the mortgage rather than paying full market price. That's not going to happen without legal problems and family problems. Talk to a professional and have them spell out your options.
Good luck, it sounds like you want to help your in-laws.
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