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I wonder if you could possibly take over the house? Maybe if the bank forecloses, you can step in and get it for really cheap or maybe you can get it transferred to you if you make the missing payment for them. This way, you still keep it in the family. You will have the title (good for your credit and building equity) and your parents won't have to live on the street.
If you plan on helping them (which I'm not sure is a good idea), make sure you are fully aware of all the legalities involved. Get EVERYTHING in writing: how much they owe, mortgage statements, letters from the bank etc. You still got to protect your own ass.
good Luck
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