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Hope this is understandable.............
I guess they could not refinance like everyone else in this situation dose.
Like Nosoup said it is all about how much they owe verses how much it is worth. The best thing to do is refinance that would solve the problem for now.
To find out the worth and how much it would cost to sell ask a realtor. If they can make a little money by getting out of forclosure and selling I would bail them out provided they agree to sell the house and pay you back with the proceeds through the escrow company. If you do get involved cut your parents out and handle it personally with the realtor, morgage company, ect. Find out what stage of forclosure your folks are in because it may be too late already.
Another option: If the house is worth what they owe and you wanted to buy the house from them you could assume the loan, saving their credit and scoring yourself a 2 year old house. Put your name on the deed and have them pay rent only if house values are going up like they are where I live.
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