Identifying a potential foreclosure?

[Nic Hill]

Morning bigger pockets community! 

This would be my second post on some advise. 

I’ve came across a property that is in the foreclosure stage. I looked up the property and the man who owns it only owes 13k and some change to get back from being upside down. Which is a shame in itself, but everyone had a different situation in life. My question is this. Once it hits foreclosure is it to late to offer to buy his debt And get him out of foreclosure? My plan is to talk him into signing the house over to me if I buy the debt, renting it out, then refinancing after a year. Has anyone had success doing this? I have very limited funds so I’m trying to be creative in ways to get my first rental property. 

Thanks!