Anyone experienced out there who knows this answer?

[Greg Moskalenko]

Hey guys,

I know one of you out there will have a good idea here...

So my father owns a property in California (Los Angeles) that currently has a market value of ~$820K. He bought it back in 2006 for about $500K. Since he made interest-only payments, that is still the amount owed. 

He recently filed for bankruptcy and the home is in a foreclosure motion.

Does the following idea make any sense?

- I add myself to the home title

- Refinance for a $500K loan to pay off the amount owed by my father and bring home out of foreclosure (there will be at least 20% equity in the home)

- Then either sell the house for market value or rent it for a few hundred bucks cash flow

So my questions are:

1. Is this possible>?

2. Are there any legal implications?

3. Will it mess up my credit?

4. Should I pay off the past-due amount to bring it out of the foreclosure motion, or wait until the refi?

Any and all answers would help. Thanks everyone!