Second, depending on your friends health and your state's Estate Recovery laws, the power of attorney can put your name as joint owner on the property with rights of survivorship.

Branch of a Foreign Bank or Insurance CompanyInterestDividendsCapital Gains (Income Code 9)RoyaltiesReal Property Income and Natural Resources Royalties (Income Code 13)Pensions, Annuities, Insurance Premiums, and/or Alimony (Income Code 14)Scholarships and Fellowship Grants (Income Code 15)Pay for Personal Services PerformedPay for Independent Personal Services (Income Code 16)Pay for Dependent Personal Services (Income Code 17)Pay for Teaching (Income Code 18)Pay During Studying and Training (Income Code 19)Artists and Athletes (Income Code 20)Real Estate Investment Trust (REIT) and Other Trusts Distributions Subject to IRC section 1445 (Income Codes 24 and 25)Unsevered Growing Crops and Timber Distributions by a Trust Subject to IRC section 1445 (Income Code 26)Publicly Traded Partnership Distributions Subject to IRC section 1446 (Income Code 27)Gambling Winnings (Income Code 28)Notional Principal Contract Income (Income Code 32)Substitute Payment - OtherCapital Gains DistributionsOther Income (Income Code 50)

Eyes are  on Europe's recovery, China's slow down, and EM volatility due to commodity prices.

Those Mortgagees/Services spend efforts worrying about current payment and less time on advance recovery.  

It also alerts the courts that you are interested in property and seek recovery as well.  

At least with a Grexit, they have some hope of returning to solid standing with a full arsenal of options to tinker and grow their economy with at the end of those 5 years, akin to Argentina's recovery.

We deal with it on the athletic fields. 

I have a close family member that fell on hard times about 5 years ago but has made an amazing recovery.

The cost recovery time depends on the size/rate of the 1st and 2nd loans, and the rate of the new loan.

But what about post recovery?