I'm Doug, and I'm sorry to hear of the confusion. My goal is to provide you with excellent service today.
In a word, no, you can’t do what you are contemplating---at least not with any safety. If the "friend" defaulted on your deal the best you could do would be to sue him and get a money judgment which would likely be worthless.
The only way your investment will be safe is if you actually provide a refinancing mortgage for him to pay off the entire loan as well as the feds, and take back a note and a Deed of Trust
that you can foreclose on.
Any other avenue that you try will leave you at great risk of ending up with nothing. A power of attorney can be revoked at any time by the grantor, and a timeline to sell would not be enforceable---again, your only remedy would be a money judgment with an essentially bankrupt, judgment proof friend with a home subject to a mortgage and potentially a tax lien
, and no assets from which to repay you.
You may reply back to me using the Reply link and I will be happy to continue to assist you until I am able to address your concerns, to your satisfaction.
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I wish you and yours the best in 2015,