If you are prepared to buy the house from him and pay off the encubrances, you could make him an offer right now. I suggest that you make him an offer that allows him to pay off the encumbrances, including making current any mortgages, and leave him an amount at least equal to his equity before he got into trouble. Don't forget his extra interest and other costs since he got into trouble with the property. This way he escapes without the foreclosure on his record, and that may attract him to consider such an offer.
The bank will normally be very closed-mouth about an impending foreclosure. If you wait until the bank forecloses and then tries to sell it at auction, you probably won't be able to afford it. They will expect to get the market value. Check with the bank if they will allow you to assume the existing loan, and pay off the encumbrances directly to them. Maybe they will be happy to get a good buyer who will pay off the debts, and even offer you a new loan to include the debts.
