Can I roll the loss of my house into my alien mortgage that have equity?

I am under about $50k on the expediency of my current house. My dad is retiring and owes $80k on his house which was appraised at $300k. I want to take the loss of $50k and take a mortgage for $130k so the house would be paid off and I can purchase my dads house. I would solely have a $130k mortage on a house that is worth $300k. Is this possible and how do I do it?
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