owner finance note refi into a private note???

[Mike Landry]

quick question if this is feasible or if there are investors out there looking to get this type of note?  

The home owner bought a house with owner financing with a balloon coming due soon.  They can not get it refinanced traditionally due to credit and debt issues.  They do have substantial equity, owes about 90,000 on value of $160,000.  How hard would it be if possible to get private lenders to do a refi?  They would want a little cash out to pay off some debt. I think they would be ok paying 10%+ interest...$110,000 note with %10 interest for 30years???  Or will most private note holders want a balloon or shorter term?  I might know a couple of people who would be interested in financing it. 

Also if they won't qualify for a traditional loan would they qualify for something like this... dodd frank and predatory lending issues?  Would using an RMLO take care of this?

And last but also not really that important....Is there a way I can make any money coordinating this owner finance note.  Is it legal or ethical?  I'm ok just helping them and not making anything if need be.

Thoughts?  thanks.

[Charlie Fitzgerald]

Not if its owner-occupied and not on the proposed terms.   Best thing would be to see if the owner will re-negotiate the seller finance loan to give them time to clean up whatever is keeping them from qualifying for a new loan.