Seller Financing Questions

[Darien Miller-Gowan]

I have a couple questions regarding seller financing after you complete the deal: One, if you have a balloon payment say at 5 years how do you properly refinance into a conventional loan if that is the path you want to go? If I go to a bank and say I have a loan out with this specific individual will I be able to retrieve a loan from the bank (with the right credit, Debt to Income Ratio, etc.) that will assume the rest of the loan from the initial seller financing lender? Does this person who financed the house to me initially then get a full payout of what is left on the loan (Interest/Principal included)?

Secondly, can you use conventional HELOC's or Lines of Credits on properties owned through seller financing? If not, can you seller finance HELOC's? Has anyone ever had experience with this in the past?

Thanks for all the help