Owner financing questions

[Amy McDonald]

I am interested in purchasing a home from a homeowner who needs out of his house due to being behind on payments. He has health issues and fell behind on payments, had an adjustable rate, etc. The bank is not working with him and so he need to sell ASAP The home is priced at 1/2 of appraised value so it’s a good dealFor me. My question is: Is it illegal for me to buy this home and then owner-finance It back to this gentleman/homeowner who is facing foreclosure? The reasons are: he is older, he is unwell, he has no place to go, he can cover the owner financed costs as they would be much lower than what he has with the bank. I don’t want to do anything immoral or wrong; I realize the mortgage company has been shorted money by him being so far behind on payment. Any thoughts would be appreciated.