Parental Predicament- refi, sell, please advise...

[Trailson Moore]

So, I am in a bit of a situation...  The back story:

My parents purchased a property in MT on a land contract about 6 years ago. A very nice property in a great part of MT. My parents cleaned up the property and have since built a nice little log cabin for the two of them. The property is 27 acres with the cabin and horse corrals. They have done a really nice job making it perfect for them. 

The terms of the deal required my parents to secure financing for the remainder of the balance after 5 years of payments to the landowner. The balance ended up being about $120K. Unfortunately, during that 5 years, my dad had some medical situations arise that have pretty much destroyed his credit. After the 5 years, he was unable to get financing. So, to bail them out I took out a personal 5-year loan for $75K. My mom covered the rest with her inheritance. I tried co-signing but they were still unable to get financing. For about a year they have been making payments to me every month. I am pretty sure they are having a very difficult time making the payments. Although they would not admit this to me. My dad is very hard headed. 

I am wanting to take some of the burden off of them and get the payments down. Since they cannot secure financing I was thinking I could get the property in my name and refinance with a conventional mortgage. They have been talking about subdividing and selling about 1/2 of it. So I am just looking for advice to get the payments down and make it a little easier on my folks.

Any advice or strategy would be greatly appreciated.

Trailson