Looking for Refi advice on an ILC (PA)

[Jeremy Pace]

OK, here's the situation.

I'm in an ILC (current balance, 112k and change) the owner/seller has ~91k on a blanket mortgage on the underlying properties (5 total, 6 rental units).  Is there any reasonable way to get the blanket mortage in my companies name, instead of the sellers?  This would allow me to get a much for favorable term and payment on these properties.  These properties are in a 'depressed' area, and have pretty poor recent appraisals, but they rent well and have good income.

I'm thinking I could refi the lien away from the seller, and then write a new (MUCH smaller) note for the remainder of what I owe him.  Then he'd be out of the picture as far as insurance and taxes, and I'd have full title of the properties.

Thoughts?