HELP! Wrap mortgage/sub-to in North Carolina

[Derek Simkins]

I have been doing business in Florida but have recently found out that it's like the wild wild west of real estate. I am currently trying to structure a deal in Asheville, NC and the seller has agreed to terms verbally. The only problem is that no one I am working with has done any creative financing before. 

The seller has agreed to..

$275K purchase price, $84K left on a non-assumable loan, Buyer takes over payments (wrap mortgage or sub-to), seller finance the remaining $191K over 30 years, balloon at 15 years, Buyer covers all closing costs, and seller walks away with $5K cash at closing. The seller does not have the money for all the closing costs, I am not able to get a loan because I have recently switched to 1099, this is also a primary residence so all hard money is pretty much out, I have the money to pay the $84K but it puts me in a tight spot and that's a difference of ~$50K cash at closing. 

Seems pretty straight forward, wrap/sub-to the underlying loan and seller finance the remainder but since NC is a deed of trust state, my attorney is telling me it's too risky to do a wrap because I wouldn't have title until the existing loan is paid off.

If anyone has any suggestions or has done something like this in NC, I would really appreciate help figuring out this puzzle.

Thanks!