Need help with a "subject to" with penalties

[Shari Posey]

I have never tried to put together a subject to so bare with me...

There is a really nice ocean-view condo that I had wanted to buy 2 years ago for $1.1m. Now the seller is in default. He has a second lienholder willing to a pay-off a $90,000 note for $10,000. Seller has a first with $90,000 in penalties and a 30-yr fixed fior $700,000 with a great interest rate. I assume I can pay off the second and the penalties on the first to re-instate it through escrow, and then just take over the montly payments. Here's the problem--both sides are leary of a shady deal. I want title in my name but the seller isn't sure he wants to take his name off title completely just in case I stop making payments. He also would like nothing to do with the property as soon as possible. How do you structure this to make both parties happy? And I don't think it will be possible to refi this anytime soon.