wrap around?

[Kenneth LaVoie]

I am seeking a creative solution for a deal I'm in. Here's the jist ..

I bought a SFR for 63, 10% down, seller finacne (SF) for 5 years, amortized 30, baloon after 5, 6% rate. My totals costs for repairs, etc. another 10, and I'm selling for 81k. Now I'm doing the same thing for the buyer (30 year amort, 5 year baloon but 15% down and 7.5% interest rate) -- so the only option I know of is to take me own money out of the bank, pay my note off, so I can give my buyer proper deal. I know there's gotta be a way I can keep old mortgage alive though, so I can enjoy the 1.5% spread for a few years. Any thoughts???

(p.s. the man I bought the house from, and who holds the note, is a member of our church and my health insurance man, so we know him pretty well -- if that helps with any ideas)