Questions about a mortgage: Private Party vs. traditional lender / bank?

Potentially an issue obvious real estate, but hey, it’s Yahoo Answers, so I’m free all the stupid questions I want to ask me: Instead of an expensive mortgage with a lender such as Countrywide, why I can not get out and easy to find someone with capital and say “Hey, could you give me a $ 150,000 loan at 4%, and I give you first lien on the house if the payments are, by default? Agreement is signed with a company and I created a draft decree EFT is money deducted from my account every month to benefit Zahlungen.Der for me is a small advantage Zahlung.Der monthly mortgage for the guy 4% lender that nothing moves, and he may be able to pocket the house if I am in default (which would be very unlikely). advantages / disadvantages of this plan? And what should I fail, Perhaps most painfully obvious here? (. And no, I do not intend to do, it’s just something I’ve been communicating and I do not even know where to go, a person rich is willing can not find anyway ..:.)

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