Joe,Mike covered the principal.

- Were you required to have cash reserves in excess of 2 months (did the loan program require the equivalent of 2 months PITI [principal + interest + taxes + insurance] to be available and in your bank account)?

A modification typically involves a formal agreement whereby the arrearage or portion thereof is added to the unpaid principal balance.

If you have no license then you breaking the law (lawyers are partially or fully exempt from the RE license regulations in most states).If you are a principal in the deal then being paid to sell your position or your rights in the deal is legal.The HUD-1 document is not required in all transactions.

A contract can not be enforced if the act is illegal.A good attorney may advise a different way of operating so that you are a principal in any deal you do.John CoreyPS.

Note that I have attended many seminars so I am not against them based on principal.

I would probably keep the property a maximum of five years, would probably have more cash in my pocket every month and since the first years of a mortgage you pay mostly interests, paying off the principal does not seem that interesting.Is it possible and / or recommended or I am just out of my mind ?

I currently have a property worth $124k and the current principal owed is about $58k.

I have done a couple of deals like this for the principal of my current company as well as when I was a practicing CPA (in California).Talk to your CPA about the LLC selling the contract right to the developer (Kudos by the way that you found a developer that wants land right now!

If you get a contract with them, then its you are a principal in the transaction.Jon