While in theory this is great but. the chances of default are high.. then you as the meat inside the wrap need to make payments to your seller while you prosecute the foreclosures.  

I am sure the rates are similar in TX.Having the attorney vet your plan and give you a memo stating why he thinks it is legal can actually help you avoid criminal prosecution for violation of securities laws.

My day job is now primarily prosecuting people.

The owners of blighted properties are supposedly subject to criminal prosecution, but again, as far as I've observed, the City does not put a lot of energy into finding and charging the owners criminally (with one notable exception).  

Made some pretty substantial hits prior to 08 ... would lend small builder say 500k modest interest rate. they would prosecute the plat..

The county recorder office is totally separate from the municipality, and they won't tell you about this requirement - they'll just take your money and record the document which puts you in jeopardy of criminal prosecution by the city.

Many states like mine lack any real consumer protection laws and lenders have been left alone more often than not as there had to be clear evidence of fraud before the state AG would clamp down, they are too difficult to prosecute as attorneys aren't schooled in the finacial arena in law school, it is a specialty.

Half the cases in a court lost with a contract written by an attorney.To the newbie wannabee bird-dogs out there it is illegal in several states, just because no one is being prosecuted at the moment doesn't make it legal.

Wonder how many are actually getting prosecuted.

An additional google search by attorney uncovered the February 28th judgement of case number SC12-3727 where Hetsler Mediation and Valuation was prosecuted by the FL State Bar for unlawfully practicing law in the state of FL.