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Wraparound mortgage

A wraparound mortgage, more commonly known as a "wrap", is a form of secondary financing for the purchase of real property. The seller extends to the buyer a junior mortgage which wraps around and exists in addition to any superior mortgages already secured by the property. Under a wrap, a seller accepts a secured promissory note from the buyer for the…

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Wraparound mortgage

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Avg. degree1.8
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seller mortgage buyer property payments may original wrap wraps making wraparound real note underlying new spread continue lender due also

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