wraparound mortgage
A form of mortgage in which the seller of a property extends to the buyer a junior…A form of mortgage in which the seller of a property extends to the buyer a junior mortgage which exists in addition to any superior mortgages already secured on the property. The seller accepts a secured promissory note from the buyer for the amount due on the underlying mortgage plus an amount up to the remaining purchase-money balance.
Meaning
1 sensesA form of mortgage in which the seller of a property extends to the buyer a junior mortgage which exists in addition to any superior mortgages already secured on the property. The seller accepts a secured promissory note from the buyer for the amount due on the underlying mortgage plus an amount up to the remaining purchase-money balance.
Forms
plural: wraparound mortgages| Singular | wraparound mortgage |
|---|---|
| Plural | wraparound mortgages |
regular