Wrap Around Mortgage
If a seller has a 1st mortgage on a property and sells to me on a wrap, is my mortgage to him a second mortgage? They cant both be firsts can they?
If a seller has a 1st mortgage on a property and sells to me on a wrap, is my mortgage to him a second mortgage? They cant both be firsts can they?
Bless your heart, you can only have one first. This give an order to which mortgagor has first dibbs on the property upon a foreclosure.
Sire
Sorry if this sounds ridiculous but--what is a wrap around mortgage?
A good explanation can be found by searching google with this term "what is a wrap around mortgage"
Link explains with some good examples.