Foreclosure Glossary W - X

Basic foreclosure definitions, including Wraparound Mortgage

Wraparound Mortgage

WRAPAROUND MORTGAGE:
A secondary option for financing wherein a freshly loaned money is added to that of the value owed and charged on the on the property’s title. A second mortgage is treated as a guarantee for the new loan but the previous mortgage stays as it is. The interest rate is the sum of the rates chargeable to the old and new mortgages respectively.

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Foreclosure Glossary W - X

Wraparound Mortgage

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