Foreclosure Glossary W - X

Basic foreclosure definitions, including Wraparound Mortgage

Wraparound Mortgage

WRAPAROUND MORTGAGE:
A secondary financing option in which new money borrowed is blended with money already owed and registered on title to the property. A second mortgage is registered as security for the new money but the old mortgage remains in existence and the rate of interest is a blend of the rate chargeable on the old mortgage and the rate chargeable on the newly borrowed money.

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