WRAP AROUND MORTGAGE. A financing device whereby a lender assumes payments on existing trust deeds of a borrower and takes from the borrower a junior trust deed with a face value in an amount equal to the amount outstanding on the old trust deeds and the additional amount of money borrowed.
WRAP AROUND MORTGAGE
By Realtor Michael Marchena|2012-07-20T00:09:07+00:00July 20th, 2012|Categories: Real Estate News|0 Comments