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Wrap Around Mortgage

View More Real Estate QuestionsPosted 3/17/10 at 12:56am
What is a wrap around mortgage?
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A wrap around mortgage can best be described as loan where the lender takes on responsibility for the rest of the mortgage.

So, if you still owe $50,000 on your mortgage and turn around and sell your home for $100,000 then the new mortgage taken on by the buyer wraps around the old mortgage as the new lender makes payments for the old mortgage.
Posted 4/3/10 at 11:07pmWas this answer helpful?   Yes / No
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