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?

Comments(3)

  • sire12th March, 2004

    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

  • bml12th March, 2004

    Sorry if this sounds ridiculous but--what is a wrap around mortgage?

  • scott_mn12th March, 2004

    A good explanation can be found by searching google with this term "what is a wrap around mortgage"

    Link explains with some good examples.

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