San Bernardino California Wraparound Mortgage

State:
Multi-State
County:
San Bernardino
Control #:
US-01438BG
Format:
Word; 
Rich Text
Instant download

Description

A wraparound mortgage is a junior encumbrance that is ordinarily made when property will support additional financing, and the mortgagor does not want to prepay a favorable existing mortgage obligation but needs additional cash, or where the existing obligation precludes prepayment or contains an excessive prepayment penalty. In such an instrument, the wraparound beneficiary charges interest on the entire amount of the wraparound loan and agrees to make the principal and interest payments on the existing prior encumbrance as it collects principal and interest payments from the mortgagor.

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San Bernardino California Wraparound Mortgage