Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

wraparound mortgage

Read a random definition: sub modo

A quick definition of wraparound mortgage:

A wraparound mortgage is a type of loan where a lender takes over the payments on the borrower's first mortgage and also lends additional funds. This new mortgage covers both the outstanding balance of the first mortgage and the additional funds loaned. It is also known as an extended first mortgage or all-inclusive mortgage.

A more thorough explanation:

A wraparound mortgage is a type of second mortgage that is issued when a lender assumes the payments on the borrower's low-interest first mortgage, usually issued through a different lender, and lends additional funds. This mortgage covers both the outstanding balance of the first mortgage and the additional funds loaned.

For example, if a borrower has a first mortgage of $100,000 with a low-interest rate, and they need an additional $50,000, they can get a wraparound mortgage for $150,000. The borrower will make payments on the wraparound mortgage, which will include the payments for the first mortgage and the additional funds borrowed.

Wraparound mortgages are also known as extended first mortgages or all-inclusive mortgages.

wrap account | wrap-fee account

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
LSD+ is ad-free, with DMs, discounts, case briefs & more.