Wrap Around Deed For Mortgage
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FAQ
For this to be a (legal) option, the seller must have an assumable mortgage. While popular with those who can't qualify for traditional financing, wraparound mortgages carry risks for both buyers and sellers.
With a wraparound mortgage, the seller keeps the existing mortgage on the home, offers seller financing to the buyer and wraps the buyer's loan into the existing mortgage. In this situation, the seller takes on the role of the lender.
After a wrap transaction, there are two separate and independent sets of payment obligations. The buyer becomes obligated to the seller on the new wrapped note, which is secured by a mortgage wrap deed of trust; and the seller remains obligated on the first-lien/wrapped note until it is paid and released.
In a wraparound mortgage situation, the buyer gets their mortgage from the seller, who wraps it into their existing mortgage on the home. The buyer becomes the owner of the home and makes their mortgage payment, with interest, to the seller.
Both parties will sign a promissory note that includes the terms of the mortgage. The seller keeps the existing mortgage on the home and either transfers the title to the buyer right away or once the loan is repaid. The buyer sends the seller their monthly payment, and the seller then pays the original lender.