Texas All Inclusive Trust Deed - Wrap-Around Deed of Trust

Texas All Inclusive Trust Deed - Wrap-Around Deed of Trust
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State:
Texas
Control #:
TX-01354BG
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Description

A wraparound deed of trust is a junior encumbrance that is ordinarily made when property will support additional financing, and the trustor does not want to prepay a favorable existing trust deed 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 trustor.

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