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wrap around mortgage agreement sample

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WRAP AROUND MORTGAGE RIDER and addendum to Security Instrument dated, The attached security instrument is a wrap-around” mortgage/deed of trust subordinate to a certain mortgage/deed of trust dated,,
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As your real-estate exam remember go to prep agent comm a wraparound mortgage ISA type of seller financing whereby the buyer executes an installment note which wraps around an existing mortgage still held by the seller sounds confusingdoesn'’t it let's use an example and in the spirit of keeping things simple IN#39;not going to include things like down payments commissions and other expenses involved in a typical transaction let'say the buyer bill wants to buy a home for seller Sam the two agree that the house is worth $200,000 Sam is an existing mortgage has 40 thousand dollars left on it so normally what would happen is Bill would go to the bank and say I need $200,000 so bill says I need $200,000 so he can buy this house from Sam would take that money and pay off his mortgage and then move on with his life but let's say their#39’s an issue for venting bill from getting that money from the bank Sam can actually lend Bill this money Sam can say I like you and Want to sell my house how about you make payments to me based upon the $200,000plus some interest much like you would have done with the bank bill would say great then Sam would convey the title of the home to Bill and extend a mortgage Sam is now giving a loan to Bill in the amount of $200,000, and they agree on an inch rate of 8% so why would Sam do this well maybe Sam is having a hard time getting the price he wants maybe their#39;snot a good market where people like Bill to get credit maybe interest rates are quickly rising maybe time is an issue, and they want things to go a little faster also remember Sam has that existing mortgage of $40,000 so let'say that $40,000 mortgage is at a 7%interest rate Same#39’s continue to pay his mortgage he is not going to terminate his mortgages he does not have the$40,000 to just pay it off becauseBill'’s making payments to Sam as opposed to giving him a lump sum Sam originally had a 7% interest rate and now he'getting 8% interest rate from Bill she#39’s got a spread because he is still making payments on his existing mortgage and bills mortgage — Sam is going to wrap around Same#39’s existing mortgage now Sam is also getting the Bennett paying 7% in his mortgage while he'collecting 8% on the money he lent to bill bill now is got the financing from Sam, so he can afford the new house he wanted Sam gets to make this spread on his existing mortgage and Sam gets the price of the house he wanted it#39’s awin-win right not so fast keep in mind their#39’s a lot of risk for Sam this has to be assumable and not have a due on sale clause a due on sale clause means that when you convey titles somebody else the bank has the right to demand payment immediately and the most obvious problem was that Sam runs the risk of Bill not making the payment the bill does not make the payment Sam Saris not going to be able to pay his mortgage etc the bank gets angry audit#39’s a big issue that is a very simple gist of the concept of a wraparound mortgage using very...

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