Wrap Around Mortgage Form PDF Details

In the realm of creative financing strategies, the Wrap Around Mortgage form stands out as a sophisticated instrument designed to facilitate real estate transactions that may not fit within the traditional lending model. This form serves as a rider and addendum to an existing security instrument, effectively encapsulating an additional loan that "wraps" the original mortgage while still keeping it in place. By employing this method, borrowers can agree to cover both the new and existing debt under more flexible terms, potentially offering a lifeline in scenarios where conventional refinancing is not an option. The Wrap Around Mortgage form meticulously outlines the relationship between the new lender and the borrower, ensuring compliance with the original loan's terms, except for the repayment of principal or interest directly to the original lender. It inserts a protective clause for both parties; for borrowers, a safety net in case of the lender's failure to make payments on the underlying mortgage, and for lenders, a recourse if the borrower defaults on terms other than those pertaining to the original loan's principal and interest payments. This complexity and the dual nature of accountability and protection underscore the intricacy of wrap around mortgages as a financial and legal tool in real estate dealings.

Form NameWrap Around Mortgage Form
Form Length1 pages
Fillable fields17
Avg. time to fill out3 min 43 sec
Other nameswrap around mortgage form, wrap mortgage contract, wrap form, texas wrap around mortgage forms

Form Preview Example


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 ___________________, ________, executed

in favor of ________________________________________________________ and

currently held by________________________________________________________

in the original principal amount of $____________________, which was recorded on the

________day of _____________, _________ in the county records of ______________

County, State___________________ as follows:






Borrower agrees to comply with all the terms and conditions of the above described mortgage including, but not limited to, those concerning taxes and insurance, other than with respect to the payment of principal or interest due under said mortgage. If Borrower herein shall fail to comply with all the terms, provisions and conditions of said mortgage so as to result in a default thereunder (other than with respect to payments of principal or interest due), that failure on the part of Borrower herein shall constitute a default under this security instrument and shall entitle the lender, at its options, to exercise any and all rights and remedies given this security instrument in the event of a default under this security instrument.

If the lender hereunder shall default in making any required payment of principal or interest under the above described mortgage or deed of trust, the Borrower shall have the right to advance funds necessary to cure that default and all funds so advanced by Borrower shall be credited against the next installment of principal and interest due under the Note secured by this security instrument.



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