The Wrap Around Mortgage Form is a great way to help you buy a new home without having to sell your old one. It can also help you avoid any penalties that might be associated with a sale. This form can be used in a variety of situations, so it's important to understand how it works before you try to use it. Here we'll take a look at the basics of the wrap around mortgage form and how it can benefit you.
This figure includes information regarding wrap around mortgage form. You'll have the approximate time you'll need to complete the form and several further details.
|Form Name||Wrap Around Mortgage Form|
|Form Length||1 pages|
|Avg. time to fill out||15 sec|
|Other names||wrap around contract form, wrap mortgage contract, wrap around mortgage agreement, wrap around financing addendum|
WRAP AROUND MORTGAGE RIDER
Rider and addendum to Security Instrument dated________________, __________
The attached security instrument is a
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.