Prepare a Wraparound Mortgage Security Agreement with this comprehensive ready-to-use template for US mortgages.
- The wraparound mortgage (also called a piggyback mortgage) is a second mortgage with a face value of both the amount it secures and the balance due under the first mortgage on the subject property.
- The wraparound mortgage is subordinate to the first mortgage.
- The borrower makes payment to the new mortgagee (lender or seller) based on the face value of the wrap-around mortgage, and the new mortgagee in turn makes the monthly payments to the original mortgagee.
- The borrower must ask permission of the mortgagee prior to making significant alterations to the mortgaged property.
- Any agreement between the parties pursuant to the mortgage shall be superior to the rights of the holder of any intervening lien or encumbrance.
- Any award or compensation payable pursuant to condemnation proceedings will be payable to the mortgagee.
This USA Wraparound Mortgage Security Agreement
is provided in MS Word format, and is fully editable to suit your needs.