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    Wraparound Mortgage Security Agreement | USA


    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.
    • Intended for use only in the United States. Individual States may have statutory forms which must be used instead.
    Download Type: Microsoft Word
    Last Updated: 26-July-2021
    SKU: 7386
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    Ohio Residential Mortgage


    Write up a Residential Mortgage to secure repayment of a home purchase loan with this fully editable template for Ohio mortgage lenders.

    • Mortgage payments will be made in regular periodic instalments of blended principal and interest.
    • Unpaid interest becomes part of the principal and bears interest at the mortgage rate.
    • The mortgagor must pay all taxes and levies assessed against the property.
    • The mortgagor must keep the property insured in an amount and to an extent approved by the mortgagee.
    • Contains an acceleration upon default provision, which states that if the mortgagor defaults in any of its obligations, the entire amount of the indebtedness will become immediately due and payable, and the lender may foreclose and sell the property.
    This Ohio Residential Mortgage form is available as a downloadable MS Word template. Updated 09/12.