Wraparound Promissory Note | USA
This template Promissory Note is part of a wraparound mortgage loan on a U.S. real estate property.
- The wraparound note is secured by either a mortgage or deed of trust (this will depend on which state the property is located in). The template contains language for both.
- A wraparound mortgage is a form of seller financing. The seller (holder of the note) continues to make the payments on the original underlying mortgage, and the buyer (borrower) will make payments under the Wraparound Note to the seller.
- This template contains additional provisions as to how any prepayments will be applied, in the event that the buyer is allowed to prepay the balance of the Note.
- The form can be in any State where wraparound mortgages are allowed by law.
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Last Updated: 18-January-2021