Last Updated：2025/11/30
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To close the sale quickly, the buyer agreed to a wraparound mortgage in which the seller accepted a secured promissory note covering the existing mortgage plus the remaining purchase-money balance.
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To close the sale quickly, the buyer agreed to a wraparound mortgage in which the seller accepted a secured promissory note covering the existing mortgage plus the remaining purchase-money balance.
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Related words
wraparound mortgage
Noun
A
form
of
mortgage
in
which
the
seller
of
a
property
extends
to
the
buyer
a
junior
mortgage
which
exists
in
addition
to
any
superior
mortgages
already
secured
on
the
property.
The
seller
accepts
a
secured
promissory
note
from
the
buyer
for
the
amount
due
on
the
underlying
mortgage
plus
an
amount
up
to
the
remaining
purchase-money
balance.
Japanese Meaning
売主が、買主に対して、対象不動産に関して既に存在する上位の抵当権に加えて、追加の下位抵当権を設定する住宅ローンの一形態です。具体的には、売主が買主から、既存の住宅ローンの残存債務に加え、購入代金の残額に相当する金額に対する担保付の約束手形を受け取る形となります。
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