Contracts
In Michigan, a 'wrap-around mortgage' (all-inclusive trust deed) is a form of:
AGovernment-backed financing
BSeller financing that incorporates the underlying existing mortgage✓ Correct
CPrivate mortgage insurance arrangement
DConstruction-to-permanent loan
Explanation
A wrap-around mortgage is seller financing that encompasses (wraps around) an existing first mortgage. The seller receives payments from the buyer on the total purchase price and continues paying the underlying first mortgage, pocketing the difference.
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