Finance
What is a 'wraparound mortgage' (all-inclusive deed of trust) and how is it used in Nevada?
AA mortgage that 'wraps around' the property's boundary in a survey
BA seller-financing arrangement where the seller creates a new note that includes the balance of the existing mortgage plus additional seller-provided financing, with the buyer making payments to the seller who then pays the underlying mortgage✓ Correct
CA Nevada state program providing wraparound protection for first-time buyers
DA second mortgage requiring the lender's approval before the first mortgage
Explanation
A wraparound mortgage (AITD — All-Inclusive Deed of Trust) is a form of seller financing where the seller creates a new note for the full purchase price but continues making payments on the existing underlying loan. The buyer pays the seller, who pays the original lender.
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