Finance
In New York, a 'wraparound deed of trust' is uncommon because:
ANew York does not permit second mortgages
BNew York uses mortgages (not deeds of trust) for real property security; the equivalent instrument is a wraparound mortgage✓ Correct
CWraparound financing violates New York usury laws
DNew York requires all seller financing to be at market rates
Explanation
New York uses mortgages (with the lender holding a lien on the property while the borrower retains title) rather than deeds of trust (where a trustee holds title). In California and other deed-of-trust states, wraparound deeds of trust are more common.
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