Mortgage terms and definitions for
home buyers, home sellers, and real estate consumers. Use
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Relinquishment of a right.
A deed conveying the title to a property with a warranty
of clean, clear marketable title.
The debt secured includes an existing debt already on
the property. The payments made to the holder of the
wraparound include payments due on the existing loan
and the holder must forward the appropriate portion
of each payment to the existing note holder. Often used
to avoid a prepayment penalty or a due on sale clause.
Can refer to a wraparound deed of trust or contract