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in which the new
is placed in a
, position; the new mortgage includes both the
unpaid principal balance
and whatever additional sums are advanced by the
. In essence it is an additional mortgage in which another lender refinances the
by lending an
over the existing first mortgage amount, but without disturbing the existence of the first mortgage. Wraparound loans are popular where the borrower wishes to
through the refinancing of an existing
but the present lender is unwilling to do so at
terms; and a conventional
from another lender may be unavailable or unworkable owing to excessively
and/or debt service; or the existing loan has an
doctrine of scr...
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