WRAP AROUND MORTGAGE

WRAP AROUND MORTGAGE

A financing device whereby a lender assumes payments on existing trust deeds of a borrower and takes from the borrower a junior trust deed with a face value in an amount equal to the amount outstanding on the old trust deeds and the additional amount of money borrowed. X — An individual who cannot write may execute a legal document by affixing an “X” (his/her mark) where the signature normally goes. Beneath the mark a witness then writes the person’s name and signs his or her own name as witness.