overriding trust deed, wraparound encumbrance, all inclusive trust deed

**Tureng-Özgür** · **08-10-2008, 05:54**

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**Tureng-Çağla** · **21-10-2008, 14:00**

The seller, who has the original mortgage sells his home with the existing first mortgage in place and a second mortgage which he "carries back" from the buyer. The mortgage he takes from the buyer is for the amount of the first mortgage, plus a negotiated amount less than or up to the sales price minus the down payment and closing costs. The seller then continues to pay the first mortgage with the proceeds of the second. Once the second mortgage is satisfied, the seller is out, but this is rarely the case.

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