Real Estate Glossary

Wraparound mortgage:

A combined mortgage that includes the remaining balance on an existing first mortgage plus an additional amount requested by the mortgagor. Full payments on both mortgages are made to the wraparound mortgagee, who then forwards the payments on the first mortgage to the underlying first mortgagee.

Writ of execution:

An order of the court evidencing debt of one party to another and commanding the court officer or sheriff to take property or "execute" upon it for purposes of a subsequent sale. The proceeds of the sale are subsequently used to satisfy the debt or judgment.

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