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    hsshaw's Avatar
    hsshaw Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jun 26, 2007, 12:31 AM
    Wrap Around Mortgage
    I have a home that I would like to sell however I have been offered to do a "wrap around".
    I owe $170,000 on the loan and I listed the home at $205,000. What is the wrap around really about and is it worth the risk? Please help
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Jul 12, 2007, 10:03 AM
    In my opinion, doing a wrap around mortgage is excpetionally risky.

    To begin with, you would have to keep your mortgage company in the dark about the wrap. Once they found out about it, they would call in your original mortgage, and THEN you would be stuck, as you would no longer own the house on which you would owe the money.

    Further, in some states, I believe wrap around mortgages are illegal.

    BOTTOM LINE: There are better, less risky ways to finance the sale.
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