Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
wraparound mortgage
A second mortgage issued when a lender assumes the payments on the borrower's low-interest first mortgage (usu. issued through a different lender) and lends additional funds. ( Such a mortgage covers both the outstanding balance of the first mortgage and the additional funds loaned. 12 CFR ยง 226.17 cmt. 6. - Also termed extended first mortgage; all-inclusive mortgage.