I saw somewhere (in one of the many courses I have bought) the verbage to use when you are doing a co-equal wrap (AITD for you lawyers). This is a situation where I am giving them their equity cash, and writing a wrap around their existing mortgage. I want the wrap to be exactly co-equal with the existing note: same payments, same interest, same principal, and everything I pay on the first is exactly as if I was paying on the wrap. Or, if there were any damage and the insurance company paid them, it would go to the underlaying mtg and my wrap would be credited the same amount.
Anybody know where I can find that contract verbage?