Can someone explain WRAPS to me?
A wrap or all inclusive trust deed is a form of financing where the seller is financing part or all of their equity and including the underlying mortgage (s) the the total note and deed of trust payable to the seller. As an example the sales price is $200,000 and the seller owes $100,000. The seller decides to sell with $50,000 and finance the $150,000. You make one note and deed of trust payable to the seller and make the payments to the seller and the seller in turn pays the mortgage payments to the 1st lien holder. If effect the seller has a second lien.