Meaning underlying mortgage
What does underlying mortgage mean? Here you find 2 meanings of the word underlying mortgage. You can also add a definition of underlying mortgage yourself
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underlying mortgageDefinition The first mortgage taken out by a housing cooperative. The mortgage is secured by the land and the building owned by the cooperative. Also called blanket loans or blanket debt.
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underlying mortgageUnderlying mortgage refers to the first mortgage in a wraparound arrangement. A wrap around mortgage is a loan transaction in which the lender assumes responsibility for an existing mortgage.
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