Extended First Mortgage Law and Legal Definition
Extended First Mortgage is a second mortgage issued when a lender assumes the payments on the borrower's low-interest first mortgage. It is usually 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. It is also termed as wraparound mortgage.
Legal Definition list
- Extended Family Member
- Extended Employment [Education]
- Extended Coverage Clause
- Extended Care Services
- Extended Bond Maturity Period
- Extended First Mortgage
- Extended Mass Layoff
- Extended Operations [Aeronautics and Space]
- Extended Over-Water Operation [Aeronautics and Space]
- Extended School Time (Education)
- Extended Sentence
