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Amadeo Rivera
Amadeo Rivera,
Category: Business Law
Satisfied Customers: 76
Experience:  Sr. Trial Attorney II at El Paso County Public Defender
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Are 'wrap" mortgages legal in Nevada? Is there a form to use

Customer Question

Are 'wrap" mortgages legal in Nevada?Is there a form to use for wraps, or can you provide the proper steps I should take as the seller?Can you review the final wrap documents and give your opinion before I sign?
Submitted: 2 months ago.
Category: Business Law
Expert:  Amadeo Rivera replied 2 months ago.

My name is Marcelo. I have been practicing for 17 years. Wrap mortgages are not illegal in any jurisdiction. The problem with a wrap mortgage is that it creates a violation of the "due on sale" clause, which says that the property shall not be sold without paying off the mortgage. So, even though payments may be current, any wrap mortgage is in default. A non-monetary default, but a default nonetheless.

As for forms, and review of the final documents, that is really outside of the purview of what we do here. You should hire a local attorney to perform those services for you. If I have answered your question, please provide positive feedback so I can receive payment. If you require additional information, please let me know.

Customer: replied 2 months ago.
thank you, ***** ***** was answered
Expert:  Amadeo Rivera replied 2 months ago.

Glad to hear it. Please accept my answer and provide positive feedback.