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Second Mortgage Balloon Rider
Answer by Randy Carey, BOL Guru
Guru Bios
Question: Would you need a balloon rider on a second mortgage (it is a balloon) and why would that be different than a first mortgage?
Answer: If you use a standard mortgage or deed of trust, a rider modifies or adds specific conditions to the main document. So, you would have to make a determination on whether or not your main mortgage/deed of trust contains everything you need for a second mortgage in your jurisdiction or to support your specific loan program. For a specific answer to your question you need to ask your attorney.
First published on BankersOnline.com 3/24/08
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