Explain to me a Mortgage Wrap!

[Kacey W]

I have a commercial property that I have a buyer for. One of our only options would be a mortgage wrap. I have never done a wrap and am not real familiar with it. Can someone give me an explanation of a wrap, what to look out for as the seller, and why I should/shouldn't do a wrap as the seller?

I am starting from scratch here. Is there a Wrap For Dummies book???

I have some concerns with:

1) The current lender calling the note due if/when they find out.

2) What do i do if the buyer defaults?

3) How do we handle insurance with the buyer?

4) Anything else I am overlooking.

Please give me some insight on this idea!

Thanks in advance.