Mortgage Spreader Agreement Form
recently represented a large lender under a spreader agreement. The lender`s borrowers wanted to refinance their current condo with a consolidation change agreement that assigns their current mortgage to the new lender in order to save a large amount of mortgage tax. In addition, they wanted to get funds from their refinancing to buy the condominium next door and combine the two units for their growing family once they graduated. This agreement would spread the new mortgage contracted on the borrower`s current entity on the additional unit allowing the borrower to save mortgage tax on his first unit, wait for the three-day withdrawal period after the completion of its refinancing, and purchase the additional unit while obtaining the necessary funds to combine the two units. . . .