Prepare the red velvet cake mix and bake in a 9x13-inch pan according to the box instructions. Or bake in a 12x18 sheet pan at 350° for 25-30 minutes.
While the cake is in the oven, add one 8 ounce block of cream cheese to a mixing bowl with one teaspoon vanilla; mix until smooth.
Slowly add the sweetened condensed milk and mix again until smooth.
When the cake comes out of the oven, use the end of a wooden spoon to poke holes into the cake about 3/4 depth.
Pour the filling over the cake, using a spatula to spread it out and help it get into the holes.
Refrigerate for at least 2 hours.
In a large mixing bowl, mix the second cream cheese block until smooth.
Add the powdered sugar and 1 teaspoon of vanilla; stir again until smooth.
Add the cool whip topping until it's all incorporated.
Spread evenly over the cake.
Enjoy immediately or refrigerate until ready to serve.
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