A Property Is Encumbered as Follows: First Mortgage,A: $250,000

question 25

Multiple Choice

A property is encumbered as follows: First mortgage,A: $250,000
Second mortgage,B: $40,000
Third mortgage,C: $10,000
How much can mortgagee B pay for the property at a foreclosure sale without having to raise additional funds?

• A)$290,000
• B)$40,000
• C)$300,000
• D)$50,000

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