An Overencumbered Property Would Be One with a Market Value

question 21

Multiple Choice

An overencumbered property would be one with a market value of

• A) $125,000 with a first mortgage of $75,000 and a second mortgage of $26,000.
• B) $375,000 with a first mortgage of $25,000 and a second mortgage of $200,000.
• C) $120,000 with a first mortgage of $110,000 and a second mortgage of $15,000.
• D) $49,500 with a first mortgage of $20,000 and a second mortgage of $1,000 and a third mortgage of$2,000.

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