Question
After the owner of a $650.000.00 home defaults on the second mortgage on his property. the owner of that mortgage. Bk10, files a foreclosure wit
After the owner of a $650.000.00 home defaults on the second mortgage on his property. the owner of that mortgage. Bk10, files a foreclosure wit against him. BMO's mortgage currently has an unpaid balance of $275,000.00, while the homeowner continues to service the first mortgage, issued by C1BC, which has a current UPB of $115,000.00. Assuming the suit is successful, BMO will only bid for the property at the foreclosure sale if it believes that:
CIBC will accept the current UPB of its first mortgage
the homeowner will invoke his right of redemption and pay half of the UPS on both mortgages
the market price of the home will exceed $690, 000.00.
the market price of the home will exceed $415, 000.00.
none of the above
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Accounting Tools for business decision making
Authors: kimmel, weygandt, kieso
4th Edition
978-0470095461
