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Alec and Jose both have promissory notes secured by real estate. Alec is the holder of a mortgage deed where Jose holds a Deed of

Alec and Jose both have promissory notes secured by real estate. Alec is the holder of a mortgage deed where Jose holds a Deed of Trust. Due to the COVID economic aftermath, both loans defaulted. Explain the process of default in detail for these two unfortunate souls including all the players involved.

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