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First mortgage, A: $250,000 Second mortgage, B: $40,000 Third mortgage, C: $10,000 The current value of the property is $297,000 What is the lowest bid
First mortgage, A: $250,000
Second mortgage, B: $40,000
Third mortgage, C: $10,000
The current value of the property is $297,000
What is the lowest bid that mortgagee A should make for the property at a foreclosure sale ?
(answer is 250,000. need help with work though!!!!)
pt.2) If B chooses to bid up to $295,000, how much cash does mortgagee B need to raise if B agrees to keep A's lien alive?
(answer is 5,000 need help with work though!!!)
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