Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In 2015, you take out a $100,000.00 home mortgage loan to purchase a house. The lender, First Bank, files its mortgage deed and perfects its

image text in transcribed

In 2015, you take out a $100,000.00 home mortgage loan to purchase a house. The lender, First Bank, files its mortgage deed and perfects its security interest in your home. In 2016, you borrow $30,000.00 from Second Credit Union for emergency foundation repairs and give the lender a second mortgage against your home, which it immediately files. In 2017, you get sued and there is a judgment entered against you in the amount of $50,000.00 In 2018, you stop making payments on your home and it is foreclosed on. If your home is sold at auction for $120,000.00, who gets what? (Fill in the amounts - numbers only, no commas, decimals or $ signs) First Bank will recover Second Credit Union will recover Judgment creditor who sued you will get In 2015, you take out a $100,000.00 home mortgage loan to purchase a house. The lender, First Bank, files its mortgage deed and perfects its security interest in your home. In 2016, you borrow $30,000.00 from Second Credit Union for emergency foundation repairs and give the lender a second mortgage against your home, which it immediately files. In 2017, you get sued and there is a judgment entered against you in the amount of $50,000.00 In 2018, you stop making payments on your home and it is foreclosed on. If your home is sold at auction for $120,000.00, who gets what? (Fill in the amounts - numbers only, no commas, decimals or $ signs) First Bank will recover Second Credit Union will recover Judgment creditor who sued you will get

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essentials of Investments

Authors: Zvi Bodie, Alex Kane, Alan J. Marcus

10th edition

77835425, 978-0077835422

More Books

Students also viewed these Finance questions