Business, 14.12.2019 00:31 Emptypockets451
To buy a house, an investor secured a $10,000 mortgage from a bank. the bank promptly and properly recorded its mortgage. subsequently, the investor financed certain improvements to the house with a $2,000 mortgage on the land from a finance company. the finance company promptly and properly recorded its mortgage. before the investor made a payment on either mortgage, the federal government announced that it would begin storing nuclear waste products in the area. the value of property, including the investor's house, plummeted. the investor did not pay either the bank or the finance company, and the bank brought a proper action to foreclose, notifying both the investor and the finance company. a buyer bought the house at the foreclosure sale for $6,000, which was its fair market value. there are no special statutes in the jurisdiction regarding deficiency judgments. what does the investor owe? response - correcta $5,000 to the bank and $1,000 to the finance company. b $4,000 to the bank and $2,000 to the finance company. c nothing to the bank and $2,000 to the finance company. d $4,000 to the bank and nothing to the finance company
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To buy a house, an investor secured a $10,000 mortgage from a bank. the bank promptly and properly r...
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