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Business, 24.03.2020 01:34 MileenaKitana

A property is encumbered by a first mortgage of $60,000 and a second mortgage of $23,500. The property has just been sold at a foreclosure auction to a speculating investor for $88,000. Assume that all costs of the foreclosure sale are included in these balances. Which of the following statements is FALSE regarding the distribution of funds?

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A property is encumbered by a first mortgage of $60,000 and a second mortgage of $23,500. The proper...
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