Joe owned property against which he had given a first mortgage to Sam for $100,000.00 and a

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Joe owned property against which he had given a first mortgage to Sam for $100,000.00 and a second mortgage to Harry for $75,000.00. Because of a slump in the market, the value of the property was only $150,000.00 when Joe defaulted. Sam foreclosed. The court granted a six-month redemption period. Harry obtained an order for judicial sale. The property was sold for $150,000.00. Sam was paid $110,000.00 which included the amount of the loan plus interest payable because of payments missed, plus legal costs. Harry only realized $40,000.00 against his claims of $80,000.00, representing the interest on payments not made, plus his legal costs. Explain what rights Harry has under these circumstances.

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