Bevin borrowed money from three lenders; each loan was evidenced by a promissory note and secured by a deed of trust on Bevin's avocado orchard. Bevin first borrowed $200,000 from Larry, who recorded his deed of trust; Bevin then borrowed $150,000 from Linda, who recorded her deed of trust; finally, Bevin borrowed $400,000 from Lois, who recorded her deed of trust. Bevin failed to make the payments required on the loan from Linda, and Linda decided to foreclose on her deed of trust. The fair market value of the orchard without encumbrances is $500,000. Barry plans to bid at the foreclosure sale. What is the maximum amount that he should bid

Answer rating: 100% (QA)

In a foreclosure sale the maximum amount that Barry should bid depends on the priority of the liens ... View the full answer