First Bank Company holds a note from Jason Black and a first mortgage on real estate owned by Jason Black to secure it. Mr. Black sold his property to Robert Frasca, and Robert Frasc assumed the mortgage. The bank did not give Mr. Black a release from his debt. Subsequently Mr. Frasca defaulted in payment on the note. After some negotiating, the bank extended the term of the note and increased the interest rate. What is Mr. Black’s position at this stage of the transaction?