Below are the mortgages registered against Bingo’s berry farm when it defaulted, and the amounts owed on each: first - in favour of Canada Trust for $100,000 second - in favour of Kits Credit Union for $50,000 third - in favour of uncle Isaac for $20,000 Canada Trust petitioned for foreclosure. Which of the following is false?
a. The respondents in the action include all the others whose interest in the property will be affected by the proceedings.
b. If Canada Trust eventually received the order absolute of foreclosure, the interest in the land of all those ranking below it would be lost because it forecloses the equity of redemption and that is all the others have.
c. The mortgagor is responsible to pay any shortfall from the judicial sale.
d. If the property is sold by way of a judicial sale and the first and second mortgagees are paid in full, but the third is not paid in full, the third is out of luck; he has no further remedy.
e. If the property goes to the first mortgagee by way of foreclosure and is then sold the mortgagor is not responsible for any shortfall.