John and Mary Rose Tessler have had their home taken in foreclosure. They owe $92,000 on...

 

 

Transcribed Image Text:

John and Mary Rose Tessler have had their home taken in foreclosure. They owe $92,000 on their original mortgage and $8,000 on their second mortgage. A contractor they hired to add on a screened porch is owed $2,000, and the contractor has filed a lien. The lender has spent $4,000 in bringing the foreclosure suit. The sale at foreclosure brings $99,000. How much would the contractor receive? John and Mary Rose Tessler have had their home taken in foreclosure. They owe $92,000 on their original mortgage and $8,000 on their second mortgage. A contractor they hired to add on a screened porch is owed $2,000, and the contractor has filed a lien. The lender has spent $4,000 in bringing the foreclosure suit. The sale at foreclosure brings $99,000. How much would the contractor receive?

Answer rating: 100% (QA)

Heres how to determine how much the contractor would receive Total Debts Add up all the outstanding ... View the full answer