Jan Whitneyhad a first mortgage on her house of $200,000 with Bank A, a second mortgage of $100,000 with Bank B, and a third mortgage of $100,000 with Bank C. All of these mortgages were registered and in that order
Jan missed her mortgage payments to Bank B. If Bank B forces the sale of the house and the house sells for $250,000 which of the following statements is TRUE?
A) Bank A gets $200,000
B) Bank B gets $100,000
C) Bank C gets $50,000
D) Bank A gets $250,000
E) Bank A gets $125,000 and Banks B and C share $125,00
A
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