Zack Peyton borrowed $398,000 from Fifth First Bank to purchase a new home. Zack gave First Bank a mortgage on his home. The mortgage was recorded on January 3, 2014. Zack had made a down payment of $42,000. When Zack moved in, he purchased an in-ground swimming pool from Paddock Pools for $35,000. Zack paid Paddock $4,000 and Paddock financed the remaining amount for him, recording a mortgage
for $29,000 on February 26, 2014. Zack needed window coverings, landscape, and some new furniture. Wells Fargo gave Zack a $150,000 home equity line of credit, secured by a mortgage on Zack's home for $150,000. Wells Fargo recorded the home equity credit line mortgage on February 1, 2014. Zack, because of a bonus at work, did not draw on the line of credit until June 10, 2015, using $25,000. The economy went south somewhere around September 2015. The value of Zack's home dropped by almost 50%. Zack lost his job. He could no longer make his payments. Fifth First Bank served Zack with a notice of foreclosure on November 1, 2015. ?With respect to the mortgage loan from Fifth First Bank:
A)?Zack is the mortgagor.
B)?Zack is the mortgagee.
C)?Fifth First Bank is the mortgagor.
D)?None of the above
A
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