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Eloise Ralston Had a First Mortgage on Her House of $300,000

Question 55

Multiple Choice

Eloise Ralston had a first mortgage on her house of $300,000 with Bank A, a second mortgage of $200,000 with Bank B, and a third mortgage of $100,000 with Bank C. All of these mortgages were registered and in that order. Eloise missed her mortgage payments to Bank C. If Bank C forces the sale of the house and the house sells for $400,000 which of the following statements is FALSE?


A) Bank A will get $300,000
B) Bank B will get $100,000
C) Bank C will get $100,000
D) Bank B will not get fully paid but it will get some money
E) Bank C will get $0

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