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Bruce's House Is Worth $315,000 and the First Mortgage Has

Question 8

Multiple Choice

Bruce's house is worth $315,000 and the first mortgage has a balance of $285,000. His second mortgage has a balance of $55,000. If he were to lien strip, the results would be:


A) $55,000 is stripped and becomes an unsecured debt.
B) $25,000 becomes unsecured debt.
C) $30,000 becomes unsecured debt.
D) None of the above.

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