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John and Mary Rose Tessler Have Had Their Home Taken

Question 147

Multiple Choice

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. Suppose that the foreclosure sale brings $110,000, how much will the contractor receive?


A) $0
B) $2,000
C) $4,000
D) $6,000
E) $8,000
F)
$92,000

Correct Answer:

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