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

Question 55
Multiple Choice
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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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