Explain the right of a mortgage company that is foreclosing on a ...

[jerry coleman]

Explain the right of a mortgage company that is foreclosing on a property where there are other perfected and secured parties.

Question 2

An interest in personal property or fixtures that secures payment or performance of an obligation is called a(n): ______.
 A) guaranty holding.
 B)security interest.
 C)guaranty interest.
 D)good-faith guaranty.

[JYan]

Answer to Question 1

The mortgage company has to either allow the creditors to take the fixtures with them and reimburse the mortgage company for a decline in value or pay out the proceeds to these creditors in the order in which they have priority and distribute according to that priority.

Answer to Question 2

B

[jerry coleman]

Thank you

[JYan]

Happy to help you