Nelson granted a first mortgage on his property to Vancouver Trust as security for a loan of $110 000, and a second mortgage to Hong Kong Bank as security for a loan of $25 000. Which of the following statements is false? Read each separately.
◦ Nelson has given Vancouver Trust his fee simple interest and Hong Kong Bank his right to redeem, and he has retained a right to redeem.
◦ If Nelson is in default on his first mortgage, Vancouver Trust has a contractual right to sell.
◦ If Nelson were to default on his first mortgage, Vancouver Trust could petition the court to set a period of time within which the debtor must pay off the mortgage (redeem his title).
◦ If Nelson were to default on his second mortgage only and the second mortgagee foreclosed, then the first mortgagee and Nelson himself would lose their interests in the property.
◦ If Nelson were to default on his first mortgage, at the first hearing he would likely be granted a redemption period within which he could pay his debt and thus avoid foreclosure.
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