How much will each mortgage lender receive

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Reference no: EM131835626

Bob took out three mortgages to finance the purchase of his house in 2005. In 2008, due to the collapse of the housing market and the financial crisis, Bob lost his job and was not able to make the mortgage payments. The lenders decided to foreclose on the house. At the time, the balances on the first, second, and third mortgages are $150,000, $50,000, and $20,000, respectively. At the foreclosure sale, the house was sold for $175,000. How much will each mortgage lender receive?

Reference no: EM131835626

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