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0 tracked cards Real Property

A first mortgagee forecloses and properly joins the second mortgagee and the mortgagor. The foreclosure sale produces more than the first mortgage debt but less than all secured debts combined.
How should the sale proceeds generally be applied?

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Foreclosure of a senior mortgage extinguishes properly joined junior interests, and surplus proceeds are distributed to junior lienholders in priority order before the mortgagor receives any remainder. A foreclosure sale always eliminates any deficiency claim. Foreclosure of a senior mortgage extinguishes senior interests only. Foreclosure of a senior mortgage never affects junior interests.

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