Hello, i am having a hard time understanding how to answer this questions as my book nor the internet provides any info regarding the matter:
suppose that you are a lender and that you have issued a loan on a private residence in pennsylvania. the borrower has defaulted on this mortgage and you have invoked the acceleration clause. the omb, including accrued fees, is $319,000. there is also a property tax lien of $7,500 and a workman's lien of $4,300 on the property.
what are the formulas i need to find out how much i would be able to recover by selling the property for $327,500 ?