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 ? I do not want you to give me the result, simply what the calculations are to find that out