An Overencumbered Property Would Be One with a Market Value

Multiple Choice

An overencumbered property would be one with a market value of

A) $125,000 with a first mortgage of $75,000 and a second mortgage of $26,000.
B) $375,000 with a first mortgage of $25,000 and a second mortgage of $200,000.
C) $120,000 with a first mortgage of $110,000 and a second mortgage of $15,000.
D) $49,500 with a first mortgage of $20,000 and a second mortgage of $1,000 and a third mortgage of$2,000.