Nelson Granted a First Mortgage on His Property to Vancouver

Multiple Choice

Nelson granted a first mortgage on his property to Vancouver Trust as security for a loan of $110 000,and a second mortgage to Hong Kong Bank as security for a loan of $25 000.Which of the following statements is false? Read each separately.

A) Nelson has given Vancouver Trust his fee simple interest and Hong Kong Bank his right to redeem,and he has retained a right to redeem.
B) If Nelson were to default on his first mortgage,Vancouver Trust could petition the court to set a period of time within which the debtor must pay off the mortgage (redeem his title) .
C) If Nelson were to default on his first mortgage,at the first hearing he would likely be granted a redemption period within which he could pay his debt and thus avoid foreclosure.
D) If Nelson is in default on his first mortgage,Vancouver Trust has a contractual right to sell.
E) If Nelson were to default on his second mortgage only and the second mortgagee foreclosed,then the first mortgagee and Nelson himself would lose their interests in the property.