A house has a first mortgage of $170,000 and a second mortgage of $34,000. The property has just been sold at a foreclosure auction to a speculating investor for $210,000. Assume that all costs of the foreclosure sale are included in these balances. Which of the following statements is NOT TRUE regarding the distribution of fundsa. The foreclosed owner receives $6,000
b. The second mortgage holder receives $34,000
c. The second mortgagee receives nothing unless they initiated the foreclosure
d. The first mortgage holder receives $170,000
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