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29. Ken purchased his home with a 30-year mortgage fro…
29. Ken purchаsed his hоme with а 30-yeаr mоrtgage frоm City Bank. Five years after the purchase, Ken obtained a second mortgage with Amazing Bank secured in his home so that he could start his own business. The loan amount for the second mortgage was more than the loan amount from City Bank. City Bank agreed to subordinate its loan to the second mortgage on the condition that Ken would agree to an interest rate increase to the City Bank mortgage. Ken agreed to City Bank’s demand because that is the only way that Amazing Bank would approve the second mortgage. Years later, Ken’s business failed, and he defaulted on both loans. Which one of the following statements is most likely correct if Amazing Bank filed for a foreclosure action before City Bank?