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Question
Arnold purchased real estate known as Parcel A, subject to a preexisting mortgage, in favor of Local National Bank. Bridget purchased real estate known as Parcel B, assuming a preexisting mortgage on it in favor of Local National. After each purchase took place, there were defaults on the debts that gave rise to the mortgages referred to. Though Local National instituted and completed foreclosure proceedings with regard to each of the two mortgages, it did not yield enough funds to pay off the debt in full. Therefore, Local National made demands on Arnold and Bridget for payment of the deficiency owed on Parcel A and on Parcel B respectively. Explain if Local National is entitled to receive the deficiencies it seeks from Arnold and Bridget.
Answer
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