Jim recently purchased a property at a foreclosure sale. It was originally owned by a person named Ms. Mary Smith, with American National holding the first mortgage and another lender, U.S. Bank, holding the second. Ms. Smith defaulted on her mortgage payments, but American National foreclosed without joining U.S. Bank in the foreclosure suit. What are the rights of U.S. Bank, if any? How does this situation affect Jim’s ownership (and subsequently the ownership of the LLC)?
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