The court concluded that H F could not obtain a deficiency judgment without first foreclosing its mortgage and holding a sheriff's sale. We have recently held that when a superior mortgagee forecloses its mortgage, an inferior mortgagee is no longer entitled to foreclose its mortgage but is left instead with a statutory right of redemption. National Credit Union Share Insurance Fund v. University Developers, 335 N.W.2d 559, 560 (N.D. 1983). We further held that, upon expiration of the redemption period, the inferior mortgagee loses all right to or interest in the property.

We are unpersuaded by United's contention that notice of the six-month redemption period contained in the notice to foreclose the second mortgage on the mobile-home court "cured" the one-year redemption statement included in the notice to foreclose the first mortgage. In National Credit Union Share Insurance Fund v. University Developers, 335 N.W.2d 559 (N.D. 1983), we held that the trial court erred in allowing foreclosure of a second mortgage subsequent to the foreclosure of a first mortgage on the same property, because foreclosure upon the first mortgage extinguished the second mortgagee's right to foreclose the second mortgage. We further held that upon foreclosure of the first mortgage the second mortgagee's remedy was to redeem the property in accordance with Section 28-24-05, N.D.C.C., instead of attempting to foreclose the second mortgage.