First Colonial Bank for Savings v. Bergeron

After the First Colonial Bank for Savings had foreclosed its first mortgage on property belonging to the de*137fendants, Robert H. and Sherrell L. Bergeron (Bergerons), it filed an interpleader action in the District Court to determine who was entitled to the surplus proceeds from the foreclosure sale. The Bergerons, as the owners of the property, and Ford Motor Credit Company, as a junior mortgagee of the foreclosed property, were named as defendants. Thereafter, Ford Consumer Finance Company, Inc. (Ford), was substituted as a defendant for Ford Motor Credit Company because it became the holder…