The property was sold at a foreclosure sale for more money, Management Theories

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The property was sold at a foreclosure sale for more money

Robert and Sherrell Bergeron gave a first mortgage on their property to First Colonial Bank and a second mortgage to Ford Motor Credit Company. When the Bergerons were unable to pay the mortgage, the bank foreclosed.

The property was sold at a foreclosure sale for more money than the Bergerons owed the bank. The Bergerons claim that they are entitled to the sur plus funds from the sale. Do you agree? Explain.

First Colonial Bank for Savings v. Bergeron, 646 N.E.2d 758 (MA).

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