A deficiency judgment is an unsecured money judgment against a borrower whose mortgage foreclosure sale did not produce sufficient funds to pay the underlying promissory note, or loan, in full. The availability of a deficiency judgment depends on whether the lender has a recourse or nonrecourse loan, which is largely a matter of state law. In some...
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http://en.wikipedia.org/wiki/Deficiency_judgment
Judgment for a creditor for an amount equal to the difference between the amount owed by the debtor and the amount collected from sale of the collateral.
Found on
http://jec.unm.edu/manuals-resources/glossary-of-legal-terms
Is a court judgment where a defaulting borrower owes a deficiency.
Found on
http://www.encyclo.co.uk/local/20965
n. The judgment issued for the amount that is not covered by the value of the security placed for the loan or installment payments. Most states require a judicial foreclosure is filed instead of just foreclosing on real property. Additionally, after foreclosure on the mortgage or deed of trust, some states allow a lawsuit for a deficiency judgment....
Found on
http://www.encyclo.co.uk/local/21213
A judgment for the amount a homeowner owes the lender after a house or other asset is foreclosed upon and sold by the creditor for less than the actual debt (mortgage or car loan, for example) that is secured by the asset. In most states, the lender can file a separate lawsuit to recover a deficiency owed by the borrower. Some states restrict defic...
Found on
http://www.nolo.com/dictionary/deficiency-judgment-term.html
a judgment in favor of a creditor who has not satisfied the full amount of a claim against a debtor.
Found on
https://www.infoplease.com/dictionary/deficiency-judgment
No exact match found.
