A judgment given for the unpaid balance of a debt remaining after the surety is sold. A court decree holding a debtor personally liable for the shortage or insufficiency realized on the sale of secured property. The debtor owes the difference between the sale price of the property and the amount of the secured debt. Back to the Top
Point levied against the borrower when a foreclosure sale does not produce sufficient funds to pay the mortgage debt in full.
A court order to pay the balance owed on a loan if the proceeds from the sale of the security are insufficient to pay off the loan.
Personal claim against the debtor when the sale of foreclosed property does not yield sufficient proceeds to pay off the mortgages, accrued interest, legal fees, etc.
A judgement rendered in court for the difference in the amount realized at a foreclosure sale and the amount owed by the mortgagor, if the foreclosure sale fails to completely liquidate or satisfy the debt.
A judgment against a borrower, endorser, or guarantor for the balance of the debt issued when the security for a loan is insufficient to satisfy the debt.
A court order against a borrower under a mortgage to pay to the lender an amount sufficient to make up for the difference between what the borrower owes under the mortgage and the amount the lender sold the property for under a mortgage remedy action.
A legal decision, obtained by a lender when the sale of a foreclosed property does not provide enough money to satisfy the debt, that permits the lender to attempt to collect the debt from the borrower.