Definitions for "Deficiency Judgment"
Related Terms:
Deficiency judgement, Repossession, Collateral, Security, Foreclosure, Non-recourse loan, Secured debt, Secured loan, Recourse loan, Deficiency, Mortgagor, Workout , Secured loans, Secured, Unsecured loan, Pre-foreclosure sale, Non-recourse, Default, Subordinated loan, Collateral mortgage, Preforeclosure sale, Unsecured, Debt, Borrower, Subordinated debt, Nondischargeable debt, Default, Co-borrower, Redemption, Dragnet clause, Debt consolidation loan, Chargor, Mortgage, Charge, Equity of redemption, Recourse, Co-signer, Strict foreclosure, Debt relief, Unsecured loans, Senior debt, Mortgage note, Junior debt, Cosigner, Pre-foreclosure, Negative pledge, Co-maker, Home mortgage, Default notice, Defaults
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 requiring payment of the balance owed on a loan if the proceeds from a sale in foreclosure are insufficient to pay off the loan.
the discrepancy between the unpaid balance of a home loan debt and the market value or the selling price of the specific real estate property on which the home loan has been made.Related term: DEFICIENCY PAYMENT.
A judgment given when the security pledged for a loan does not satisfy the debt upon its default.
A personal claim against the debtor, when foreclosed property does not yield enough at the sale to pay off the loan and the interest against it.
a court order stating that the trustor still owes money to the beneficiary if the proceeds from the foreclosure sale are not sufficient to pay the balance of the debt
a final court ruling in favor of a creditor for the balance of the debt, interest and costs that are not paid off by the sale of the real estate
a judgment in the amount of the remaining debt
a personal judgment against the borrower equal in most cases to the difference between the amount due to the lender and the fair market value of the real property sold at the foreclosure sale
a personal judgment against the borrower equal in most cases to the difference between the amount due to the lender and the net amount realized upon the foreclosure sale
a personal judgment against the debtor for the difference between the amount of debt and the proceeds of the foreclo- sure sale, if the proceeds of the sale are less than the amount of the debt
a personal judgment against the former borrower equal in most cases to the difference between the net amount realized upon the public sale of the real property and the amount due to the lender
a personal judgment in a foreclosure action for any remaining balance of an obligation secured by a mortgage, if enough money is not realized to liquidate the mortgage debt under the foreclosure sale
A court order stating that the borrower still owes money when the security for a loan does not fully satisfy a defaulted loan.
A judgment entered in a lawsuit when a property is sold for less than the amount of the loan.
At a foreclosure sale, the difference between the indebtedness sued upon and the sale price or market value of the real estate. See also DEFICIENCY PAYMENT.
A personal judgment against any person liable for the debt secured by a mortgage or deed of trust and being the amount remaining due to the mortgagee or beneficiary after foreclosure.
A judgment against a person for the amount remaining on a loan after a property has been foreclosed by the lender and the sale was not enough to pay the entire loan.
A judgment given when the security pledged for a loan does not satisfy the debt following foreclosure.
If upon the foreclosure of a mortgage, the mortgaged property does not sell for an amount sufficient to pay the mortgage indebtedness, the difference is called a deficiency and is chargeable to the mortgagor or to any person who has purchased the property and agreed to pay the mortgage.
A legal means whereby a creditor pursues money damages through the courts from a borrower who lost his or her property through a foreclosure and did not satisfy the full obligation of the loan.
Decision requiring a borrower to pay the lender the difference between the mortgage balance and the amount realized at the foreclosure sale.
A claim by a lender against a borrower when the proceeds from a foreclosure sale do not pay the mortgage debt in full.
Court order for personal liability of the debtor on a deficiency.
A judgment for the balance of the debt following the foreclosure of a mortgage.
A judgment for the amount left unpaid after a property has been sold at a foreclosure sale when the net proceeds are not sufficient to pay off the loan.
A deficiency judgment is a court order that is requested by a lender when the foreclosure sale does not raise enough money to satisfy the debt on the mortgage. The lender will want the remaining amount that did not get paid off by the sale.
A judgment against a person liable for the debt secured by a mortgage in an amount by which the funds derived from a foreclosure or trustee's sale are less than the amount due on the debt.
If the foreclosure sale does not bring sufficient proceeds to pay the costs of sale and the note in full, the holder of the note may obtain a judgment against the maker for the difference.
A personal judgment against a debtor for the amount remaining due after a judicial foreclosure of a mortgage.
A personal judgment against the borrower for the remaining balance on the loan after a foreclosure sale.
In the event that the sale of a foreclosed property does not provide an amount of money sufficient to cover the balances due on the loan, a judgment may be sought against the borrower, who is personally liable for the difference. If the deficiency is granted by the court, this judgment can be collected from the borrower from other property, other assets owned or by garnishment.
A Deficiency Judgment is usually employed when a lender loses money as the result of a foreclosure. The lender may seek a court decree against those liable for the mortgage in order to recoup the mortgage debt.
Imposition of personal liability on a borrower for the unpaid balance of mortgage debt after a foreclosure has failed to yield the full amount of 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 term that provides that if loan documents do not contain an exculpatory clause and the lender still has not recovered its losses, it has the right to sue the borrower personally for any remaining unpaid debt after foreclosure.
Personal claim made against a debtor when the sale of a foreclosed property does not yield sufficient proceeds to pay off mortgages, accrued interest, legal fees, ...
A judgment obtained upon default when the pledged security does not satisfy the debt.
A personal judgment levied against the mortgagor under the terms of the note, when a mortgage foreclosure sale does not produce sufficient funds to repay the mortgagee the outstanding loan balance, interest and costs.
A Personal Judgment in a Judicial Foreclosure Action for the amount remaining due after a sale of the security.
The judgement against a person when they default on a mortgage and the sale of the property does not fully satisfy the obligation. The amount of the judgement is usually the unsatisfied portion of the loan.
A personal judgment created by the court for the amount of the deficiency against any person liable for the mortgage debt.
A personal judgment against a borrower for the remaining balance on a loan after a foreclosure sale.
A court judgment that a defaulting borrower owes a deficiency.
A judgment for the balance of a debt after the collateral has been exhausted.
A judgment for the balance of a debt; issued when the net proceeds from the foreclosure sale are less than the indebtedness sued upon.
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 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 loan(s) and accrued interest.
Court award to lender if sale at public auction does not equal mortgage debt.
Point levied against the borrower when a foreclosure sale does not produce sufficient funds to pay the mortgage debt in full.
Commonly the amount for which the borrower is personally liable on a note and mortgage if the foreclosure sale does not bring enough to cover the debt. Actually the judgment is for the total amount and not for the deficiency, the recovery from the foreclosure sale being deducted from this amount.
Court finding that the debtor owes an amount exceeding the value of the collateral put up for the defaulted loan.
A claim made by the holder of a note against the maker, in the event that a foreclosure sale does not bring in enough proceeds to fully cover the note and the costs of sale, for the difference
The imposition of personal liability on a borrower for the unpaid balance of a mortgage secured loan after foreclosure has failed to satisfy the full amount due to the lender.
Only possible with a court foreclosure, it is a judgment given when the security pledge for a loan is less than the debt owed upon its default.
Quit Claim Deed