· Deficiency Judgments. A deficiency is the difference between the principal balance due and the amount received, providing the amount received is less than the amount owed. Whether the bank can pursue a deficiency judgment after a foreclosure or short sale depends in part on whether the promissory note makes the seller personally liable for the debt.
A deficiency judgment is a judgment lien against a borrower whose foreclosure sale did not produce sufficient funds to pay the mortgage in full. Deficiency judgments are limited to the fair market value of the property less the unpaid balance of the loan that was foreclosed.
· A deficiency judgment is a legal order to pay off a loan balance after foreclosure or repossession. When a lender takes your property and sells it, the sales proceeds pay off your debt and any additional fees related to collection. But if the property does not sell at a price that’s high enough to satisfy the debt, you may still owe money.
A deficiency judgment is a court judgment that a mortgage lender gets against a homeowner after a foreclosure. Many states prohibit deficiency judgments, but Virginia, Maryland and the District of Columbia all allow them. Different states impose different limits on when a lender can pursue a deficiency judgment. But the basic premise is the same.
A deficiency judgment occurs when a borrower defaults on a loan and is unable to repay the total balance. This generally applies to recourse loans. When this happens, the lender may have the right to file for a deficiency judgment with the local court and obtain the right to pursue the borrower’s personal assets to cover losses.
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.
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Deficiency judgment: "Starting in 1835, a succession of statutes established a mortgagee’s right to a judgment for the deficiency when the value of the property proves inadequate to satisfy the mortgage debt in full.
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