Deficiency Judgment

Deficiency Judgment

A judgment made by a court against a debtor indicating that the sale on a foreclosed piece of property did not cover the outstanding mortgage in full. It is a lien placed on the debtor for further money. A deficiency judgment is not considered by the court unless the lender makes a motion for it to be granted. If the lender does not make the motion, then the court considers the money gained from the foreclosed property to be sufficient.

A debtor who receives a deficiency judgment may seek exemption from the lender or other creditors, file a motion to have the judgment overturned or, if necessary, declare bankruptcy. Before making any decisions pertaining to a deficiancy judgment, defendants would be best advised to contact an attorney.

Investment dictionary. . 2012.

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Look at other dictionaries:

  • deficiency judgment — see judgment 1a Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. deficiency judgment …   Law dictionary

  • deficiency judgment — deˈficiency ˌjudgement , deficiency judgment noun [countable] LAW a decision by a court that a borrower still owes money after the security for a loan is sold for less than the amount owed * * * deficiency judgment UK US (US ► LAW a judgment in a …   Financial and business terms

  • deficiency judgment — The imposition of personal liability on a debtor for the unpaid balance of a mortgage debt after foreclosure has failed to result in full payment of the debt amount due, or for the unpaid balance due after the repossession and resale of personal… …   Glossary of Bankruptcy

  • deficiency judgment — n. Law a judgment in favor of a mortgagee for the remainder of a debt not completely cleared by foreclosure and sale of the mortgaged property …   English World dictionary

  • Deficiency judgment — 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. [1] The availability of a deficiency judgment… …   Wikipedia

  • deficiency judgment — noun : a judgment for the balance of a debt after the security has been realized and the proceeds applied to payment; especially : such a judgment following foreclosure of a mortgage * * * Law. a judgment in favor of a creditor who has not… …   Useful english dictionary

  • deficiency judgment — A personal judgment, rendered against any person liable for the mortgage debt, in the event of a deficiency on foreclosure, for the amount of such deficiency. 37 Am J1st Mtg § 858. There are judicial, as well as legislative restrictions upon the… …   Ballentine's law dictionary

  • deficiency judgment — Law. a judgment in favor of a creditor who has not satisfied the full amount of a claim against a debtor. * * * …   Universalium

  • judgment — judg·ment also judge·ment / jəj mənt/ n 1 a: a formal decision or determination on a matter or case by a court; esp: final judgment in this entry compare dictum, disposition …   Law dictionary

  • deficiency — de·fi·cien·cy /di fi shən sē/ n pl cies: an amount that is lacking or inadequate: as a: the difference between the amount of tax owed and the amount of tax paid b: the difference between the amount owed under a security agreement and the amount… …   Law dictionary

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