Foreclosure
Law Definitions
Deficiency
Judgment
A
deficiency judgment is allowed in most states only when a judicial
foreclosure has been filed. This legal action
can be taken by a lender who does not recover its losses
on a foreclosure after finding that the property is worth
less than the outstanding debt. The judgment against
the borrower is equal
to the difference between the funds received from a
foreclosure sale of real property and the balance
remaining on a mortgage or other loan.
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foreclosure law definitions
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