deficiency judgment

deficiency judgment
deficiency judgment see judgment 1a

Merriam-Webster’s Dictionary of Law. . 1996.

deficiency judgment
n.
A judgment issued against someone who holds a mortgage, imposing personal liability on him or her if a foreclosure sale does not yield enough money to cover the mortgage debt.

The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. . 2008.


deficiency judgment
A judgment for the amount a homeowner owes the lender after a house or other asset is foreclosed upon and sold by the creditor for less than the actual debt (mortgage or car loan, for example) that is secured by the asset. In most states, the lender can file a separate lawsuit to recover a deficiency owed by the borrower. Some states restrict deficiency judgments after a home foreclosure.
Category: Bankruptcy, Foreclosure & Debt → Debt & Collection Agencies

Nolo’s Plain-English Law Dictionary. . 2009.


deficiency judgment
An assessment of personal liability against a mortgagor, a person who pledges title to property to secure a debt, for the unpaid balance of the mortgage debt when the proceeds of a foreclosure sale are insufficient to satisfy the debt.

Dictionary from West's Encyclopedia of American Law. 2005.


deficiency judgment
An assessment of personal liability against a mortgagor, a person who pledges title to property to secure a debt, for the unpaid balance of the mortgage debt when the proceeds of a foreclosure sale are insufficient to satisfy the debt.

Short Dictionary of (mostly American) Legal Terms and Abbreviations.

deficiency judgment
n.
   a judgment for an amount not covered by the value of security put up for a loan or installment payments. In most states the party owed money can only get a deficiency judgment if he/she chooses to file a suit for judicial foreclosure instead of just foreclosing on real property. However, some states allow a lawsuit for a deficiency after foreclosure on the mortgage or deed of trust. The right to a deficiency judgment is often written into a lease or installment contract on a vehicle. There is a danger that the sale of a repossessed vehicle will be at a wholesale price or to a friend at a sheriff's sale or auction, leaving the debtor holding the bag for the difference between the sale price and remainder due on the lease or contract.

Law dictionary. . 2013.

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Look at other dictionaries:

  • 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 — 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 …   Investment dictionary

  • 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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