deficiency judgment
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deficiency judgment

A lawsuit and judgment against a debtor for the remaining balance due on a promissory note after giving credit for any repossessed or foreclosed collateral.

Example: Sarah has a mortgage for $200,000 on her home. She defaults on her loan, and the bank forecloses. The bank sells the home at a foreclosure auction to a third party who bids only $160,000 because the home has been allowed to deteriorate and needs many repairs. Sarah still owes the bank $40,000 unless she lives in a state that does not allow deficiencies on home loans. The bank may sue Sarah and obtain a judgment for $40,000, called a deficiency judgment.

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antideficiency legislation deficiency dry mortgage foreclosure mortgage			If the promissory note was made with a recourse clause then if the sale does not bring enough to pay the existing balance of principal and fees the mortgagee can file a claim for a deficiency judgement. Save the Family Home by Robert Buford / Real estate industry community All Reverse Mortgage Loans are non-recourse loans, meaning that there could never be a deficiency judgement on the purchaser or the heirs. New 2009 Reverse Mortgage Program for Those 62 and over by Wes Hudson / Finance and Investment community The deficiency judgement would be calculated as the difference between the amount of the mortgage and the market value of the property or the highest bid at the foreclosure sale, which ever was higher. Who is responsible for maintenance of a property during foreclosure ... by Schiff, Edward L. / Real Estate Weekly			Deferred Credit Deferred Dividend Deferred Equity deferred exchange Deferred Futures deferred gain deferred income Deferred Income Tax Deferred Interest Deferred Interest Bond Deferred Liability deferred maintenance Deferred Nominal Life Annuity Deferred Payment Annuity Deferred Payment Option deferred payments Deferred Premium Option Deferred Profit Sharing Plan Deferred Sales Charge Deferred strike option Deferred Tax Expense Deferred-Interest Bond deficiency Deficiency Agreement Deficiency Dividend Deficiency judgement deficiency judgment Deficiency Letter Deficit Deficit comercial Deficit de recursos Deficit estructural Deficit estrutural deficit financing Deficit Net Worth Deficit Reduction Act of 1984 Deficit Spending Deficit structurel Defined Asset Fund Defined Benefit Plan Defined Contribution Plan Defined event defined-asset fund Defined-Benefit Pension Plan Defined-Benefit Plan Defined-Contribution Pension Plan Defined-Contribution Plan definition of value Deflacion Deflacionador Deflactor			Deficiency and Disposition Report deficiency anemia deficiency anemia deficiency anemia deficiency arch length deficiency arch length deficiency arch length deficiency arch length deficiency arch length Deficiency Category Deficiency Correction Plan Deficiency Corrective Action Program deficiency disease deficiency disease deficiency disease deficiency disease deficiency disease Deficiency disease, Phenylalanine Hydroxylase Deficiency disease, Phenylalanine Hydroxylase Deficiency disease, Phenylalanine Hydroxylase Deficiency diseases Deficiency diseases Deficiency diseases Deficiency Dividend Deficiency Dividends Deficiency In Allowance Deficiency In Allowance List Deficiency in Wave Tightness deficiency index Deficiency Item Management System Deficiency judgement Deficiency judgment Deficiency judgment Deficiency letter Deficiency Letters Deficiency List Deficiency Log Deficiency of a curve Deficiency of Heart Qi Syndrome Deficiency of Heart-Yin Syndrome deficiency of sweating Deficiency of Uridine Monophosphate Synthase Deficiency of Vitamin K-Dependent Clotting Factors deficiency protein deficiency protein deficiency protein Deficiency Report Deficiency Report Entry and Mail System Deficiency Report Management System Deficiency Reporting and Investigating System Deficiency Reporting Log System Deficiency Reporting System Deficiency Review Board deficiency symptom Deficiency Tracking System Deficiency Trend Analysis & Reporting Deficiency/Discrepancy Report deficient deficient deficient

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deficiency judgment (redirected from Deficiency judgement)

deficiency judgment
(redirected from Deficiency judgement)