deficiency

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Deficiency

The amount by which a project's cash flow is not adequate to meet debt service.

Deficiency

1. The amount by which cash flow falls short of debt service. For example, if a company has $300,000 in current liabilities and only $250,000 in cash flow for a given year, its deficiency is $50,000.

2. In taxation, the amount by which one's tax liability exceeds what the individual person or organization reported. For example, if the IRS disallows certain deductions that the taxpayer applied, he/she will owe more in taxes than he/she reported on the return. Deficiency is the amount this taxpayer still owes to the IRS.

deficiency

1. The amount by which an individual's or an organization's tax liability as computed by the Internal Revenue Service exceeds the tax liability reported by the taxpayer.
2. The amount by which a firm's liabilities exceed assets.

deficiency

The amount due on a mortgage loan after adding all expenses of foreclosure and accrued interest to the principal balance of the loan and then deducting the sale price or lender-bid price for the property. The balance remaining, if any, may be collected by the lender by means of taking a deficiency judgment, unless prohibited by law or contract. Deficiency judgments may be collected just like any other judgment, through seizure of other assets or garnishment. There are two circumstances when a lender may not collect any deficiency:

1. In states with consumer protection statutes that outlaw deficiencies on first mortgages on a borrower's principal residence.

2. With mortgage loans designated as nonrecourse, meaning the lender and borrower agreed in advance that the property would stand for the debt and there would be no deficiency allowed in the event of foreclosure.

References in classic literature ?
At a sign from Geoffrey, the servant and the lad waited in the room to hear what she had to say.
The lad here will go back by railway, and fetch it.
And Jo pointed from the lively lads in the distance to her father, leaning on the Professor's arm, as they walked to and fro in the sunshine, deep in one of the conversations which both enjoyed so much, and then to her mother, sitting enthroned among her daughters, with their children in her lap and at her feet, as if all found help and happiness in the face which never could grow old to them.
But I'll be perfec'ly honest with ye: forby that, he was to have the selling of the lad in Caroliny, whilk would be as muckle mair, but no from my pocket, ye see.
But his mother threw down her knitting, and, hurrying after him, took hold of his arm, and said, in a tone of plaintive remonstrance, "Nay, my lad, my lad, thee munna go wi'out thy supper; there's the taters wi' the gravy in 'em, just as thee lik'st 'em.
Nay, my lad, my lad, thee wouldstna go away an' break thy mother's heart, an' leave thy feyther to ruin.
You don't know his name, though," said the lad harshly.
The lad muttered something to himself and drummed on the window-pane with his coarse fingers.
They are Aunt Jane's lads, and a precious pair you'd better believe.
This proceeding rather startled Rose, for the other lads looked and laughed, and in her confusion she said hastily to the young usurper
As he came up with them, he saw that two little lads, the one about nine years of age and the other somewhat older, were standing on the plot in front of the cottage, each holding out a round stick in their left hands, with their arms stiff and straight from the shoulder, as silent and still as two small statues.
Aye, lads, it was that," said a deep voice from behind Alleyne's shoulder.