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 ?
With this she went off, and as soon as she had gone the lad took the pin out of his master's coat.
Aye, lad, th' old tale; but I shall get it done," said Adam, looking up and casting one of his bright keen glances at his brother.
An we would help this lad, we have no time to go thither and back before his true love will be married.
They are Aunt Jane's lads, and a precious pair you'd better believe.
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.
I saw one lad, after reeling half a dozen steps, pause at the side of the road, gravely peer into the ditch, and gravely, and after apparent deep thought, fall into it.
Returning to the cab, Geoffrey found the lad steadily waiting at his post.
He was, indeed, a lad of a remarkable disposition; sober, discreet, and pious beyond his age; qualities which gained him the love of every one who knew him: while Tom Jones was universally disliked; and many expressed their wonder that Mr Allworthy would suffer such a lad to be educated with his nephew, lest the morals of the latter should be corrupted by his example.
Well, Davie, lad," said he, "I will go with you as far as the ford, to set you on the way.
In an instant, the lad entered the room adjoining, and, under pretence of snuffing the candle, moved it in the required position, and, speaking to the girl, caused her to raise her face.
I wouldn't make a downright lawyer o' the lad,--I should be sorry for him to be a raskill,--but a sort o' engineer, or a surveyor, or an auctioneer and vallyer, like Riley, or one o' them smartish businesses as are all profits and no outlay, only for a big watch-chain and a high stool.
Why, bless me,' cried the old gentleman, 'the lad is here