TeachMeFinance.com - explain deficiency judgment
deficiency judgment -- a court order that declares the property securing a debt to be worth less than the amount of outstanding debt, and that authorities the collection from the debtor of the part of the debt remaining unsatisfied after the foreclosure and sale of the collateral.
Deficiency judgment -- A judgment ordered by the court for
any balance of a debt remaining after the security has been
sold and the proceeds applied to the payment thereof.
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