Deficiency Judgment

A court order stating that the borrower's obligations continue to be in default and payable. For example, if a lender forecloses a property and sells it for a loss, that lender may apply for a deficiency judgment against the former borrower to recoup the loss. The deficiency judgment is a general judgment against the individual, rather than a specific judgment against a single property. For more information, see the "Everything You Need To Know About Foreclosures" article in the "Real Estate In-Depth" section.

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Real Estate 101

Real Estate 101

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