Deficiency Judgment

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Dictionary Says

Definition of 'Deficiency Judgment'

A judgment made by a court against a debtor indicating that the sale on a foreclosed piece of property did not cover the outstanding mortgage in full. It is a lien placed on the debtor for further money. A deficiency judgment is not considered by the court unless the lender makes a motion for it to be granted. If the lender does not make the motion, then the court considers the money gained from the foreclosed property to be sufficient.

Investopedia Says

Investopedia explains 'Deficiency Judgment'

A debtor who receives a deficiency judgment may seek exemption from the lender or other creditors, file a motion to have the judgment overturned or, if necessary, declare bankruptcy. Before making any decisions pertaining to a deficiancy judgment, defendants would be best advised to contact an attorney.

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Search results for

'Deficiency Judgment'

  • Avoiding Foreclosure Scams

    http://www.investopedia.com/articles/pf/07/foreclosure_scam.asp
    ... This may complicate things, as it allows your lender to pursue a deficiency judgment,
    which represents the difference between the sold price of the property ...

  • Short Sell Your Home To Avoid Foreclosure

    http://www.investopedia.com/articles/mortgages-real-estate/08/short-sell-home-avoid-foreclosure.asp
    ... The lender either forgives the difference or gets a deficiency judgment against
    the borrower requiring him or her to pay the lender all or part of the ...

  • Tax Court: Your Last Resort

    http://www.investopedia.com/articles/tax/09/tax-court-last-resort.asp
    ... Letter, you have 90 days from the date on the Notice of Deficiency to respond ...
    proceedings, but it is far more likely that you will receive your judgment in the ...

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