Deficiency Judgment
Legal Definition and Related Resources of Deficiency Judgment
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Meanings, Synonyms, Etymology, Translations and More
Meaning of Deficiency Judgment
judgment in favor of a creditor for the difference between the amount of the indebtedness and the amount derived from the judicial sale of property , which sale is held in order to satisfy the indebtedness. See Cameron Brown South, Inc. v East Glen Oaks, Inc., (La.App.) 341 So.2d 450. See deficiency.
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Deficiency Judgment in Historical Law
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Concept of Deficiency Judgment in the context of Real Property
A short definition of Deficiency Judgment: Commonly, the amount for which the borrower is personally liable on a note and mortgage if the foreclosure sale does not bring enough to cover the debt. Actually the judgment is for the total amount and not for the deficiency, the recovery from the foreclosure sale being deducted from this amount.
Concept of Deficiency Judgment in the context of Real Property
A short definition of Deficiency Judgment: Commonly, the amount for which the borrower is personally liable on a note and mortgage if the foreclosure sale does not bring enough to cover the debt. Actually the judgment is for the total amount and not for the deficiency, the recovery from the foreclosure sale being deducted from this amount.