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Short Sales. Loan Modifications & Foreclosures
Bank of America News
Monday
Jan172011

Deficiency Judgment Defined

When the collateral used to secure a loan does not have enough value to pay off the loan, the remaining amount paid is referred to as the deficiency.  If a mortgage is Foreclosed by Action, the lender can foreclose on the property and obtain a judgment for the deficiency.  This is commonly referred to as a deficiency judgment.