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deficiency judgment

noun

Definitions of deficiency judgment

  • a court order that makes you personally liable for unpaid debt; a court order against a debtor stating that the sale on a foreclosed piece of property (=where bank takes property because money borrowed not paid back) did not cover the outstanding mortgage in full.

    "The lender (=person lending money) was unable to obtain a deficiency judgment in this type of foreclosure (=where bank takes property because money borrowed not paid back)."

Phrase Bank for deficiency judgment