Deficiency judgment

Legal action sought by a lender who wants to recover any losses on a foreclosure

If you default on a mortgage, the lender can not only sell your property to get their money back, but they may also be able to sue you if the money from the sale isn't enough to cover the loan and any costs. Keep in mind that only some states give the lender the right to a deficiency judgment.

See Also:	Judicial foreclosure, Trustee's sale

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Deficiency judgment

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