Foreclosure Law Definitions

Deficiency Judgment

A deficiency judgment is allowed in most states only when a judicial foreclosure has been filed.  This legal action can be taken by a lender who does not recover its losses on a foreclosure after finding that the property is worth less than the outstanding debt.  The judgment against the borrower is equal to the difference between the funds received from a foreclosure sale of real property and the balance remaining on a mortgage or other loan.

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