What is a deficiency judgment?
A deficiency judgement is a judgement that arises against a debtor when the collateral that secured the debt was a then sufficient value to satisfy the debt.
This can occur either in a real property or personal property setting.
For example, if an individual owes $100,000 on their mortgage and the property that was mortgaged is only worth $50,000, the creditor could apply to the court after the foreclosure sale for a judgement against the debtor, or the maker on the note, in an amount of the difference between the value of the property and the amount of the debt.
- How long does the foreclosure process usually take in Florida?
- What are tax deed sales?
- What do I do after I am served with a summons and foreclosure complaint?
- What happens if I just mail the keys to the bank and walk away?
- What is a deed in lieu of foreclosure?
- What is a deficiency judgment?
- What is a judgment debtor’s examination?
- What is a lis pendens?
- What is a short sale?
- What is foreclosure?
- Why are affirmative defenses to a foreclosure different than just an answer with denials?
- Do I have to move out of my home during the foreclosure process in Florida?
- Does a tax deed sale provide a marketable title?