deficiency judgment

noun Law.
a judgment in favor of a creditor who has not satisfied the full amount of a claim against a debtor.
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Based on the Random House Dictionary, © Random House, Inc. 2014.
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If your property is worth less than the total amount you owe on your mortgage loan, the lender could pursue a deficiency judgment.
If you owe more than your property is worth, a deficiency judgment is pursued.
Foreclosure or a deficiency judgment could seriously affect your ability to qualify for credit in the future.
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