Deficiency Judgment - What is it?
A deficiency judgment occurs when a property has been sold at a discounted rate, either by a short sale or at auction. When the property is sold at the discounted rate, many banks will sue (deficiency judgment) the homeowner for the difference between the sales price and the note amount.
Deficiency Judgment | Example
A property is sold via short sale for $100,000.
The note amount was $120,000
The difference, or deficiency, between the two is $20,000
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