Deficiency Judgment
DEFICIENCY JUDGMENT
An assessment of personal liability against a mortgagor, a person who pledges title to property to secure a debt, for the unpaid balance of the mortgage debt when the proceeds of a foreclosure sale are insufficient to satisfy the debt.
Legislation enacted during the Depression still restricts the availability of deficiency judgments in several states. In some jurisdictions, deficiency judgments are proscribed in certain situations, while in other states, they are limited to the amount by which the debt exceeds the fair market value of the property. Waiver, the intentional relinquishment of a known right, of the benefits conferred by antideficiency legislation contravenes public policy and is ineffective.
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Social Sciences and the Law , debt / det/ • n. something that is owed or due: I paid off my debts | a way to reduce Third World debt. ∎ the state of owing money: heavily in debt.… National Debt , National Debt
BIBLIOGRAPHY
A national debt is generated when a government runs a budget deficit for consecutive fiscal years; hence its expenditures… Public Debt , public debt, indebtedness of a central government expressed in money terms, often referred to as national debt. The debt is computed differently by n… Execution , EXECUTION
EXECUTION (Civil ), laws concerning methods of recovering a debt.
Definition and Substance of the Concept
In Jewish law, a debt or obligati… Presupposition (Logic) , assumption •ashen, fashion, passion, ration •abstraction, action, attraction, benefaction, compaction, contraction, counteraction, diffraction, enact… Lien , LIEN
LIEN (Heb. שִׁעְבּוּד נְכָסִים, Shibud Nekhasim).
The Concept
Jewish law enables the creditor to exercise a lien over all the debtor's property,…
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Deficiency Judgment