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- Deficiency_judgment abstract "A deficiency judgment is an unsecured money judgment against a borrower whose mortgage foreclosure sale did not produce sufficient funds to pay the underlying promissory note, or loan, in full. The availability of a deficiency judgment depends on whether the lender has a recourse or nonrecourse loan, which is largely a matter of state law. In some jurisdictions, the original loan(s) obtained to purchase property is/are non-recourse, but subsequent refinancing of a first mortgage and/or acquisition of a 2nd (3rd., etc.) are recourse loans.In short, many jurisdictions hold that the loans obtained at the acquisition of a property ("purchase-money") are non-recourse, and most if not all subsequent loans are recourse.States that follow the title (trust-deed) theory of mortgages typically allow non-judicial foreclosure procedures, which are fast, but do not allow deficiency judgments. States that follow the lien theory of mortgages require judiciary foreclosure procedures, but allow deficiency judgments against the debtor.It is important to note that there is a difference between a deficiency and a deficiency judgment. A "deficiency" is the difference between the amount owed on a loan and the total amount received/collected at the closing of a loan. A deficiency judgment is a court judgment that is a public record of the amount owed and by whom. In many states, items included in calculating the amount of a deficiency judgment include: the loan principal, accrued interest and attorney fees, less the amount the lender bid at the foreclosure sale.".
- Deficiency_judgment wikiPageID "10734661".
- Deficiency_judgment wikiPageRevisionID "561564310".
- Deficiency_judgment hasPhotoCollection Deficiency_judgment.
- Deficiency_judgment subject Category:Bankruptcy.
- Deficiency_judgment subject Category:Judgment_(law).
- Deficiency_judgment subject Category:Judicial_remedies.
- Deficiency_judgment subject Category:Property_law.
- Deficiency_judgment type Abstraction100002137.
- Deficiency_judgment type Act100030358.
- Deficiency_judgment type Action100037396.
- Deficiency_judgment type Change100191142.
- Deficiency_judgment type ChangeOfState100199130.
- Deficiency_judgment type Correction100258854.
- Deficiency_judgment type Event100029378.
- Deficiency_judgment type Improvement100248977.
- Deficiency_judgment type JudicialRemedies.
- Deficiency_judgment type PsychologicalFeature100023100.
- Deficiency_judgment type Redress100259177.
- Deficiency_judgment type YagoPermanentlyLocatedEntity.
- Deficiency_judgment comment "A deficiency judgment is an unsecured money judgment against a borrower whose mortgage foreclosure sale did not produce sufficient funds to pay the underlying promissory note, or loan, in full. The availability of a deficiency judgment depends on whether the lender has a recourse or nonrecourse loan, which is largely a matter of state law.".
- Deficiency_judgment label "Deficiency judgment".
- Deficiency_judgment label "不足金判決".
- Deficiency_judgment sameAs 不足金判決.
- Deficiency_judgment sameAs m.02qnmz1.
- Deficiency_judgment sameAs Q5251552.
- Deficiency_judgment sameAs Q5251552.
- Deficiency_judgment sameAs Deficiency_judgment.
- Deficiency_judgment wasDerivedFrom Deficiency_judgment?oldid=561564310.
- Deficiency_judgment isPrimaryTopicOf Deficiency_judgment.