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LSDefine

Simple English definitions for legal terms

deficiency judgment

Read a random definition: administrative collateral estoppel

A quick definition of deficiency judgment:

Deficiency judgment is when a creditor is owed money by a debtor, but the asset used to secure the loan does not cover the full amount owed. This happens when the creditor takes back the asset and sells it, but the sale does not cover the full debt. The creditor can then get a deficiency judgment to cover the rest of the debt. This usually happens in mortgage foreclosures when the home does not cover the cost of the mortgage. To get a deficiency judgment, the creditor must be in a state that allows it and prove that the asset was sold at a fair price.

A more thorough explanation:

Deficiency judgment is a legal term that refers to the money that a creditor can receive when the assets used to secure a loan do not cover the debt owed by a debtor. This happens when a debtor becomes insolvent and is unable to pay back the loan.

For example, if a person takes out a mortgage to buy a house and then becomes unable to make the payments, the bank can repossess the house and sell it to recover the debt. However, if the sale of the house does not cover the full amount of the debt, the bank can seek a deficiency judgment to cover the remaining amount.

In order for a deficiency judgment to be granted, the creditor must be in a state that recognizes deficiency judgments for the type of debt and must prove that the asset was sold at a fair price.

Deficiency judgments most commonly arise in mortgage foreclosures, but they can also occur in other types of loans, such as car loans or personal loans.

deficiency | deficit

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7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
soapy
8:48
UMN under review! As predicted, decisions are gonna come out early December
Minus those random R decisions from UMN yesterday though right? I wonder what happened there. I don’t think I’ve seen a school start the season out with anything but As on here
almost all of my apps have been UR for 6 weeks at this point I feel exhausted waiting for them to finish
Irvine is being snobby and wont start any review until end of Nov.
Yeah, it’s tough. I’m distracting myself by playing good video games after work :)
im distracting myself by schizo-scrolling r/lawschoolamissions and every conceivable data point on this godforsaken website
it is not working
Haaa I naturally want to do that too. I’m trying to stop. They need a surgeon general’s warning on this site for perspective law students
i spend more time on here then anything else trying to rationalize that the waves from last year will match waves for this year (they won't) and that the stats of people with the same stats are indicative of my own (they aren't)
There aren't many people in my stat range so I pretty much know every result in my range after being on here for a few years
9:28
congrats on the 172 bruce
go dawgs fr
9:29
roll tide
do we foresee a fordham election day wave today (i'm delusional)
WorthlessAttractiveZombie
9:31
I think so, Jack
9:31
some people hate him. some people love him, but he a real one: https://youtu.be/w5oEqiVQcF4?t=173
9:32
[kevin oleary]
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
WorthlessAttractiveZombie
9:34
I mean if Fordham doesn't release today I will purposefully get on a train, go to new york, and then take the stinkiest shit inside the admission office's toilet (potentially clogging it and forcing them to get a plumber)
IS IT ONLY ON MY END WHY DID THAT SEND TEN MILLION TIMES
HELLO
WorthlessAttractiveZombie
9:35
it sent a million times lol
WHAT HAPPENED
yeah i thought you were tweaking for a second
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