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Simple English definitions for legal terms
deficiency suit
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A quick definition of deficiency suit:
A deficiency suit is a legal action taken to recover the difference between the amount owed on a mortgage and the amount received from the sale of the property after foreclosure. This is also known as a deficiency judgment. A deficit is when there is not enough of something, such as money or goods. A trade deficit is when a country imports more goods than it exports. Deficit spending is when a government spends more money than it takes in, often by borrowing money.
A more thorough explanation:
A deficiency suit is a legal action taken to recover the difference between the amount owed on a mortgage and the amount received from the sale of the foreclosed property. This is also known as a deficiency judgment.
For example, if a homeowner owes $200,000 on their mortgage and the foreclosed property sells for $150,000, the lender may file a deficiency suit to recover the remaining $50,000.
This type of suit is often used in situations where the property value has decreased or the borrower has defaulted on their mortgage payments.
A deficit is a situation where there is a lack or shortage of something, such as money or resources.
For example, a trade deficit occurs when a country imports more goods than it exports, resulting in a negative balance of trade. This can lead to economic challenges for the country.
Another example is deficit spending, which is when a government spends more money than it takes in through taxes and other revenue sources. This can result in a budget deficit and the need to borrow money to cover expenses.