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LSDefine

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.

deficiency notice | de fide instrumentorum

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General chat about the legal profession.
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ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
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
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