DEFICIENCY JUDGEMENT
Q: What is a deficiency judgement?
A: "A deficiency judgement is the amount of money that the bank will pursue after a certain collateral has been sold at auction. For example, if your home is sold as auction and there's not enough money in that auction sales price to cover the debt that was owed, there will be a balance remaining above and beyond the judgement - that balance that was not satisfied is known as the deficiency judgement."
A: "A deficiency judgement is the amount of money that the bank will pursue after a certain collateral has been sold at auction. For example, if your home is sold as auction and there's not enough money in that auction sales price to cover the debt that was owed, there will be a balance remaining above and beyond the judgement - that balance that was not satisfied is known as the deficiency judgement."