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What is a Deficiency Judgment?

A deficiency judgment occurs as the result of a judicial foreclosure. In a judicial foreclosure the lender will take the borrower to court in attempt to receive the amount they claim is owed to them. The lender has 90 days following the foreclosure sale to start the motion for a deficiency judgment. A deficiency judgment is a lien against the borrower when the foreclosure sale amount does not satisfy the amount of the mortgage.

In most states the lender will not pursue obtaining to the deficiency judgment unless the amount owed is substantial. This is mainly due to the high costs of going through a judicial foreclosure. Most lenders prefer to keep foreclosures out of court.

If you are a borrower in this situation, it is best to consult a lawyer to look in to possible remedies and solutions. Solutions may include filing for bankruptcy, getting an exemption from creditors, filing an appeal, or a motion to dismiss.

The information and notices contained on this website are intended as general research and information and are expressly not intended, and should not be regarded, as financial or legal advice. We attempt to ensure that the material contained on the web-site is accurate and complete at the date first published, however you should recognize that information contained on this web-site may become out of date over time. Readers who have particular questions real estate financing or foreclosure, or who believe they require legal counsel, should seek the advice of an attorney. By submitting this contact request, you are consenting to be contacted by foreclosure consultants by telephone or email, even if you have previously listed yourself on any state or federal Do-Not-Call List. Please note that Wisdom may receive compensation from the foreclosure consultants for that introduction.