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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.