Deficiency judgment

{
  "id": "MLC-T-LAW-001538",
  "term": "Deficiency judgment",
  "field": "Law",
  "definition": "A court order holding a debtor personally liable for the unpaid balance of a debt after a secured asset, such as real estate or a vehicle, has been sold to satisfy the debt, but the sale proceeds were insufficient. This judgment allows the creditor to pursue additional assets of the debtor to recover the remaining amount. It commonly arises in mortgage foreclosures or repossessions.",
  "url": "https://mlchart.com/terminology/law/deficiency-judgment/"
}