Deficiency Judgment

Definition of "Deficiency judgment"

Judicial finding that the debtor owes an amount exceeding the value of the collateral put up for the defaulted loan.

Search Real Estate Glossary

Related Real Estate Glossary terms

Underwriting

The process of making a final determination on approval or rejection of a loan application. Underwr ...

Zoning Map

Divides a locality into districts for differing purposes. The map is continually kept current. It re ...

Variable Limit

In property insurance coverages, provision whereby the limit of the policy automatically increases a ...

Taking

Act of obtaining land through condemnation. For example, when in interstate highway must be constr ...

Outboard Motor Boat Insurance

Coverage on an all risks basis for physical damage loss. Coverage applies to property damage to the ...

Tertiary Beneficiary

Third-in-line beneficiary to receive benefits from an insurance policy should the primary and second ...

Related Real Estate FAQ

What Is A Lock In?

A lock in guarantees a certain interest rate for a certain period of time. ...

What Are Prepayment Penalties?

A penalty fee charged for paying off a mortgage early, thus allowing banks to still make money off o ...

What Is A Mortgage Insurance Premium (MIP)?

A mortgage insurance premium is a policy that insures the lender against loss if the homeowner defau ...

What Does Fannie Mae Mean?

Fannie Mae is a name used by the Federal National Mortgage Association, which is a government-charte ...

What Is Depreciation?

Depreciation is a decline in the value of property due to general wear and tear, or is also known as ...

How Much Life Insurance Do I Need?

Every person has a different idea of what financial security means. If so, should happen to you, how ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews

Agents join here

Add our widget on your Website

Real Estate Advice

Real Estate Open House - The Dos and Don'ts 6 Reasons you are not selling properties Tax Breaks for the First Time Home Buyer How To Get A Loan with Bad Credit Should you Buy a Home with Cash?

FAQ

Do I need Life Insurance? What is a FHA mortgage? Should I Pay Points for a Lower Rate? What is a Good Faith Estimate? What is a credit report?