deficiency judgment
- A court's decision requiring a borrower to pay the remaining debt when an asset's sale after foreclosure does not cover the owed amount
- The bank sought a deficiency judgment after the foreclosure sale of the house didn't fully cover the mortgage debt.
- John feared a deficiency judgment when his car was repossessed and sold for less than his outstanding loan.
- The combined effect of foreclosure on her home and the subsequent deficiency judgment severely impacted her credit score.
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