deficiency judgment

American  

noun

Law.

1. a judgment in favor of a creditor who has not satisfied the full amount of a claim against a debtor.

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Example Sentences

In Kansas, a deficiency judgment must be sought at the time of foreclosure.

From Washington Post • Jun. 15, 2013

In most cases, the only way out of a deficiency judgment is by filing for Chapter 7 bankruptcy.

From Washington Post • Jun. 15, 2013

Against him was pending a $1,000 deficiency judgment because his home, on which he had a $5,000 mortgage, brought only $4,000 at forced sale.

From Time Magazine Archive

The holder of the deficiency judgment, demanding his $1,000, favored bankruptcy.

From Time Magazine Archive

Colonel Pennington may have the lands sold to satisfy a deficiency judgment against us, but while those life-leases from the former owner are in force, my father's proteges cannot be dispossessed.

From The Valley of the Giants by Kyne, Peter B. (Peter Bernard)