This refers to a court ruling against a debtor that has defaulted on a secured loan. That means the fund from the sale of a property will be used to pay back the loan if it was unable to cover their outstanding debt in full.
Deficiency judgment
This refers to a court ruling against a debtor that has defaulted on a secured loan. That means the fund from the sale of a property will be used to pay back the loan if it was unable to cover their outstanding debt in full.