A judgment given for the unpaid balance of a debt remaining after the surety is sold. A court decree holding a debtor personally liable for the shortage or insufficiency realized on the sale of secured property. The debtor owes the difference between the sale price of the property and the amount of the secured debt. Back to the Top
Point levied against the borrower when a foreclosure sale does not produce sufficient funds to pay the mortgage debt in full.
A court order to pay the balance owed on a loan if the proceeds from the sale of the security are insufficient to pay off the loan.