FOLIO Ontology

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Identification

IRI:
https://folio.openlegalstandard.org/RDh5iUj2DUQmAu1pPnAiVrn
Label Deficiency Judgment
Preferred Label N/A
Identifier N/A
Alternative Labels

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Definition

A deficiency judgment is a legal ruling issued by a court when the proceeds from the sale of a foreclosed property are insufficient to cover the outstanding debt owed by the borrower to the lender. This judgment allows the lender to pursue the borrower for the remaining balance of the debt after the sale of the property.

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