Deficiency Decree

Definition:  Judgement brought when a mortgage is foreclosed and the sale proceeds fail to cover the costs of the sale, taxes, and the unpaid mortgage balance.

Pronunciation:  \di-ˈfi-shən-sē\ \di-ˈkrē\

Used in a Sentence:  A deficiency decree was declared when the sale of the property did not cover all of the outstanding expenses.

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