deficiency judgment

A judgment against a debtor for the unpaid balance of the debt if a foreclosure sale or a sale of repossessed personal property fails to yield the full amount of the debt due. — Also termed deficiency decree. [Cases: Mortgages 375, 559; Secured Transactions 240. C.J.S. Mortgages §§ 674–676, 933; Secured Transactions §§ 164–166, 168–169, […]