deficiency balance |
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Definition
Amount left over when the money realized from the sale of a foreclosed property is insufficient to pay off the full loan amount. This is one of the reasons banks usually insist on the borrower's personal guaranty so that they can go after his or her home or other property to make up the shortfall.
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deficiency balance is in the Accounting & Auditing and Banking, Commerce & Finance subjects.
deficiency balance appears in the definition of the following term: deficiency judgment
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