antideficiency legislation
antideficiency legislation
Laws in some states that protect consumers from deficiency judgments after foreclosure of a purchase-money mortgage on residential real estate.The lender may take the real property in satisfaction of the debt. If the property is worth less than the debt at that time,the lender suffers the loss and may not sue the borrower for the difference.The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.