12-17.If the value of the property is insufficient to cover the amount of indebtedness in a foreclosure action the lender,in many states,has a right to a:

Question

Quizplus · Accepted Answer

A deficiency judgment allows the lender to seek the remaining balance owed on the loan after the foreclosure sale of the property. This means that the borrower will still be responsible for paying the difference between the sale amount and the amount owed on the loan. Some states limit the lender's ability to seek a deficiency judgment, but many still allow it.

12-17If the Value of the Property Is Insufficient to Cover