The phrase "deficiency balance" refers to the remaining amount of money that is owed after an asset, like a car or house, has been repossessed or foreclosed on and sold. It represents the difference between the sale price and the outstanding debt.
Sentences with «deficiency balance»
In fact, they can't even report that deficiency balance on your credit report. (gocleancredit.com)
If they do not this mean the mortgage company can not pursue then deficiency balance remaining on your loan after the sale of your home. (mortgage-x.com)
Third, the lender may agree to cancel the entire deficiency balance. (realtormag.realtor.org)