Question

Owner Grace's property has been foreclosed. After the property was sold for $340,000, she still owed $60,000 to the lender. The lender may be able to get a personal judgment against Grace for the $60,000. This is called a:______.

A. Leverage lien
B. Partition lawsuit
C. Reverse foreclosure judgment
D. Deficiency judgment

Answer 1

D. Deficiency Judgement

Step-by-step explanation:

A deficiency judgment is a ruling made by a court against a debtor in default on a secured loan, indicating that the sale of a property to pay back the loan did not cover the outstanding debt in full.