Credit Card Glossary: Terms and Definitions
A deficiency judgment is a legal document a judge signs demanding payment from a person who has defaulted on a mortgage and had the house foreclosed on, and the value of the house is less than the loan. The deficiency judgment will be for the difference between the market value and what was owed. Creditors use deficiency judgments as the authority to seize other assets or even cause wages to be garnished.
Terms from A-Z
Search the CreditCards.com glossary for every credit-related term from "account holder" to "zombie debt." Select a letter for alphabetized terms and definitions.