Definition: A deficiency decree is a court judgment for an unpaid debt balance remaining after applying the property's legally determined credit in a foreclosure-related proceeding.
Example
After a foreclosure, the lender asks the court to award a remaining deficiency, subject to the governing rules.
Keep the distinction clear
Do not automatically subtract the auction bid from the debt. Florida law gives the court discretion and imposes a fair-market-value limit for qualifying owner-occupied residential property.
Related terms
Foreclosure · Short Sale · Creditor
Keep studying
Mortgages: Borrower, Lender, Ownership, and Key Clauses
References: Florida Statutes 702.06: deficiency decrees
Pronunciation (US): dih-FISH-uhn-see dih-KREE (capitals show stress)
Pronunciation reference: Merriam-Webster
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