a judgment for an amount not covered by the value of security put up for a loan
or installment payments. In most states the party owed money can only get a deficiency
judgment if he/she chooses to file a suit for judicial foreclosure instead of just
foreclosing on real property. However, some states allow a lawsuit for a deficiency
after foreclosure on the mortgage or deed of trust. The right to a deficiency judgment
is often written into a lease or installment contract on a vehicle. There is a danger
that the sale of a repossessed vehicle will be at a wholesale price or to a friend
at a sheriff's sale or auction, leaving the debtor holding the bag for the difference
between the sale price and remainder due on the lease or contract.
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