What is a deficiency judgment?

(Answer to Q. 1)  After a foreclosure sale, if the sale proceeds are still not enough to pay the mortgage debt, the mortgagee can bring an action against the mortgagor to recover the deficiency. A deficiency judgment can be enforced against other property of the mortgagor.

(Answer to Q. 2)  The right to cure default permits the borrower to stop the effect of an acceleration clause by paying the amount in default at any time prior to a foreclosure sale. The equitable right of redemption is the right of the mortgagor to recover the property after default by paying the outstanding debt. Equitable redemption terminates at the foreclosure sale. In a statutory right of redemption, the mortgagor may recover the foreclosed property anywhere six to twelve months after the foreclosure sale.

(Answer to Q. 3)  TRUE

(Answer to Q. 4)  An acceleration clause gives the mortgagee the right to declare the entire loan amount due immediately if the mortgagor is in default.

(Answer to Q. 5)  The right to foreclose arises when the mortgagor defaults, or fails to meet any of the obligations under the terms of the mortgage. A mortgagor may default by failing to pay property taxes or to make mortgage payments.

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