Finance
What is 'deficiency judgment' in Rhode Island mortgage foreclosure?
AA judge's ruling that the property has a deficiency in value
BA court judgment against a borrower for the remaining debt after foreclosure proceeds are insufficient to pay the full loan balance✓ Correct
CA reduction in the loan amount due to property defects
DA court order requiring the lender to accept less than owed
Explanation
A deficiency judgment is a court order holding the borrower personally liable for the unpaid portion of the mortgage after foreclosure. If the foreclosure sale produces less than the outstanding debt, the lender may sue for a deficiency judgment in Rhode Island.
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