Deficiency / Deficiency Balance
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Deficiency / Deficiency Balance
North Carolina Bankruptcy Lawyer in Charlotte NC for Chapter 7 / Chapter 13

If secured property is sold and the property isn't sold for enough to pay off the loan, the balance left over is called a "deficiency balance." This amount is still owed by the borrower.

The agreement between the borrower and the lender when the money was lent was that the borrower would pay back the money borrowed, and if they didn't then the lender had the right to sell the property and apply the sales proceeds to the loan. However most agreements also said that if the sale didn't pay off the loan, the borrower still owed the balance of the loan.

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The Law Office of Susanne M. Robicsek is
a Federally Designated Debt Relief Agency
under the Bankruptcy Code.
I file bankruptcy cases for people in financial need,
and have been doing so since 1989.

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Charlotte NC Bankruptcy Lawyer Concentrating In Consumer Bankruptcy Since 1988