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Deficiency Judgment
A legal judgment against a borrower for the remaining balance owed on a loan if the proceeds from the sale of the security are insufficient to cover the debt in full.
Foreclosed Property
Property that has been repossessed by a lender or a government entity due to the owner's failure to meet payment obligations.
Creditor
An individual or institution to whom money is owed by a debtor or borrower.
Enforce a Lien
The legal process by which a creditor seeks to claim possession of a debtor's property to satisfy a debt.
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