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Real Property • Security Interests in Real Estate
PROP#228
Legal Definition
If the proceeds from a foreclosure sale are insufficient to satisfy the mortgage debt, the mortgagee can sue the mortgagor for the deficiency.
Plain English Explanation
If a mortgaged property does not sell for enough money to cover the debt owed to the lender, the lender can personally pursue the debtor to try to pick up the remaining amount.