What is a deficiency judgment tied to property and how do you benefit when trying to rent an apartment?
I will answer the 1st part of the question "What is a deficiency
judgment tied to property".A deficiency balance is whatever is left
of a loan when the security has been sold--such as a repoed car is
sold for less than the loan amount plus repo costs, storage, title
& taxes, the balance remaining on the loan after applying what
the car sold for is a deficit balance.A judgment was filed by the
lending company to recover whatever money is still due them anda
judgment automatically ties to real estate property if the borrower
owns a home.