Mortgage shortfall
The amount still owed to a mortgage lender after a property has been sold and the sale proceeds are not enough to clear the secured debt and related costs.
Related terms
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Shortfall debt
The remaining debt after the proceeds from selling secured property or assets are insufficient to repay the lender in full.
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Mortgage
A loan secured against property, giving the lender rights over the property if the borrower does not meet the agreed obligations.
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Mortgage debt
Money owed under a mortgage, including the outstanding capital and any interest, fees or arrears due under the agreement.
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