If the proceeds received by the lender in the sale of a property in a foreclosure action were less than the total amount owed, the lender may seek a(n)...

The concept of a deficiency judgment arises in situations where the proceeds from the sale of a foreclosed property do not cover the total amount owed to the lender. In such cases, after the foreclosure sale, if the property sells for less than the outstanding mortgage balance, the lender is allowed to pursue the borrower for the remaining balance. This legal action is referred to as a deficiency judgment, which enables the lender to recover the additional amount owed.

This process is significant as it protects the lender's financial interests when a property does not sell for a sufficient amount during foreclosure. It gives the lender a recourse to obtain the deficiency, which is the difference between the loan amount and the sale proceeds, potentially leading to further financial obligations for the borrower even after the property has been seized.

Other terms mentioned, such as estoppels and lis pendens, pertain to different legal concepts. Estoppel refers to a legal principle that prevents someone from arguing something contrary to a claim they previously made, while lis pendens is a notice that indicates a legal claim on a property. Redemption amount typically involves the borrower reclaiming the property by paying off the debt before the foreclosure process is complete, which is not directly related to the lender's pursuit of outstanding debt after a foreclosure