What type of judgment allows lenders to collect outstanding debt from a borrower's other properties and income?

A deficiency judgment is issued by a court when a property is sold in foreclosure but the sale does not cover the total amount owed on the mortgage. This type of judgment allows lenders to pursue the borrower for the remaining balance of the debt, which can include funds that can be obtained from the borrower’s other properties or income. Essentially, it gives lenders a legal avenue to recover the outstanding debt even when the original secured property has been taken away.

This is particularly important for lenders because it ensures that they have recourse in cases where the asset securing the loan does not fully satisfy the debt owed. As a result, a deficiency judgment can significantly impact a borrower's financial situation, as it can lead to wage garnishments or liens against other assets.

In contrast, equitable judgments generally pertain to fair resolutions in situations involving disputes but do not specifically deal with debt recovery. Credit judgments are not a standard legal term related to debt recovery specifically, and restitution judgments typically relate to compensating a victim for loss or damages, rather than recovering debts from a borrower.