Anti-Deficiency Statute

The Anti-Deficiency Statute is a legal rule that prevents creditors from pursuing borrowers for more money than what is owed on a mortgage or loan if the property is foreclosed. In simpler terms, if you owe money on a house and it gets taken away because you couldn't pay, this law stops the lender from going after your other assets or income to recover any remaining debt. It protects homeowners from facing financial ruin beyond losing their property, providing a safety net during tough financial times.