After a mortgage has been foreclosed, if the sale amount was insufficient to cover the debt, the lender may ask for a:

The correct answer is a deficiency judgment. When a mortgage is foreclosed and the proceeds from the sale of the property do not fully satisfy the outstanding debt, the lender may seek a deficiency judgment against the borrower. This legal action allows the lender to recover the remaining balance owed on the loan beyond what was collected at the foreclosure sale.

In many jurisdictions, including Arizona, a deficiency judgment can be a powerful tool for lenders to recuperate their losses. It essentially gives the lender the right to pursue other assets of the borrower to cover the unpaid debt.

The other options listed do not apply in this scenario. An assessment relates to property taxes or evaluations and is not a recovery mechanism for loan deficiencies. An assignment of rents refers to a lender's right to collect rents from a property in certain situations, such as if the property is also an investment property, and does not relate to recovering losses from a foreclosure. A deed in lieu of foreclosure is a voluntary transfer of property from the borrower to the lender to avoid foreclosure; it does not involve seeking further recovery of debt after foreclosure has taken place.