Section 23-19.—Motion for Deficiency Judgment

When the foreclosed property is not worth enough to cover the debt, the party claiming a deficiency judgment must file a written motion with the clerk within the time the statute allows, setting out the facts supporting the claim. That motion goes on the short calendar for an evidentiary hearing, which must be held no less than fifteen days after the motion is filed unless the judicial authority orders otherwise. At the hearing, the judicial authority hears the evidence, establishes a valuation for the mortgaged property, and enters judgment for the plaintiff for the difference, if any, between that valuation and the plaintiff's claim. In any later action on the debt, note, or obligation, the plaintiff can recover only the amount of that judgment.

The court may, on motion and for good cause, refer the deficiency motion to a judge trial referee for hearing and judgment. Before the hearing, the party seeking the deficiency judgment must, no less than fifteen days ahead of time, file with the clerk and serve each appearing party with a preliminary computation of the debt, identify any expert who will testify to the property's value on the vesting date, and state the party's valuation claims. A party who intends to contest the debt or valuation must file an objection five days before the hearing and disclose the name of any witness who will testify about value.