Short answer. Yes. In a judicial foreclosure, if a balance remains after applying the proceeds of the sale, the court shall, upon the lender's motion, render a deficiency judgment against you for any balance for which the record shows you are personally liable — and execution on it may issue immediately if the balance is already due.
What the law says
there be a balance due to the plaintiff after applying the proceeds of the sale, the court, upon motion, shall render judgment against the defendant for any such balance for which, by the record of the case, he may be personally liable to the plaintiff
Rule 68, Section 6 — Deficiency judgment. Read the full provision →
Losing the property does not erase the debt
Foreclosure is often imagined as a clean trade — the lender takes the property, the borrower walks away clear. The Rules say otherwise. Where, after the sale of the mortgaged real property, there be a balance due to the plaintiff after applying the proceeds of the sale, the court, upon motion, shall render judgment against the defendant for any such balance. The mortgage was security for the loan, not a cap on it: if the property fetches less than what you owe, the shortfall — the deficiency — survives the sale and follows you personally.
How the deficiency judgment works
The mechanics are in the rule. The lender must ask — the judgment comes upon motion — but once a genuine balance is shown, the rule's language is mandatory: the court shall render it. The measure is the balance for which, by the record of the case, the borrower is personally liable: the loan documents, the computation of the debt, and the accounting of the sale proceeds determine the figure. This also defines the limit — the judgment reaches only a person the record shows to be personally bound, which matters for anyone who mortgaged property without personally assuming the debt.
Execution can follow at once — or on schedule
Timing turns on whether the debt has matured. If the balance is all due when the judgment is rendered, execution may issue immediately — the lender can proceed against your other assets without further delay. If part of the balance is not yet due under the original loan terms, the lender becomes entitled to execution at such time as the balance remaining becomes due under the terms of the original contract, and the judgment itself must state that time. The deficiency judgment, in other words, respects the instalment schedule you originally signed — but only until each amount falls due.
Where a borrower should focus
Two numbers decide everything: the debt as computed on the record, and the price the property fetched at the sale. Scrutinise both with counsel — the accounting of interest and charges that produced the total, and the application of the sale proceeds against it. Check as well exactly what you signed: whether you are personally liable on the obligation, or only lent your property as security for someone else's loan, because the rule draws that line expressly. And if a motion for deficiency judgment has been filed, respond to it; the arithmetic in the motion is a claim to be tested, not a fact to be accepted.