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Loan Process	Tips and Tricks	Faqs	Glossary

Glossary




		Joint and Several Liability A creditor can demand full repayment from any and all of those who have borrowed. Each borrower is liable for the full debt, not just the prorated share.

		Joint Tenancy Ownership of a property by 2 or more people, each of whom has an undivided interest with the right of survivorship.Example : John and Mary own a house in joint tenancy. Each owns half of the entire (undivided) property. If John dies, Mary will own the entire property and vice versa.

		Judgement The decision of a court of law stating that one individual is indebted to another and fixing the amount of indebtedness. Judgements, when recorded, become a lien on real property owned by the defendant.

		Judgement Lien The claim on the property of a debtor resulting from a judgement.

		Jumbo Loan Loan size that is larger than the limit established by Fannie Mae or Freddie Mac.

		Junior Mortgage A mortgage subordinate to another mortgage. In the case of a foreclosure a senior mortgage will be paid prior to a junior mortgage.