Mortgage and Loan Glossary (J)
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jeopardy
An element of risk or danger.
joint and several liability
A situation whereby a creditor can demand full repayment from any and
all borrowers. Each borrower is liable for the full debt, not just
the prorated share.
joint account
A credit account held by two or more people so that all can use the
account and all assume legal responsibility to repay.
joint tenancy
A form of co-ownership that gives each tenant equal undivided interest
and equal rights in the property, including the right of survivorship.
joint venture
An agreement between two or more parties who invest in a property or
business.
judgment
A decree made by a court of law. In judgments that require the repayment
of a debt, the court may place a lien against the debtor's real property
as collateral for the judgment's creditor.
judgment lien
A lien on the property of a debtor resulting from a judgment.
judicial foreclosure
Type of foreclosure proceeding used in some mortgage states that is
handled like a civil lawsuit and conducted entirely under the direction
of a court.
jumbo loan
A loan that exceeds Fannie Mae's legislated mortgage amount limits.
The current limit for a single family home in the continental United
States is $300,700. For Alaska, Hawaii, and the Virgin Islands, the
limit is 50% higher. See also conforming loan.