Joint and Several Liability: A
debtor can demand full repayment of a debt from some
or all of the borrowers. Each person is liable for
the FULL amount of the debt, not just their own prorated
share.
Joint Tenancy: Ownership of a piece
of property by 2 or more people, each with an undivided
interest which includes the right of survivorship.
Judgment: A ruling by a court of
law that states that one person is indebted to another
person to a fixed amount. This becomes a lien on property
after it is recorded.
Judgment Lien: Claim of a debtor
on a property that is the result of a judgment against
the owner.
Jumbo Loan: A loan that is larger
in size than allowed by the guidelines set forth by
Fannie Mae or Freddie Mac.
Junior Mortgage: A subordinate mortgage.
In case of a foreclosure, this mortgage gets what
is left over after paying for the primary mortgage.
