Mortgage Terminology
A B C D E F G H I J K L M
N O P Q R S T U V W Y Z
Joint Tenancy
A form of co-ownership that gives each tenant equal interest and equal rights in the property, including the right of survivorship.
Judgment
A decision 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 the decree of a court.
Judicial Foreclosure
A type of foreclosure proceeding used in some states that is handled as a civil lawsuit and conducted entirely under the auspices of a court.
Jumbo Loan
A loan that exceeds mortgage amount limits. Also called a nonconforming loan.
Junior Lenders (Mortgage)
A mortgage that is subordinate to the claims of a prior lien or mortgage.
Just Compensation
Amount of loss for which a property owner is compensated when property is taken by the government. The amount is usually fair market value at the time of the taking.
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