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Mortgage Glossary
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- Jeopardy
- An element of risk or danger.
- 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 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 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.
- Judgement Search Fee
- 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 Mortgage
- The current loan limit for a conforming loan is $417,000. Loan amounts of $417,001 and above are considered non-conforming or jumbo mortgages and are usually subject to higher pricing.
