Mortgage Glossary

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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
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.