Resources

Glossary

Jeopardy - top

An element of risk or danger.

Joint Account - top

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 - top

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 - top

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 - top

An agreement between two or more parties who invest in a property or business.

Judgement Search Fee - top

A fee charged by a title company to search the public record for judgements filed against a property owner or borrower that could ultimately encumber the title of the property.  For our comparison purposes, a judgement search fee is considered to be a third party fee.  Some lenders will include this fee in the title insurance cost.

Judgment - top

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 - top

A lien on the property of a debtor resulting from a judgment.

Judicial Foreclosure - top

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 - top

A loan that exceeds the maximum loan amount allowed by the most common mortgage investors. The cost of obtaining a jumbo mortgage is generally higher than the cost of obtaining a conforming mortgage. Also known as a non-conforming loan.

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