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Joint
Tenancy
A type of ownership or taking title to property
where two individuals own the property. When either
party passes away, the survivor owns the property
outright.
Judgment
A court of laws decision in a case. When the
judgment requires the repayment of debt owed to
another, the court may place a lien against the
debtor's real property as collateral for the
judgment's creditor.
Judicial Foreclosure
A court process used by banks to secure clear title
to real property when the borrower defaults on the
loan.
Jumbo Loan
A mortgage for $417,001 or more in the continental
United States (Alaska & Hawaii limits are higher).
These limits are set by the Federal National
Mortgage Association (FNMA) and the Federal Home
Loan Mortgage Corporation. Since jumbo loans may not
be funded by these two organizations, they usually
have a higher interest rate. A jumbo loan is also
referred to as a non-conforming loan. |
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