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Joint and Several Liability
A creditor can demand full repayment from any and all of those who have borrowed. Each borrower is liable for the full debt, not just the prorated share.
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Joint Tenancy
Ownership of a property by 2 or more people, each of whom has an undivided interest with the right of survivorship.Example : John and Mary own a house in joint tenancy. Each owns half of the entire (undivided) property. If John dies, Mary will own the entire property and vice versa.
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Judgement
The decision of a court of law stating that one individual is indebted to another and fixing the amount of indebtedness. Judgements, when recorded, become a lien on real property owned by the defendant.
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Judgement Lien
The claim on the property of a debtor resulting from a judgement.
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Jumbo Loan
Loan size that is larger than the limit established by Fannie Mae or Freddie Mac.
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Junior Mortgage
A mortgage subordinate to another mortgage. In the case of a foreclosure a senior mortgage will be paid prior to a junior mortgage.
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