We hope this Glossary of Mortgage and Real Estate Terms helps you understand the home buying and financing process. Should you have any further questions, please do not hesitate to contact your Loan Officer for answers.

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J Terms

Jeopardy: Danger or risk.

 

Joint: 1) A combined action of two or more people who are either for or against something. 2) A common type of property ownership.

 

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 of the debt. 

 

Joint Tenancy: Joint ownership by two or more persons giving each person equal interest and equal rights in the property, including the right of survivorship.  This type of tenancy is normally used by related parties.

 

Joint Venture: An association between two or more parties, usually to own and/or develop real estate, formed for a specific purpose and duration. It may take a variety of legal forms.

 

Judgment: A decree by a court of the rights and claims of the parties to an action.

 

Judgment Creditor: One who has received a court decree or judgment for money due from the judgment debtor.

 

Judgment Debtor: One against whom a judgment has been issued by a court for money owed, and that remains unsatisfied.

 

Judgment Lien: The claim upon the property of a debtor resulting from a judgment or decree.  

 

Judicial Foreclosure: A type of foreclosure proceeding used in some states that is handled as a civil lawsuit and conducted entirely under the auspices of a court. Also called "foreclosure by action and sale."

 

Junior Lien: A loan secured by a mortgage that does not stand in a first lien position. Also called "junior (or second or third) mortgage."

 

Junior Lienholder: An individual or entity owning a junior lien.

 

Junior Mortgage: Same as a junior lien

 

Jurisdiction: Geographic or topical area of authority for a specific government entity.

 

Just Compensation: The amount paid to the owner of a property when it is acquired under eminent domain. Also see condemnation.