Glossary

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There are 12 names in this directory beginning with the letter J.
Joint Tenancy
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. Ownership of real property by two or more persons, each of whom has an undivided interest. See also Tenancy in Common.
Joint Venture
An agreement between two or more persons who invest in a single business or property.
Judgment
1. A court's binding determination of the rights and duties of the parties in a law_suit. 2. A court order requiring one party to pay the other damages.
Judgment Creditor
One who has received a court decree or judgment for money due from a debtor.
Judgment Debtor
A person who owes money as a result of a judgment in a lawsuit.
Judgment Lien
The claim upon the property of a debtor resulting from recording a judgment
Judgment, Default
A court judgment in favor of the plaintiff due to the defendant's failure to answer the complaint or appear at a hearing.
Judgment, Deficiency
A personal judgment entered against a borrower in favor of the lender if the proceeds from a foreclosure sale of the security property are not enough to pay off the debt.
Judicial Foreclosure
Having a defaulted debtor's property sold where the court ratifies the price paid.
Jumbo Loan
A loan larger than the maximum allowed by conforming loans. The threshold amount has traditionally been adjusted more or less on an annual basis and has been in the low $200,000's. Banks and mortgage brokers can quote the current threshold. They are typically available at interest rates slightly higher than those of conforming loans and typically require the same underwriting standards as conforming loans. (See definition of "conforming loan" above).
Junior Mortgage
A mortgage whose claim against the property will be satisfied only after prior mortgages have been repaid.
Just Compensation
The compensation that the Constitution requires the government to pay a property owner when the property is taken un_der the power of eminent domain.