MORTGAGE TERMINOLOGY

Joint Tenancy

A form of co-ownership that gives each tenant equal interest and equal rights in the property, including the right of survivorship.

Judgment

A decision 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

A lien on the property of a debtor resulting from the decree of a court.

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.

Jumbo Loan

A loan that exceeds mortgage amount limits. Also called a nonconforming loan.

Junior Lenders (Mortgage)

A mortgage that is subordinate to the claims of a prior lien or mortgage.

Just Compensation

Amount of loss for which a property owner is compensated when property is taken by the government. The amount is usually fair market value at the time of the taking.