Basic Terms Used for Real Estate & Mortgages
Real estate & loans may involve other terms. In the event you don't understand some of these terms, ask for help from your real estate agent, lender or attorney.
Joint and Several Liability
A creditor can ask to be paid in full by the borrower, in turn the borrower is responsible for paying the full debt not just a prorated portion.
Joint Tenancy
Property owned by 2 or more people and in common behalf they follow the law that if one owner dies the joint owner receives the property (survivorship).
Judgment Lien
The claim made on the property as a result from debt.
Jumbo Loan
A loan larger then the regulations instituted by Fannie Mae or Freddie Mac.
Junior Mortgage
A mortgage which is in lower rank to another. In many cases, other mortgages in higher ranking to the junior mortgage will be paid first.
