Joint and Several Liability
When an arrangement of joint ownership or joint tenancy defaults on a debt, the creditor may have the legal option to sue any one of the debtors individually, or sue them all together. Joint and Several Liability is a hybrid (consisting of both "joint" and "separate" divisions of legal responsibility) liability structure. Consequently, if a claimant receives payment in full from one party, that party can then legally pursue the others for compensation equal to their share of the liability. |
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Joint Income
The total gross income of all of the mortgage applicants specified on a mortgage loan application is referred to as the "joint income" of borrower (most often a husband and wife). |
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Joint Tenancy
Ownership of property may be equal and undivided between two or more persons or parties. Upon the death of one of the parties, the surviving partner/partners assume his/her interest in the property. |
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Judgment
A court of law may mandate the repayment of debt. In such cases, a lien may be placed against a debtor's real property as collateral for the judgment's creditor. |
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Judgment Lien
A legal claim may be placed on both the real and personal property of a judgment debtor that allows the judgment creditor to sell the property in exchange for payment equal to the judgment amount. |
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Jumbo Loan
When a mortgage loan exceeds the loan amounts acceptable for sale in the secondary market (often defined as a loan that exceeds the limits set by Fannie Mae and Freddie Mac. The current limit is $300,700), it must be packaged and sold under a different set of circumstances to investors, and therefore has special underwriting guidelines. Such a "jumbo loan" is also sometimes referred to as a nonconforming loan. |
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Junior Mortgage
A mortgage that is subordinate to another mortgage (most often the primary mortgage), is called a "Junior", or "Secondary" mortgage. In the event of borrower default, the lender's claim against the property is of lower legal priority than the claim of the holder of the first mortgage (such as is most often the case with a home equity loan). |
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Just Compensation
When a government or municipality assumes ownership of property using the power of eminent domain, payment in an amount that is judged to be fair to both the owner and the public (based upon current market values and conditions) is awarded to the owner. |
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