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Real Estate Glossary - J
Joint Tenancy
A form of ownership or taking title to property which
means each party owns the whole property and that
ownership is not separate. In the event of the death of
one party, the survivor owns the property in its
entirety.
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. Alternative spelling is
"judgment."
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. Other states use
non-judicial foreclosure.
Jumbo Loan
A loan that exceeds Fannie Mae’s and Freddie Mac’s loan
limits, currently at $252,700. Also called a
nonconforming loan. Freddie Mac and Fannie Mae loans are
referred to as conforming loans. |
