Jeopardy - Top

An element of risk or danger.

Joint Account - Top

A credit account held by two or more people so that all can use the account and all assume legal responsibility to repay.

Joint and Several Liability - Top

A situation whereby a creditor can demand full repayment from any and all borrowers. Each borrower is liable for the full debt, not just the prorated share.

Joint Tenancy - Top

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

Joint Venture - Top

An agreement between two or more parties who invest in a property or business.

Judgement Search Fee - Top

A fee charged by a title company to search the public record for judgements filed against a property owner or borrower that could ultimately encumber the title of the property.  For our comparison purposes, a judgement search fee is considered to be a third party fee.  Some lenders will include this fee in the title insurance cost.

Judgment - Top

A decree 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 - Top

A lien on the property of a debtor resulting from a judgment.

Judicial Foreclosure - Top

Type of foreclosure proceeding used in some mortgage states that is handled like a civil lawsuit and conducted entirely under the direction of a court.

Jumbo Mortgage - Top

A loan that exceeds the maximum loan amount allowed by the most common mortgage investors. The cost of obtaining a jumbo mortgage is generally higher than the cost of obtaining a conforming mortgage. Also known as a non-conforming loan.