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Joint Tenancy
A form of ownership by two or more parties who share equal rights in and control of property, with the survivor or survivors continuing to hold all such rights on the death of one or more of the tenants. Joint tenancy is a common form of ownership when two or more persons jointly open a savings account.
Judgment
A legal decision; when requiring debt repayment, a judgment may include a property lien that secures the creditor's claim by providing a collateral source.
Judgment Lien
A court order placing a claim on property of a debtor, making the property security for payment of the debt. When applied to personal property, it is known as an attachment.
Judicial Foreclosure
A type of foreclosure proceeding used in some states that is handled as a civil lawsuit and conducted under the auspices of a court.
Jumbo Loan (Nonconforming Loan)
A loan exceeding Fannie Mae and Freddie Mac’s loan limits.
Jumbo Pools
Ginnie Mae II pass-through mortgage securities collateralized by pools which are generally larger and contain mortgages that are often more geographically diverse than single-issuer pools. Mortgage loans in jumbo pools may vary in terms of the interest rate within one-half percentage point in pools issued after July 1, 2003 or one percentage point in pools issued prior to July 1, 2003.
Junior Mortgage (Second Mortgage)
A mortgage that is subordinate to claims of a prior lien or mortgage. Borrowers sometimes use junior mortgages to obtain additional funds needed for downpayments or closing costs. Lenders tend to discourage junior financing because the borrower has little or no equity in the home.
Kick-Out Clause
A provision of a lease that permits a tenant to cancel a lease if the landlord fails to comply with stated conditions, obligations or standards.
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