The Internet Real Estate Glossary

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Joint and several liability - A creditor can demand full repayment from all who have borrowed. Each borrower is liable for the full debt, not just the prorated share. 

Joint tenancy - Ownership of a property by two or more people, each of whom has an undivided interest. The interests must equal and begin at the same time. Upon death of a joint tenant, the interest passes to the surviving joint tenants rather than to the heirs of the deceased.

Joint Venture - An agreement by two or more individuals or entities to engage in a single project or undertaking.

Judgment - The final decision of the court resolving a dispute and determining the rights, liabilities and obligations of the parties of a lawsuit.

Judgment Creditor - one who has received a court decree or judgment for money due from a debtor.

Judgment lien - The claim on the property of a debtor resulting from a judgment. A general lien (good for 10 years) created by a court ordering a debtor to pay a certain amount of money to the judgment creditor. The lien will bind to the debtor's real property once an abstract of the judgment is recorded. Thereafter the debtor won't be able to resell, refinance or buy any other property in the county without paying off the lien.

Judicial foreclosure - A type of foreclosure proceeding used in some states that is administered as a civil lawsuit and conducted entirely under the auspices of a court. A lender files a lawsuit against the borrower, petitioning the court to allow the sale of the mortgaged property at public auction and to apply the proceeds to the debt.

Jumbo loan - A loan larger than the limit established by Fannie Mae or Freddie Mac.

A loan larger than the maximum allowed by conforming loans. The threshold amount has traditionally been adjusted more or less on an annual basis and has been in the low $200,000's. Banks and mortgage brokers can quote the current threshold. They are typically available at interest rates slightly higher than those of conforming loans and typically require the same underwriting standards as conforming loans. (see definition of "conforming loan" above).

Junior Bene Buyout - The purchase of a junior beneficiary's trust deed position at a steep discount because of an impending foreclosure on a senior trust deed. If done correctly the new beneficiary will be paid in full via the resale or refinancing of the real property.

Junior lien - A lien subordinate (second or latter) to the first (senior) or another lien.

Junior Lienholder - A holder of a right to force the sale of property that is inferior and subordinate to another lienholder's right to do the same. A junior lienholder who forces the sale of the real estate must either pay off the senior lien or make arrangements to make payments on it to prevent it from being foreclosed. The foreclosure of a first lien destroys the right of a junior lienholder to foreclose, but the foreclosure of a junior lien does not affect the right of a senior lien to foreclose.

Junior mortgage - A mortgage subordinate (second or latter) to another mortgage. In the case of a foreclosure, a senior mortgage will be paid prior to a junior mortgage.

Jurat - The portion of a document that states when, where, and before whom it was sworn.

Jurisdiction - Power of a court to take action against a person or business entity. Also, power or authority of a court to adjudicate the subject matter of a case.

This real estate glossary is courtesy of the Internet Real Estate Center - Join the Online Real Estate Revolution.