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Glossary of Terms - J

Joint Tenancy:

An undivided interest in property taken by two or more joint tenants.  The interests must be equal, accruing under the same conveyance and beginning at the same time.  Upon the death of a joint tenant, the interest passes to the surviving joint tenants, rather than to the heirs of the deceased.

Judgment:

The determination of a court regarding the rights of the parties to an action.  Money judgments, when recorded, become a lien on the real property of the party whom the judgment is against

Judgment Lien:

A lien on the property of a debtor resulting from the decree of a court.

Jumbo Loan:

A loan that exceeds the mortgage amount eligible for purchase by Fannie Mae or Freddie Mac. Also called “non-conforming loan.

Junior Mortgage:

A loan that is subordinate to the primary loan or first-lien mortgage loan, such as a second or third mortgage.