Home Loan Glossary – J

Joint Tenancy

Joint tenancy is a type of co-ownership that entitles each owner to equal, undivided interest and rights in a property, and also includes the right of survivorship. If the property is sold, each party will get half of the money made. Contrast with Tenancy in Common and Tenancy by the Entirety.

Judgment

This is a decree by a court of law that a debtor owes a specified amount of money to a creditor. To secure the payment of the judgment, the court may place a lien against the debtor's real property. If the debtor were to sell the property, this lien would dictate that the outstanding debt needs to be paid to the creditor.

Judgment Lien

A judgment lien is a lien on a debtor's property resulting from a judgment by a court of law. Effectively, a lien ensures that the outstanding debt is settled when the debtor sells the property, if not before then.

Judicial Foreclosure

This is a form of foreclosure that is treated as a civil lawsuit. The court confirms the selling price for the property, as well as the allocation of the proceeds of the sale to the creditor.

Jumbo Loan

Also known as a "nonconforming loan", a jumbo loan is one that exceeds Fannie Mae's annually-established home loan amount limits.