"J" definition grouping of legal and loan terms you could have stumbled upon while exploring your property and mortgage obligations or while perusing this directory.
- Joint Tenancy (with Rights of Survivorship)
- Two or more owners share equal ownership and rights to the property. If a joint owner dies, his or her share of the property passes to the other owners, without probate. In joint tenancy, ownership of the property cannot be willed to someone who is not a joint owner.
- 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.
- Jumbo Loan
- Or non-conforming loan, is a loan that exceeds Fannie Mae’s and Freddie Mac’s loan limits. Freddie Mac and Fannie Mae loans are referred to as conforming loans.
"Glossary." HUD.gov. U.S. Department of Housing and Urban Development, n.d. Web. .