Joint & Several Liability
A creditor can demand full repayment from any and all of those who have borrowed. Each borrower is liable for the full debt, not just the prorated share.

Joint Tenancy
A form of ownership or taking title to property which means each party owns the whole property and that ownership is not separate. In the event of the death of one party, the survivor owns the property in its entirety.

Judgment
A decision made by a court of law. In judgments that require the repayment of a debt, the court may place a lien against the debtor's real property as collateral for the judgment's creditor.

Judgment Lien
The claim on the property of a debtor resulting from a judgment.

Jumbo Loan
A loan that exceeds Fannie Mae's and Freddie Mac's loan limits, currently at $300,700 or more. Also called a non-conforming loan. Freddie Mac and Fannie Mae loans are referred to as conforming loans.

Junior Mortgage
A mortgage subordinate to another mortgage. In the case of a foreclosure a senior mortgage will be paid prior to a junior mortgage.