Joint and Several Liability – Under this liability, a creditor may demand full repayment from any and all of the borrowing parties. Every borrower is liable for the full amount of the debt, not just the prorated share.

Joint Tenancy – A form of co-ownership that gives each tenant equal interest and equal rights in the property, including the right of survivorship.

Joint Venture – An agreement between two persons or more who are investing in a single property or business.

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 Creditor – A person who has received a court decree or judgment for some sum of money that is due from a debtor.

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

Judicial Foreclosure – A type of foreclosure proceeding used in some states that is handled as a civil lawsuit and conducted entirely under the auspices of a court.

Jumbo Loan – A loan that exceeds Fannie Mae’s legislated mortgage amount limits. Also called a nonconforming loan.

Junior Mortgage – A mortgage whose claim against the property will be satisfied only after all prior mortgages on the property are repaid.