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joint tenancy
|
A form of co-ownership that gives each tenant equal interest
and equal rights in the property, including the right of
survivorship. |
judgement
|
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. |
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 for greater than Fannie Mae’s and Freddie
Mac’s loan limits. Also called a nonconforming loan.
Freddie Mac and Fannie Mae loans are referred to as conforming
loans. |
just compensation
|
Fair and reasonable compensation to both owner and the public
when property is taken for public use through condemnation.
Protection is provided to property owners under the U.S.
Constitution for the taking of land. The Fifth Amendment provides
that 'just compensation' must be made. |
