Real Estate Glossary

Joint tenancy:

A form of co-ownership of real property that gives each tenant an equal undivided ownership in the property, including the right of survivorship.



Judgment:

A legal 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:

A lien on debtor's property resulting from the decree of a court and the entry of a judgment. See judgment.



Judicial foreclosure:

A type of foreclosure proceeding that is handled as a civil lawsuit and conducted entirely under the supervision of a court. Used only in lien theory states.



Judicial:

A process through which involves the courts and the judicial process often in a litigation. A foreclosure action in court involves judicial action.



Jumbo loan:

A mortgage loan that exceeds the maximum underwriting limits of Fannie Mae (FNMA) and Freddie Mac (FHLMC). Also called a non-conforming loan.


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