| Affinity Moving Services Glossary of Terms |
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JOINT AND SEVERAL LIABILITY When two or more people agree to take on the same obligation (such as a loan), they may each be responsible for a certain portion of the obligation or they may each be responsible for the entire obligation. When the contract states that liability is "joint and several", it means that all parties together are responsible for the obligation ("joint") but also that each party individually is responsible for the entire obligation on their own ("several"). The creditor may sue all of them or just one for the debt.
JOINT OWNERSHIP AGREEMENT A contract between two or more people who have an interest in the same piece of property which sets out their respective rights and obligations with regard to the property and also may set out the way in which the parties agree to manage the property.
JOINT TENANCY A form of co-ownership that gives each tenant equal undivided interest and rights in the property, including the right of survivorship. Contrast with tenancy in common, tenancy by the entirety.
JUDGMENT A decree by a court of law that one person, a debtor, is indebted to another, a creditor, in a specified amount. The court may place a lien against the debtor's real property as collateral for payment of the judgment to the creditor.
JUDGMENT CREDITOR A party who, by virtue of a court decision, is entitled to a monetary payment from another party.
JUDGMENT DEBTOR A party who, by virtue of a court decision, is required to make a monetary payment from another party.
JUDGMENT LIEN A lien on the property of a debtor resulting from a judgment.
JUDICIAL FORECLOSURE A type of foreclosure proceeding used in some states that is handled as a civil lawsuit where the court confirms the sales price for the property and the distribution of the sale proceeds.
JUMBO LOAN A loan that exceeds Fannie Mae's legislated mortgage amount limits of $322,700. Also called a nonconforming loan.
JUNIOR LIEN (MORTGAGE)
JUNK FEES |