MORTGAGE DICTIONARY

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JOINT TENANCY:
A way in which two or more people may hold title to property together. Owning as joint tenants means each owner has an equal right to the entire property, that none of the owners may sell, bequeath or encumber their portion of the property without the consent of the other owners and that, in the event of the death of one of the owners, the surviving owners automatically retain title to the entire property by "Right of Survivorship". Compare with "tenants in common".

JOINT TENANTS:
See "joint tenancy".

JUDICIAL FORECLOSURE:
An enforcement action by a lender, the act of selling the property to recover the mortgage debt after obtaining judgment of a court.

JUMBO LOAN (MORTGAGE):
A loan for more money than the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation will fund under its mandate.

JUNIOR LIEN (MORTGAGE):
A claim against property which is behind at least one other lien in priority.

JUNK FEES:
Slang term for extra fees charged by a lender on a mortgage loan.