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Joint Yenancy
A form of ownership or taking
title to property which means each party
owns the whole property and that ownership
is not separate. In the event of the
death of one party, the survivor owns
the property in its entirety.
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.
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. Other
states use non-judicial foreclosure.
Jumbo Loan
A loan that exceeds Fannie Mae's and
Freddie Mac's loan limits, currently
at $227,150. Also called a nonconforming
loan. Freddie Mac and Fannie Mae loans
are referred to as conforming loans.
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