| Joint and Several |
A liability which allows the creditor to sue any one of the
debtors or sue all together. |
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| Joint Tenancy |
An undivided interest in property, taken by two or more joint
tenants. The interests must equal, accruing under the same conveyance, and
beginning at the same time. Upon death of a joint tenant the interest passes to
the surviving joint tenants, rather than to the heirs of the deceased. |
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| 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. |
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| Judgment Lien |
A lien on the property of a debtor resulting from a judgment.
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| 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. |
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| Jumbo Loan |
A loan which is larger than the limits set by the FNMA and
FHLMC (more than $207,000 as of 1/1/96). Because jumbo loans cannot be funded
by these two agencies, they usually carry a higher interest rate. |