HomesWEB Mortgage Glossary

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Word	Definition
Joint liability	The responsibility of two or more people to fulfill the terms of a home loan or debt.
Joint tenancy	Ownership by two or more people that gives equal shares of a piece of property. Rights pass to the surviving owner or
Judgment	The decision of a court or law. If a court decides that a person must repay a debt, a lien may be placed against that person's
Judicial foreclosure	A procedure to handle foreclosure proceedings as civil matters.
Jumbo mortgage	Loans that exceed limits set by Fannie Mae and Freddie Mac. The current limit is $300,700.
Junior mortgage	A loan that subordinate to the primary loan.

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