Joint Liability
Liability shared among two or more people, each of
whom is liable for the full debt.
Joint Tenancy
A form of ownership of property giving each person
equal interest in the property, including rights
of survivorship.
Jumbo Loan
A loan that is for a larger dollar amount than the
limits set by the Federal National Mortgage
Association (FNMA) or Federal Home Loan Mortgage
Corporation (FHLMC) guidelines.
Junior Mortgage
A mortgage subordinate to the claim of a prior
lien or mortgage. In the case of a foreclosure, a
senior mortgage or lien will be paid first.
