J

Joint Account
A credit account held by two or more people so that all can use the account and all assume legal responsibility to repay.

Joint Credit
Any account owned by two or more people where all parties are responsible for repaying the debt.

Joint Tenancy
A type of property ownership of two or more people where each tenant has an equal interest and equal rights to the property. If one party dies, ownership is passed to the remaining owner, which is referred to as the right of survivorship.

Judgment
A court verdict that requires a person to do something, such as pay a debt.

Judgment Lien
A lien on the property of a debtor resulting from a judgment.

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.

Jumbo Loan
Loan size that is larger than the limit established by Fannie Mae or Freddie Mac.

Junior Mortgage
A mortgage of lesser rank than the first mortgage. A mortgage second in lien to a previous mortgage.