Real Estate definitions beginning with J

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Two or more owners share equal ownership and rights to the property. If a joint owner dies, his or her share of the property passes to the other owners, without probate. In joint tenancy, ownership of the property cannot be willed to someone who is not a joint owner.
US Department of Housing and Urban Development - Cite This Source - This Definition
Browse Related Terms: Joint tenancy, tenancy

An agreement between two or more parties who invest in a single business or property; similar to a limited partnership.
U.S. Census Bureau - Cite This Source - This Definition
Browse Related Terms: Capital or Cash Reserves, General partnership, Limited partnership, money-market account, Partnership

A legal decision; when requiring debt repayment, a judgment may include a property lien that secures the creditor's claim by providing a collateral source.
US Department of Housing and Urban Development - Cite This Source - This Definition
Browse Related Terms: Debtor, Judgment Lien, Lien, Lien Waiver, Subordinate

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A lien on the property of a debtor resulting from the decree of a court.
Federal Trade Commission - Cite This Source - This Definition
Browse Related Terms: Debtor, judgment, Lien, Lien Waiver, Subordinate

Or non-conforming loan, is a loan that exceeds Fannie Mae's and Freddie Mac's loan limits. Freddie Mac and Fannie Mae loans are referred to as conforming loans.
US Department of Housing and Urban Development - Cite This Source - This Definition
A nonconforming loan that is larger than the limits set by the Federal National Mortgage Association (FNMA) or Federal Home Loan Mortgage Corporation (FHLMC) guidelines.
Ginnie Mae - Cite This Source - This Definition
A loan that exceeds the mortgage amount eligible for purchase by Fannie Mae or Freddie Mac. Also called "nonconforming loan."
Federal Trade Commission - Cite This Source - This Definition
Browse Related Terms: conforming loan, Fannie Mae/Freddie Mac Loan Limit, Federal Home Loan Mortgage Corporation (FHLMC), Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac), Freddie Mac, GSE, non-conforming loan

Any mortgage of lessor priority than a first mortgage. Second mortgages, third mortgages, and most home equity loans are junior mortgages.
U.S. Census Bureau - Cite This Source - This Definition
A loan that is subordinate to the primary loan or first-lien mortgage loan, such as a second or third mortgage.
Federal Trade Commission - Cite This Source - This Definition
Browse Related Terms: Creative financing, default, First mortgage, Mortgage, Subordinate Financing

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