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Mortgage Dictionary
"J"

Joint Tenancy

An ownership of property by two or more people, each of whom has an undivided interest subject to the right of survivorship.

Joint Venture

An arrangement under which two or more people or businesses go into a single venture as partners.

Judgement

The official and authentic decision of a court of justices upon the respective rights and claims of the parties to an action or suit being litigated and submitted to its determination.

Judicial Sale

A legal remedy available to a lender when a mortgage is in default. With this remedy any excess money from the sale of the property over and above the mortgage debt is distributed to the borrower.

Junior Mortgage

A mortgage that is subsequent to the claims of the holder of a prior (senior) mortgage.

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