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HUD
Home Buying Glossary - J
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Joint
and Several - Agreement to be liable together as well as
separately.
Joint
Liability - Each party agrees to be equally liable for an
obligation.
Joint
Tenancy -
Joint ownership by two or more persons giving each
person equal interest and equal rights in the property,
including the right of survivorship.
Joint
Venture -
An association between two or more parties, usually to
own and/or develop real estate, formed for a specific purpose
and duration.
It may take a variety of legal forms.
Joist
- Horizontal boards that support a floor or ceiling.
Judgment
-
Final determination by a court of the rights and claims
of the parties to an action.
Judicial
Foreclosure -
A type of foreclosure proceeding used in some states
that is handled as a civil lawsuit and conducted entirely
under the auspices of a court.
Also called “foreclosure by action and sale”
Junior
Lien -
A loan secured by a mortgage that does not stand in a
first lien position.
Also called “junior (or second or third) mortgage.”
Junior
Lienholder -
An individual or entity owning a junior lien.
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