Joint Ownership Agreement

An agreement made between two or more owners of the same property, defining their rights and responsibilities (e.g. recommended in the case of married owners of property)-See Equity sharing

Joint Tenancy, or Tenants by the Entirety

Ownership of real estate by two or more parties held jointly for life; if one of the owners dies, the survivor(s) inherit the property without reference to the deceased's will

Judgment

A decision or decree made by a court of law

Judgment Lien

A claim against the real property of a debtor, as decreed by the court

Jumbo Loan, or Non-Conforming Loan

A loan amount that exceeds the limits set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation; because such loan cannot be funded by these two agencies, it carries a higher interest rate

Junior Mortgage, or Secondary Mortgage

A mortgage whose claim to repayment is of lesser priority than another, previously recorded mortgage