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J

Joint Liability: Liability shared among two or more people, each of whom is liable for the full debt.

Joint Tenancy: A form of ownership of property giving each person equal interest in the property including rights of survivorship.

Joint Venture
: A business entity established for a specific task, operation, or goal.

Jumbo Loan: A mortgage larger than the limits set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, currently over $227,150.

Junior Mortgage: A mortgage subordinate to the claim of a prior lien or mortgage. In the case of a foreclosure a senior mortgage or lien will be paid first.