Foreclosures Glossary - Letter J

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jack plane

A tool that is designed for shaving off small amounts of wood.

jalousie window

A type of window that consists of vertical rows of horizontal glass slats that operates by a crank mechanism that connects all the slats.

jamb

The framing for the opening for a door.

joint liability

The responsibility of more than one individual to fulfill the terms of a home loan or debt.

joint tenancy

Ownership by more than one individual where each individual has equal shares to the property.

joist

A part of the structural framing for a floor.

judgment

A decision made by a court of law that an individual must repay a debt or a lien may be placed against that individual’s property.

judicial foreclosure

A procedure to handle foreclosure proceedings as a civil matter.

JUMBO

Also referred as non- conforming loan. The amount of a particular loan that exceeds standards making it suitable for sale to Freddie Mac and Fannie Mae.

jumbo loan

Loans that exceed the conforming limits for mortgages.

junior mortgage

A loan that is secondary to the primary loan.