The Center For Debt Management
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Glossary of
FinanciaI & Real Estate Terms

Index of Terms | Complete List of Terms

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Joint Account : A formal contractual relationship held by two or more individuals established to provide for regular banking or brokerage or business services. These account holders have the legal responsibility to repay the loans for all financial transaction done through this account.

Joint Liability : The liability shared among two or more individuals, who are responsible for the complete amount of debt incurred.

Joint Petition : A bankruptcy petition filed jointly by husband and wife.>TEXT

Joint Tenancy : An ownership of property given to each individual with equal claim in the property, including rights of survivorship.

Judgment Debt : A debt established or confirmed by decree of a court of law.

Judicial Foreclosure : A court procedure used by lenders to secure clear title to a property under a defaulted real estate loan.

Jumbo Loan : A loan for $417,001 or more in the continental United States (Alaska and Hawaii limits are higher). These limits are set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. Because jumbo loans cannot be funded by these two agencies, they usually carry a higher interest rate.

Junior Debt : A finance term to describe debt that is unsecured or has a lesser priority than that of an additional debt claim on the same asset. This means that if the party that issued the debt defaults on it, people holding subordinated debt get paid after the holders of the "senior debt". A subordinated debt therefore carries more risk than a normal debt.


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Index of Terms | Complete List of Terms


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