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Joint liability
The responsibility of two or more people to repay a debt.
Joint Petition
One bankruptcy petition filed by a husband and wife together.
Joint Tenants
A form of holding title where the owners have 100% rights of survivorship unless redirected by a will.
Jumbo Loan
A loan which is larger (more than $300,700) than the limits 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
Judicial foreclosure
A court judgment ordering that a property be sold to repay a debt.
Junior mortgage
A home loan than is subordinate to the primary loan, or first mortgage.
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