Mortgage Dictionary for words that start with letter J
Joint and Several Liability - A liability which allows the creditor to sue any one of the debtors or sue all together.
Joint Tenancy - An undivided interest in property taken by two or more joint tenants. The interests must equal, accruing under the same conveyance and beginning at the same time. Upon death of a joint tenant, the interest passes to the surviving joint tenants rather than to the heirs of the deceased.
Judgment - The decision of a court of law. Money judgments, when recorded, become a lien on real property of the defendant.
Junior Mortgage - A mortgage subordinate to another mortgage.
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Mortgagor and Mortgagee -
Mortgagor is also called the borrower or owner, while Mortgagee is also called the lender.
Face Value -
The borrower promises to the pay the original principal amount which is the face value of the mortgage.
First mortgage and Second mortgage -
The first mortgage refers to the current mortgage, while the second mortgage refers to the additional mortgage.
Fair Market Value -
It is the median price between the highest price acceptable to buyer and lowest price acceptable to seller.
Market Value -
It is the most likely price at which the property would sell.