Joint account

A retirement plan for self employed people which is tax deferred. People are able to deposit 20 percent of the current incomes and the funds are not available for withdrawal until age 59-1/2.

Joint credit

Credit issued to a couple based on both of their incomes, credit reports, and assets.

Joint liability

When two or more people assume responsibility to repay debt.

Joint tenancy

When two people own an undivided interest in the property. Upon one person's death, the other has the title to the entire property.

Judicial foreclosure

An order from a judge demanding that a property be sold to repay a debt.

Judgment

a legal decision; when requiring debt repayment, a judgment may include a property lien that secures the creditor's claim by providing a collateral source.

Jumbo mortgage

Any mortgage where the loan amount exceeds the limits set by Fannie Mae, Freddie Mac and Ginnie Mae. These mortgages have higher interest rates than conventional mortgages.

Junior mortgage

A loan that is lower than the primary loan, or first mortgage.