Joint Account
Joint Credit
Joint Liability
Joint Petition
Joint Return
Joint Tenancy
Judgment
Judicial Foreclosure
Jumbo Mortgage
Junior Mortgage

Joint Account
A bank account shared by two or more persons. Each individual has equal rights to the bank account and its contents.

Joint Credit
Credit given to two persons based on their combined income and credit reports. This type of credit usually has higher credit limits than normal credit, but it balances this credit risk by making both parties responsible for the debt owed.

Joint Liability
Responsibility of two or more persons to a particular debt owed.

Joint Petition
A claim for bankruptcy filed by a husband and wife.

Joint Return
A tax return filed by a married couple. All income and all deductions are calculated together and produced on the same tax return.

Joint Tenancy
Ownership by two persons. Each individual has an equal, undivided interest to the property. When one individual dies the other individual automatically assumes the ownership to the entire property.

Judgment
A decision rendered by a judge regarding civil or monetary actions.

Judicial Foreclosure
A court judgment determining that a property must be sold in order to repay debt owed.

Jumbo Mortgage
A loan amount that exceeds the conforming loan amount set by Fannie Mae, Freddie Mac, and Ginnie Mae. As of 2006 any amount above $417,000 is considered a jumbo loan. Jumbo loans always carry higher interest rates than conforming loans due t othe higher risk the lender takes lending the funds.

Junior Mortgage
A home loan that is subordinate to another mortgage. There usually are no more than two loans but it is possible to have three loans attached to a single property.