Mortgage Info
	Glossary of Mortgage Terms [J]
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Mortgage Glossary © Copyright WebsiteUpgrades.ca | A | B | C | D | E | F | G | H | I | J | K | L | M | | N | O | P | Q | R | S | T | U | V | W | JOINT AND SEVERAL LIABILITY: When two or more people agree to take on the same obligation (such as a loan), they may each be responsible for a certain portion of the obligation or they may each be responsible for the entire obligation. When the contract states that liability is "joint and several", it means that all parties together are responsible for the obligation ("joint") but also that each party individually is responsible for the entire obligation on their own ("several"). The creditor may sue all of them or just one for the debt. JOINT TENANCY: A way in which two or more people may hold title to property together. Owning as joint tenants means each owner has an equal right to the entire property, that none of the owners may sell, bequeath or encumber their portion of the property without the consent of the other owners and that, in the event of the death of one of the owners, the surviving owners automatically retain title to the entire property by "Right of Survivorship". Compare with "tenants in common". JOINT TENANTS: See "joint tenancy". JUDICIAL FORECLOSURE: An enforcement action by a lender, the act of selling the property to recover the mortgage debt after obtaining judgment of a court. JUNIOR LIEN (MORTGAGE): A claim against property which is behind at least one other lien in priority. JUNK FEES: Slang term for extra fees charged by a lender on a mortgage loan. | A | B | C | D | E | F | G | H | I | J | K | L | M | | N | O | P | Q | R | S | T | U | V | W |

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