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	Glossary of Mortgage Terms [J]
	RE/MAX Escarpment Realty Inc., Brokerage 905.570.2500 Direct / 905.525.2720 Office mark@instantpage.org and vivian@instantpage.org

Mortgage Glossary © Copyright Mark DeBruyn-Smith | 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 |

©Copyright 1999 - 2008. Mark DeBruyn-Smith. Mark & Vivian DeBruyn-Smith, Sales Representatives RE/MAX Escarpment Realty Inc., Brokerage 905.570.2500 Direct / 905.525.2720 Office / 905.667.1710 Fax 119-50 Dundurn St. S., Hamilton ON. CA., L8P 4W3 All Rights Reserved. Reproduction in whole or in part is strictly prohibited except as indicated under the terms of use of this website. Use of this website signifies your agreement to the Terms of Use. The REAL ESTATE, MORTGAGE AND CONSTRUCTION GLOSSARY'S found on this Site are compilations of terms commonly used in the real estate, mortgage and construction industries. This publication has been created to provide general overview information with regard to these industries, and while generic, this information may not be applicable to all juristictions. It is provided with the understanding that the publisher is not engaged in the rendering of legal, mortgage or any other professional advice or services. If legal advice or other expert assistance is required or needed, the services of the appropriate professional should be sought and you should not rely on the information found herein. Please read the "Terms of use" of this Site for further information on this matter. Your use of this site is subject to the additional disclaimers and caveats that appear in the terms of use document.