Sun Nations Mortgage, Inc. Call Today 602 993-0000Arizona Mortgage Term J
ARIZONA MORTGAGE LOAN DICTIONARY J
Joint and Several - Agreement to be liable together as well as separately.
Joint Liability - Each party agrees to be equally liable for an obligation.
Joint Tenancy - Joint ownership by two or more persons giving each person equal interest and equal rights in the property, including the right of survivorship.
Joint Venture - An association between two or more parties, usually to own and/or develop real estate, formed for a specific purpose and duration. It may take a variety of legal forms.
Joist - Horizontal boards that support a floor or ceiling.
Judgment - Final determination by a court of the rights and claims of the parties to an action.
Judicial Foreclosure - A type of foreclosure proceeding used in some states that is handled as a civil lawsuit and conducted entirely under the auspices of a court. Also called “foreclosure by action and sale”
Junior Lien - A loan secured by a mortgage that does not stand in a first lien position. Also called “junior (or second or third) mortgage.”
Junior Lienholder - An individual or entity owning a junior lien.
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