Jingle mail

Jingle mail happens when homeowners do not have any equity in their homes and cannot afford the monthly payments. They simply move out from the property and mail their keys to the lender. Jingle mail is considered a foreclosure.

Joint Account

Bank account that is owned by two or more people, where each person is responsible for the actions of another person.

Joint Credit

Credit issued to two or more individuals, with each individual accepting responsibility to pay off debt. If one of them comes short on payments, everyone is held responsible.

Joint Liability / Shared Liability

Two or more parties responsible for repaying debt.

Joint Petition

Bankruptcy filed by both husband and wife, together. 

Joint Tenancy

Two or more people owning the same property. Joint tenants have equal rights to the property. In case one of them dies, another person gets full rights to the property.

Joint Venture

Two or more individuals/companies, agreeing to share profits, losses and control of a new business or investment.

Jointly-Owned Property / Jointly Owned Property

Property owned by more then one person.

Judgement / Judgment

Judge decision in a court of law. Judgement depends on the case, for example, judge may rule judgement stating that the lender owes money to the borrower for overcharging fees.

Judgement Lien / Judgment Lien

Claim on property resulting from a judgement. For example, George refuses to pay for his mortgage to YYY Bank. YYY Bank may take George to court, where court will assign judgment lien to George, making him pay his debt of face legal actions.

Judicial Foreclosure

Court ruling that the property in question must be sold to repay the debt.

Junior Mortgage

A mortgage whose claims against property will be satisfied only after all other mortgages are satisfied.

For example, George bough a $200.000 house. He got a regular mortgage worth $170.000 and a junior mortgage worth $30.000. George cannot afford the payments and enters into foreclosure(bank taking away property). Any profit made from sale of George’s house, will first go towards repaying $170.000 mortgage and only after first mortgage is repaid in full anything will go towards a junior, $30.000 mortgage.

Junk Fees

Fees charged by the lender which were not authorized by the borrower or which are unnecessary. Junk fees are added in the hopes that the borrower will not notice or question them.