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Joint Liability
Liability shared among two or more people, each of whom is liable for the full debt.
Joint Tenancy
The ownership of property by two or more persons with the survivor taking the share of the deceased.
Jumbo Loan
A mortgage with a principal balance that exceeds the amount eligible for purchase by Fannie Mae and Freddie Mac. Jumbo loans generally carry a higher interest rate.
Junior Mortgage
A mortgage subordinate or secondary to another mortgage. In the case of a foreclosure, a senior mortgage will be paid first.