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Joint liability
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The responsibility of two or more people to fulfill the terms of a home loan or other financial debt.
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Joint tenancy
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Ownership by two or more people that gives equal shares to a piece of property. Rights pass to the surviving owner or owners.
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Joint venture
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An investment entity formed by one or more entities to acquire or develop and manage real property and/or other assets
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Judgment
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A legal decision; when requiring debt repayment, a judgment may include a property lien that secures the creditor's claim by providing a collateral source.
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Jumbo loan
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Loans that exceed the conforming limits set annually by Fannie Mae & Freddie Mac.
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Junior mortgage
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A loan that is subordinate to the primary loan.
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Just compensation
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Compensation that is fair to both the owner and the public when property is taken for public use through condemnation (eminent domain)
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