Glossary of Terms Image Map

Glossary of Terms - J

Joint Tenancy

Ownership of property by two or more individuals with equal interest in the property. Upon death, a joint tenant's interest passes to the other joint tenant(s) and does not pass into the estate.

Judgment

Decision by a court of law ordering someone to pay a certain amount of money. The term also refers to the condemnation awards by government entities in payment for private property taken for public use.

Judgment Foreclosure

A court judgment that terminates all interest and rights of a mortgagor (borrower) in the property covered by the mortgage. Such a judgment usually results from the mortgagor defaulting on the mortgage loan, exposing the mortgaged property to the enforceable lien held by the lender (usually a bank). When a judgment foreclosure occurs, the mortgaged property is generally sold under court supervision and the proceeds are used to satisfy the outstanding mortgage debt.

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