Taunya Fagan Real Estate Glossary and Dictionary of Real Estate Terms Beginning With "J" - Mortgage Glossary and Real Estate Terminology - Terms You May Need to Know When Preparing Your Bozeman Real Estate Transaction

Joint tenancy:
A form of ownership or taking title to property which means each party owns the whole property and that ownership is not separate. In the event of the death of one party, the survivor owns the property in its entirety.

Joist:
Parallel beam set from wall to wall to support the floor or ceiling.

Joist Hanger:
A metal angle or strap used to support and fix the ends of wood joists or rafters to beams or girders.

Judgment:
A legal claim filed against a person or property to repay a debt.

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. Other states use non-judicial foreclosure.

Jumbo loan:
A loan that exceeds Fannie Mae's and Freddie Mac's loan limits. Also called a nonconforming loan. Congress has temporarily (as of April 2008) raised the conforming loan limit (the limit at which a jumbo loan is required) to 125% of each county's median home price or $729,750, whichever is less. For most counties, the limit will stay at $417,000 because 125% of the median home price is less than $417,000. The expanded loan limits affects 244 counties in 28 states. Freddie Mac and Fannie Mae loans are referred to as conforming loans.

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