Joint and Several Liability - A creditor can demand full repayment from any and all of those who have borrowed. Each borrower is liable for the full debt, not just the prorated share.
Jumbo Loan - Loan size that is larger than the conforming loan limit established by the Fannie Mae or Freddie Mac.
Junior Mortgage - A mortgage subordinate to another mortgage. In the case of a foreclosure, a senior mortgage will be paid prior to a junior mortgage.


